Jacksonville, Florida-based EverBank and Seattle-based WaFd will merge to create a $75 billion-asset bank, the companies said Monday.

The banks peg the value of the deal at $3.9 billion. That value stems from a maximum of 107.7 million shares WaFd would issue, based on the Seattle bank’s $36.30-per-share stock price from Friday, according to an investor presentation.  

Under the terms of the deal, estimated to close in the first quarter of 2027, EverBank’s holding company will merge into WaFd’s. But the surviving entity will change its name to EverBank Financial Corp. and trade on the Nasdaq exchange under the ticker symbol EVBK, the companies said.

As for the banking subsidiaries, WaFd Bank – state-chartered in Washington – will merge into EverBank, which is regulated by the Office of the Comptroller of the Currency.

The boards of the bank and holding company will have 13 directors each: seven from EverBank and six from WaFd, the companies said. EverBank CEO Greg Seibly will serve as chief executive of the surviving bank, and WaFd CEO Brent Beardall will be its president, the companies said.

“Since 2023, EverBank has been on a journey to transform itself into a high performing bank sharply focused on enabling our consumer and business clients to make the most of their money,” Seibly said in a statement Monday. “Simply put, our two banks are stronger together.”

In 2023, funds managed by investors Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management bought TIAA’s banking arm and rebranded it EverBank – a legacy name used by a lender TIAA acquired in 2017.

A year later, EverBank announced it would buy Michigan-based Sterling Bank – a transaction that would give the Florida lender 24 added locations in California.

That presence, in turn, became a draw for WaFd. In a statement Monday, Beardall said EverBank’s California footprint adds “needed scale … to better serve our clients.”

“This opportunity to partner with EverBank is an elegant fit,” Beardall said. “Both banks bring exceptional credit quality and strong capital to the partnership.”

Additionally, WaFd’s “core deposits supplement EverBank’s direct consumer online bank,” and its “extensive commercial real estate lending expertise will enrich their robust commercial and industrial lending channels,” he said.

Apart from $75 billion in assets, the combined bank would count $59 billion in deposits and $58 billion in loans, according to the investor presentation.

Once the deal is completed, EverBank’s investors will own 59.2% of the surviving company, while WaFd investors will own 40.8%.