A $3.9 billion reverse merger between EverBank Financial Corp. and WaFd Inc. will base the combined holding company in Bellevue, creating a nationwide bank with roughly $75 billion in assets, Reuters reported.

The two companies announced the deal on Monday, Sept. 7.

Under the agreement, WaFd will absorb EverBank Financial and then rename itself EverBank Financial Corp., trading on Nasdaq under the ticker EVBK.

The bank itself, EverBank N.A., will keep its charter in Jacksonville, Florida, according to the official press release.

For Bellevue residents who bank with WaFd, the most visible change will be the name on the door. WaFd Bank currently operates four branches in the city: Bellevue Central at 200 108th Ave NE, Bellevue West at 10001 NE 8th St, Bellevue Crossroads at 15635 NE 8th St and Bellevue Eastgate at 3762 150th Ave SE.

The combined company will operate more than 250 financial centers. WaFd brings 210 offices across nine states.

EverBank adds 43 branches, including 28 in California. EverBank entered that market by acquiring Sterling Bank and Trust in April 2025, the Jacksonville Daily Record reported. For much of its history, EverBank operated mostly online.

WaFd traces its roots to 1917 as Washington Federal Bank and adopted its current name in September 2025. It is the second-largest bank in Washington state with more than $27 billion in assets, according to the Puget Sound Business Journal. EverBank reported $47 billion in assets at midyear, according to FDIC data cited by the Jacksonville Daily Record.

Greg Seibly, EverBank's CEO, will lead the combined company. Brent Beardall, WaFd's CEO and vice chairman, will serve as president. The board will have 13 members: seven representing EverBank and six representing WaFd. Robert Radway, EverBank's current chairman, will chair the combined entity.

"This opportunity to partner with EverBank is an elegant fit, and it allows us to carry forward the ethos of WaFd and deliver improved returns for our shareholders," Beardall said in the announcement.

EverBank's investors, including funds managed by Stone Point Capital, Warburg Pincus and TIAA, will collectively own about 59.2% of the combined company.

WaFd shareholders will hold roughly 40.8%. The deal is structured as tax-free for shareholders of both companies.

The merger requires regulatory approval and a vote by WaFd shareholders. Completion is expected in early 2027.

No specific Bellevue address for the holding company headquarters has been announced.