The merger combines EverBank's national digital presence with WaFd's extensive physical network. EverBank operates primarily as a digital bank with a few dozen financial centers, while WaFd provides a branch network across nine Western states, including more than 200 branches and commercial banking relationships.
The combined entity is expected to have approximately $75 billion in assets. The deal is valued at $3.9 billion, integrating EverBank's direct consumer online banking and national reach with WaFd's core deposits and regional presence, specifically adding scale in California.
The transaction reflects a broader industry trend where banks integrate digital and physical channels. In 2025, US banks added a net 535 branches. JPMorganChase increased both its branch count and active digital customers, while PNC reported that digital sales per capita are roughly six times higher in markets with physical branches.
The merger aims to leverage complementary deposit capabilities. EverBank's digital franchise can reach customers without a dense branch footprint, while WaFd provides a deposit base built through regional physical distribution, catering to the needs of Generation Z and the demand for frictionless digital financial services.