Florida-based Ever Bank Financial has agreed to acquire a smaller bank in the Pacific Northwest in a $3.9 billion reverse merger transaction, the companies said on Monday. The deal would create a regional bank with some $75 billion in assets, the Wall Street Journal reported earlier on Monday, citing a statement from the companies.

Under the deal, Ever Bank will merge into Wa Fd, with the latter remaining a publicly traded company after changing its name to Ever Bank Financial Corp and trading under the new ticker symbol EVBK on the Nasdaq. Upon completion of the transaction, Ever Bank investors will collectively own about 59.2% of the pro forma combined company, with Wa Fd shareholders owning the remaining 40.8%.

The companies said the merger, which is expected to close in early 2027, is projected to increase Wa Fd's 2027 earnings per share by roughly 29% and recoup tangible book value dilution in less than two years.