Seattle-based WaFd Bank is about to expand its footprint and get a new name. 

The 109-year-old bank’s parent, which maintains a branch in Kennewick, will merge with the parent company of Jacksonville, Florida-based EverBank N.A., according to a release. 

Under the merger’s terms, EverBank Financial Corp will merge into WaFd, Inc. However, the new publicly-traded company will use the name EverBank Financial Corporation and rebrand its branches as EverBank N.A. 

The banks are awaiting regulatory approval of the merger, which is expected to be completed in early 2027. 

“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,” said Brent Beardall, WaFd’s CEO and vice chairman, in a statement. “Both banks bring exceptional credit quality and strong capital to the partnership. We complement one another in several key strategic priorities. Collectively, I have no doubt that we are stronger together.” 

Bank officials anticipate the merger will improve profitability while also allowing both banks to continue their transition to commercial banking and away from residential and consumer banking. It will also allow WaFd to further advance its goal of providing wealth management services.