In the ongoing consolidation of American regional banking, EverBank and WaFd Bank have announced a reverse merger valued at $3.9 billion — a structural choice that allows WaFd to survive as the legal entity while EverBank's shareholders assume controlling ownership. The deal reflects a broader reckoning in the financial services industry, where mid-sized institutions increasingly find that scale is not merely an advantage but a condition of survival. Before the combined bank can begin its unified life, it must first pass through the deliberate scrutiny of federal regulators whose task is to we