Business News: Webster, Sterling complete merger
It’s official. The Connecticut-based Webster Financial Corp. has completed its $10.3-billion acquisition of Sterling Bancorp, creating one of the largest commercial banks in the Northeast. The merger was initially announced in April 2021, and federal regulators gave the deal final approval in December of that year.
With the merger, Webster Bank acquired Sterling National Bank’s 33 branches on Long Island, from Wading River in Suffolk County to Valley Stream on the border of Queens. The bank signs were changed this week.
“Today marks a transformative moment in Webster’s history that will greatly benefit our colleagues, clients, communities and shareholders,” said John R. Ciulla, President and CEO of Webster in a Feb. 1 press release. “Our bank will have enhanced scale, significant loan growth potential, best-in-class deposit franchises and a longstanding commitment to community development and corporate citizenship.”
The combined company has approximately $65 billion in assets, $44 billion in loans, and $53 billion in deposits based on balances as of December 31, 2021 and operates 202 financial centers in the Northeast region.
The new headquarters of Webster is in Stamford, Connecticut, and Webster will have a continued multi-campus presence in the greater New York City area and Waterbury, Connecticut.
“The completion of the merger with Webster brings the best of our banks together, promising an elevated experience for our clients and colleagues as the financial services industry evolves,” said Executive Chairman Jack L. Kopnisky of the newly combined bank.
Both Webster and Sterling clients will continue to bank as they normally do at their existing banking centers and through Webster’s and Sterling’s websites and mobile applications. For more information, visit www.websterbank.com.
