WATERBURY, Conn. – Federal regulators have signed off on the $10.3 billion merger between Waterbury-based Webster Financial Corp. and Montebello, N.Y.-based Sterling Bancorp, the companies announced on Monday.
The regulatory approval from the Board of Governors of the Federal Reserve System marks the final step needed to complete the deal between the Connecticut and New York-based banks, the release stated. The U.S. Office of the Comptroller of the Currency already approved the transaction, which was announced in April.
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The merger is expected to close in February 2022, resulting in a combined company under Webster’s name headquartered in Stamford, Conn. At closing, the company will have $65.5 billion in assets, $42 billion in loans, and $54 billion deposits, based on individual bank earnings as of Sept. 30.
The deal will not impact Webster’s existing footprint across Rhode Island or southeastern Massachusetts, Webster Bank said previously. Webster Bank had 27 branches across the state and in Bristol County, Mass. according to PBN’s 2021 Book of Lists, but three were slated to close this year as part of a slew of branch closings across the region.
According to data from the Federal Deposit Insurance Corp., Webster reported $406.5 million in deposits in the Rhode Island market as of June 30. That places it as the 10th largest bank doing business in the state in terms of deposits.
