PROVIDENCE – Stockholders have signed off on the merger deal between Webster Financial Corp. and New York-based Sterling Bancorp, the companies announced in a news release on Aug. 17.
Webster Financial is the holding company for Webster Bank, based in Waterbury, Conn., and with branches in Connecticut, Rhode Island, Massachusetts and New York.
The votes, held at each company’s respective stockholder meeting, follow the April announcement that the new, similarly sized banks planned to merge into a single company under Webster’s name, headquartered in Stamford, Conn.
John R. Ciulla, chairman, CEO and president of Webster Financial Corp. and Webster Bank, in a statement called the votes a “key step” in completion of the merger.
The companies have also received the approval from the Office of the Comptroller of the Currency, the release stated.
The all-stock transaction, valued at $10.3 billion, still requires some federal regulatory approvals and is expected to close in the fourth quarter of 2021.
The combined bank will have $63 billion in assets, $52 billion in deposits and $42 billion in loans.
The deal will not impact Webster Bank’s existing footprint across Rhode Island or southeastern Massachusetts, spokeswoman Kelly Raskauskas said previously.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
