PROVIDENCE – Banco Santander S.A. and Webster Financial Corp. announced Aug. 4 that they have received final regulatory approval from the Board of Governors of the Federal Reserve System for Santander’s planned acquisition of Webster, the Stamford, Conn.-based parent company of Webster Bank.
The approval follows authorization from the Office of the Comptroller of the Currency on June 12 and the European Central Bank on July 21, clearing the final major regulatory hurdle for the transaction.
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The acquisition is now expected to close Aug. 20.
Once completed, most of Webster’s businesses will become part of Santander Bank N.A., strengthening Santander’s U.S. banking franchise.
Santander Executive Chair Ana Botín said the combined company will create “a stronger bank with the scale to better serve our customers and communities.”
Webster Chairman and CEO John R. Ciulla called the approval “an exciting moment” that will allow the two organizations to come together, saying Santander’s expanded scale and financial strength will help deepen local customer relationships.
The companies first announced the approximately $12.3 billion cash-and-stock deal in February, saying it would create one of the nation’s 10 largest banks by assets and a top five player in the Northeast by deposits.
Webster Bank has six full-service branches in Rhode Island, as well as a private banking office in Providence.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
