STAMFORD, Conn. – Webster Financial Corp. announced Tuesday it has completed its $10.3 billion merger with New York’s Sterling Bancorp. Federal regulators signed off on the deal in December.
The combined company will have approximately $65 billion in assets, $44 billion in loans, and $53 billion in deposits based on balances as of Dec. 31, 2021 and will operate 202 financial centers across the Northeast. Webster Bank’s headquarters will be in Stamford, Conn., and the bank will continue to have a multicampus presence in Greater New York City and Waterbury, Conn.
The completion of the merger will not impact Webster’s existing footprint across Rhode Island and southeastern Massachusetts, Webster Bank said previously. Webster Bank has 16 branches across the state and in Bristol County, Mass., according to PBN’s 2022 Book of Lists.
“Today marks a transformative moment in Webster’s history that will greatly benefit our colleagues, clients, communities and shareholders,” said John R. Ciulla, CEO and president of Webster. “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.”
In connection with the merger, the board of directors named Jack L. Kopnisky executive chairman.
