Webster Bank to acquire deposit management platform with $9B in deposits

STAMFORD, Conn. – Webster Bank is slated to get a $9 billion deposit boost from buying a deposit management platform, according to a news release.

Webster Financial Corp., the bank’s parent company, recently announced its definitive agreement to acquire interLINK, a deposit gathering platform with over $9 billion in deposits, from lending firm Stone Castle Partners. Financial terms of the deal were not disclosed.

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The acquisition, slated to close in the first quarter of 2023, offers Webster Bank access to core deposits, as well as a “scalable source of liquidity,” Webster CEO and President John Ciulla said in a statement.

The deal comes three months after Stone Castle pulled out of a prior deal to sell interLINK to a Dallas community bank for $91 million in cash and stock, according to news reports. That would-be buyer, Veritex Community Bank, accused Stone Castle of breaching their agreement by “unilaterally terminating” the deal, according to filings with federal regulators.

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Under the terms of the agreement with Webster, interLINK will serve its broker/dealer and clearing firm clients in the same way it does currently.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.