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.

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.