Webster Bank, Santander Sign Acquisition Deal

Connecticut-based Webster Bank announced an agreement Feb. 3 to be acquired by Banco Santander in a deal creating one of the country’s largest retail and commercial banks.

Webster chair and CEO John Ciulla called the deal “an exciting combination that brings together complementary strengths and a shared commitment to excellence.”

“As a larger organization, we will unlock greater scale, broader capabilities, and new opportunities for growth—while remaining deeply focused on the people who define our success,” he said in a statement.

“I look forward to joining the Santander team and enhancing our ability to support our clients.

“As a Connecticut-based bank with deep roots in the region, we also look forward to continuing our commitment to the communities we serve.”

One of the largest banks in Europe, Santander also has branches located across much of the U.S. Northeast.

‘Complementary Franchises’

Banco Santander executive chair Ana Botín called Webster Bank “one of the most efficient and profitable banks among its peers.”

“Bringing together two highly complementary franchises will expand the products, technology, and capabilities we can deliver,” Botín said.

She added that “Webster also brings a top-notch and proven management team, led by John Ciulla, which de-risks integration and accelerates execution from day one.”

“We also look forward to continuing our commitment to the communities we serve.”

Webster Bank’s John Ciulla

Under the terms of the agreement, Webster will become a wholly-owned subsidiary of Santander.

All of Webster’s business lines will be integrated into Santander Bank NA, with Ciulla as CEO operating out of Webster’s existing offices in Stamford.

Webster president and chief operating officer Luis Massiani will be COO of both Santander Bank NA and Santander Holdings USA.

Ciulla, Massiani, and two additional current directors of Webster will join the boards of directors of both Santander Holdings USA and Santander Bank NA.