Webster Bank Completes Merger with Sterling Bancorp
Webster Financial Corporation and Sterling Bancorp announced the completion of their merger, creating one of the largest commercial banks in the Northeast.
The merged company now has over $65 billion in assets—primarily from its growing banking business and an expanded geographic footprint—$44 billion in loans, and $53 billion in deposits.
“Today marks a transformative moment in Webster’s history,” Webster president and CEO John Ciulla said Feb. 1, calling it a deal “that will greatly benefit our colleagues, clients, communities, and shareholders.”
Ciulla said the merger will pave the way for significant loan growth without changing a “longstanding commitment to community development and corporate citizenship.”
There are now 202 financial centers located in the Northeast region.
Webster’s headquarters will be relocated to Stamford while still retaining a multi-campus presence in the New York City and Waterbury areas.
“The completion of the merger with Webster brings the best of our banks together,” said Jack Kopnisky, executive chairman of the newly combined bank, “promising an elevated experience for our clients and colleagues as the financial services industry evolves.”
Both Webster and Sterling clients will continue to bank as they normally do at their existing banking centers and through Webster’s and Sterling’s websites and mobile applications.
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