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Webster Bank approves merger with Sterling Bankcorp worth $10.3 billion

The merger is expected to be finalized in the fourth quarter of 2021.
Credit: FOX61

WATERBURY, Conn. — Webster Bank and Sterling Bancorp announced Monday that their board of directors have approved an agreement under which the two companies will combine merge in a transaction with a total market value of approximately $10.3 billion.

According to a press release, the new combined company will retain the Webster name and establish a new corporate headquarters in Stamford. It will also have a continued multi-campus presence in the greater New York City area and Waterbury.

The companies said they will concentrate their efforts on commercial banking, consumer banking and providing health savings accounts.

The merger is expected to be finalized in the fourth quarter of 2021 as long as the company receives regulatory and shareholder approvals. 

Webster Bank is headquartered in Waterbury. Sterling serves the New York Metro and Hudson Valley in New York State. 

Webster's history in the state started in 1935 when Harold Webster Smith opened First Federal Savings and Loan Corporation of Waterbury on the second floor of the Farrington building in downtown Waterbury.

He borrowed $25,000 from family and friends along with $75,000 from the government to get him started because they wanted to make sure there were construction loans being made, according to former CEO Jim Smith, Harold's son, who retired in 2017.

According to their website, Sterling was formed in 1888, serving communities in the New York metropolitan area. It's grown to a $30 billion bank with a national footprint in niche markets.

   

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