The stockholders of Webster Financial and Sterling Bancorp approved the proposed merger between Webster and Sterling at their respective special meetings of stockholders.
“Today’s stockholder approval marks a key step in completing the merger of Webster and Sterling,” John R. Ciulla, chairman, president and CEO of Webster Financial, said. “I am very pleased that our stockholders overwhelmingly support bringing together two high performing companies, as it provides a compelling opportunity to create value for our stakeholders.”
“With this milestone, we are one step closer to creating a uniquely focused commercial bank,” Jack L. Kopnisky, president and CEO of Sterling Bancorp, said. “We are excited about what the future holds for the combined company.”
Webster Bank and Sterling National Bank, the respective subsidiary banks of Webster Financial and Sterling Bancorp, also received approval to merge from the Office of the Comptroller of the Currency as part of the proposed merger between Webster and Sterling.
Completion of the transaction remains subject to regulatory approval by the board of governors of the Federal Reserve System and the satisfaction of the other customary closing conditions set forth in the merger agreement. Webster and Sterling currently expect to complete the transaction in Q4/21.
