Webster Financial and Sterling Bancorp completed their previously announced merger. The combined company is a financial institution with a funding base that includes HSA Bank as well as consumer and commercial banking businesses.
The stockholders of Webster Financial and Sterling Bancorp approved the proposed merger between Webster and Sterling at their respective special meetings of stockholders.
The boards of directors of Webster Financial and Sterling Bancorp unanimously approved a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion.
Sterling Bancorp has completed its previously announced merger with Hudson Valley Holding, forming an institution with $11.2 billion in assets.