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.
Webster Financial said its board of directors promoted John R. Ciulla to president of the bank and bank holding company and appointed him to the bank’s board of directors.