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 board of governors of the Federal Reserve provided regulatory approval of the previously proposed merger of Webster Financial and Sterling Bancorp.
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, the holding company for Webster Bank and its HSA Bank division, elected Linda Ianieri to its board of directors. Ianieri previously worked for PricewaterhouseCoopers and Morgan Stanley Bank.
Webster Financial appointed E. Carol Hayles to its and Webster Bank’s boards of directors, effective October 23, 2018. She also has been appointed to the Audit and Risk Committees of the boards.
James C. Smith, chairman and CEO of Webster Financial is retiring after 40 years with the bank. John R. Ciulla, president, will become the company’s CEO and a member of the holding company’s board of directors.
Webster Financial Executive Vice Chairman Joseph J. Savage will retire effective June 30, 2017 following a 40-year career in banking, culminating in 15 years at Webster.
Webster Financial reported its year-end 2015 asset-based lending balance of $753.2 million was up $91.9 million or 14% from $661.3 million a year earlier. Webster noted there were no nonperforming or past due ABL loans.
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.