WATERBURY — Webster Financial Corporation, the holding company for Webster Bank, will merge with a New York-based bank and move its headquarters to Stamford, according to a news release.
The announcement came after the companies’ boards of directors approved the agreement in a unanimous vote Monday morning.
In the deal, expected to close in the fourth quarter of the year, Webster will acquire Montebello, N.Y.-based Sterling Bancorp. The all-stock merger has a market value of about $10.3 billion, according to the statement.
Webster is slightly larger than Sterling and its shareholders will own abut 50.4% of the combined company, with Sterling shareholders owning the other 49.6%.