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Webster Bank Completes Merger With Sterling National Bank

Webster Bank Completes Merger With Sterling National Bank
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Shareholders Approve Webster, Sterling Deal - Banker & Tradesman

Shareholders Approve Webster, Sterling Deal - Banker & Tradesman
bankerandtradesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bankerandtradesman.com Daily Mail and Mail on Sunday newspapers.

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In wake of mega-mergers, no drastic pivots — yet — for CT's community banks

Following two of the largest mergers and acquisitions Connecticut’s banking industry has ever seen, the chasm between larger lenders and community banks has widened even further.
The pending acquisition of People’s United Financial by New York’s M&T Bank announced in February will create a regional behemoth with $200 billion in total assets. People’s United’s home-state rival Webster Financial wasted no time responding, announcing last month a merger with New York-based Sterling National Bank, which will have $63 billion in combined assets.
Once the deals are finalized, those banks will be able to make larger loans and invest more in technology and talent, increasing their ability to compete with national players such as fellow Connecticut deposit leaders Bank of America, Wells Fargo and TD Bank. ....

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Growing Divide: In wake of mega-mergers, no drastic pivots — yet — for CT's community banks

Following two of the largest mergers and acquisitions Connecticut’s banking industry has ever seen, the chasm between larger lenders and community banks has widened even further.
The pending acquisition of People’s United Financial by New York’s M&T Bank announced in February will create a regional behemoth with $200 billion in total assets. People’s United’s home-state rival Webster Financial wasted no time responding, announcing last month a merger with New York-based Sterling National Bank, which will have $63 billion in combined assets.
Once the deals are finalized, those banks will be able to make larger loans and invest more in technology and talent, increasing their ability to compete with national players such as fellow Connecticut deposit leaders Bank of America, Wells Fargo and TD Bank. ....

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Webster Bank Sees Q1 Earnings Increase - Banker & Tradesman

A Webster Bank branch in downtown Boston. Banker & Tradesman file photo.
Connecticut-based Webster Bank saw first quarter earnings increase almost 200 percent compared to the same quarter last year, when banks were responding to the start of the pandemic.
Webster, which this week announced plans to merge with New York-based Sterling National Bank, had first quarter earnings applicable to common shareholders of $105.5 million, or $1.17 per diluted share, compared to $36 million, or $0.39 per diluted share, in the first quarter of 2020. Webster’s earnings include the performance of both the bank and the HSA Bank division.
Webster’s first quarter results reflected pre-tax charges of $9.4 million related to the bank’s strategic initiatives. Adjusting for those charges, the earnings per diluted share would have been $1.25 for the first quarter. The bank had taken a $42 million pre-tax charge in the fourth quarter related to the initiatives, when earnings applicable to ....

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