Stockholders OK merger of Webster Bank and Sterling Bancorp

Photo | WebsterOnline.com A Webster Bank branch.

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By Liese Klein, New Haven Biz

Stockholders approved the merger of Waterbury-based Webster Bank and New York’s Sterling Bancorp, the companies announced Wednesday.

At meetings on Tuesday, the stockholders voted to sanction the merger of the two banks. Sterling is based in Pearl River, N.Y., just west of Westchester County.

Webster has said it will keep its name but relocate its headquarters to Stamford as part of the merger, valued at $10.3 billion.

Webster President & CEO John R. Ciulla said, "I am very pleased that our stockholders overwhelmingly support bringing together two high performing companies, as it provides a compelling opportunity to create value for our stakeholders."

Jack L. Kopnisky, President & CEO of Sterling, added, "With this milestone, we are one step closer to creating a uniquely focused Commercial bank."

The Treasury Department’s Office of the Comptroller of the Currency has approved the deal, but it still needs the approval of the Board of Governors of the Federal Reserve System.

Webster Financial Corporation has $33.8 billion in assets, and oversees 130 branches and 253 ATMs. Webster also owns asset-based lending firm Webster Business Credit Corporation, equipment-finance firm Webster Capital Finance Corporation, and HSA Bank.

Sterling Bancorp’s principal subsidiary, Sterling National Bank, had $29.1 billion in assets and 1,491 employees as of the second quarter of this year.