Webster Bank
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| Lua error in package.lua at line 80: module 'Module:InfoboxImage/data' not found. Headquarters in Stamford, Connecticut | |
Company type | Public company |
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| Headquarters | Stamford, Connecticut, U.S. |
Key people | John R. Ciulla, President and CEO James C. Smith, Chairman |
| Products | Banking |
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| AUM | Increase US$70 billion[1] (2023) |
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| Total equity | Increase US$8.7 billion[1] (2023) |
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| Website | websterbank |
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Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; New Jersey; Westchester, Orange, Ulster, and Rockland counties in New York as well as New York City.[2]
History
Webster was founded in 1935 by Harold Webster Smith as the First Federal Savings of Waterbury in Connecticut. While Smith initially borrowed from family and friends to open the bank, by 1938 its assets had grown to over $1 million.[citation needed]
In 1986, First Federal converted to stock ownership and formed a holding company.[citation needed] Smith served as CEO until 1987, when he was succeeded by his son, James C. Smith. Smith Sr. continued as chairman.[citation needed]
First Federal was renamed to Webster Bank in 1995.[3] The same year, Harold Smith retired and was succeeded by his son.[citation needed]
In 1997, Webster Trust Company, N.A. and Investment Services were added to the bank's offerings.[citation needed] Webster acquired Eagle Bank of Bristol and became the first bank in Connecticut to purchase an insurance agency the following year.[citation needed]
In 2002, Webster became listed on the New York Stock Exchange under the ticker symbol “WBS”.[citation needed]
IWebster announced a definitive agreement in 2003 to acquire FIRSTFED AMERICA BANCORP, INC., the holding company for First Federal Savings Bank of America. The deal, which closed in May 2004, marked Webster's first retail expansion beyond Connecticut's borders and into the southeastern Massachusetts and Rhode Island markets.[citation needed] It was also announced in 2004 that the Office of the Comptroller of the Currency (OCC) had accepted the company's application to be a chartered commercial bank.[4]
In 2005, it acquired HSA Bank and became the leading bank administrator and trustee of health savings accounts in the United State.[citation needed] Webster acquired NewMil Bank in 2006.[5]
Webster acquired 17 Citibank branches in the Boston area in 2016 and added additional ATMs to support the network.[citation needed]
In 2022, Webster acquired Sterling National Bank and moved its headquarters from Waterbury to Stamford.[6][7] The Sterling acquisition was valued at $10 billion.[8] In June 2022, Webster had approximately $25.9 billion in deposits in Connecticut.[8]
Webster acquired Ametros Financial, a medical insurance settlement fund manager, for $350 million in 2023.[9]
On February 3, 2026, Banco Santander announced that it will acquire Webster Financial Corporation in a cash and stock deal valued at $12.2 billion. Under the agreement, Webster would operate as a wholly-owned subsidiary of Banco Santander.[10] The acquisition would position Santander as one of the top ten banks in the U.S., with approximately $327 billion in combined assets. It is expected to close in the second half of 2026.[11][12]
Operations
Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Webster Capital Finance, and provides health savings account trustee and administrative services through HSA Bank of Sheboygan, Wisconsin, a division of Webster Bank.
In 2015, Webster Bank had over $24 billion in assets[13] and a market capitalization of over $3 billion. Its network included over 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.
After the $5 billion USD 2022 merger with Sterling, assets rose to $65 billion, with 202 branches, 380 ATMs, and a larger presence throughout the metropolitan New York city area, including New Jersey.[14] In 2024, it was the largest bank headquartered in Connecticut based on deposits, which in-state totaled $33 billion. John Ciulla was chairman and CEO.[15]
See also
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References
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- ^ a b c d e Page Module:Citation/CS1/styles.css has no content."Webster Financial Corporation 2023 Annual Report" (PDF). Retrieved December 7, 2023.
- ^ Page Module:Citation/CS1/styles.css has no content."Banking Centers and ATMs". Jay Webster Financial Corporation. Retrieved May 14, 2024.
- ^ Page Module:Citation/CS1/styles.css has no content."Who We Are". Webster Financial Corporation. Retrieved January 30, 2014.
- ^ Page Module:Citation/CS1/styles.css has no content."Interpretations and Actions: March 2004". OCC.gov. April 1, 2019. Retrieved May 26, 2026.
- ^ Page Module:Citation/CS1/styles.css has no content."WEBSTER TO ACQUIRE NEWMIL BANCORP, DEEPENS ITS CONNECTICUT FRANCHISE". www.sec.gov. April 25, 2006. Retrieved May 26, 2026.
- ^ Page Module:Citation/CS1/styles.css has no content."WEBSTER, STERLING COMPLETE MERGER | Webster Financial Corporation". webster.gcs-web.com. Retrieved February 1, 2022.
- ^ Page Module:Citation/CS1/styles.css has no content.Kavaler, Bernard. "Webster Bank Completes Merger, Moves Headquarters from Waterbury to Stamford". Connecticut by the Numbers. Retrieved February 1, 2022.
- ^ a b Page Module:Citation/CS1/styles.css has no content.Schott, Paul (April 22, 2023), Stamford-based Webster Bank's deposits grow amid industry's 'unusual activity', CT Insider, retrieved November 16, 2024
- ^ Page Module:Citation/CS1/styles.css has no content."Webster Signs Definitive Agreement to Acquire Ametros". Yahoo Finance. December 14, 2023. Retrieved December 15, 2023.
- ^ Page Module:Citation/CS1/styles.css has no content.Puffer, Michael; Bordonaro, Greg (February 4, 2026). "Santander's $12.3B Webster deal would reverse years of CT branch closings". Hartford Business Journal.
- ^ Page Module:Citation/CS1/styles.css has no content."Santander to acquire Webster Bank for $12.2 billion". Retrieved February 3, 2026.
- ^ Page Module:Citation/CS1/styles.css has no content.Barnes, Oliver; Quinio, Akila (February 3, 2026). "Santander agrees $12.2bn deal to buy north-east US bank Webster Financial". www.ft.com. Retrieved February 3, 2026.
- ^ Page Module:Citation/CS1/styles.css has no content."Webster Bank, National Association". Ibanknet. Retrieved July 7, 2015.
- ^ Page Module:Citation/CS1/styles.css has no content.Gosselin, Kenneth R. (February 1, 2022). "Webster Bank completes deal for New York lender, adding branch banking options for customers". Hartford Courant. Retrieved August 15, 2022.
- ^ Page Module:Citation/CS1/styles.css has no content.Schott, Paul (July 22, 2024), Connecticut's largest bank experienced 'accessibility issues' in global tech outage, CT Insider, retrieved November 16, 2024
External links
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