Stamford-based Webster Financial Corp., a dominant player in Connecticut’s banking scene, has entered a deal to be acquired by Spain-based Banco Santander in a transaction valued at roughly $12.3 billion, the companies said Tuesday.
The agreement calls for Webster shareholders to receive $48.75 in cash plus 2.0548 Santander American Depository Shares for each share they own. Using Santander’s closing stock price Monday, the package is worth about $75.59 per Webster share, according to the announcement.
Webster, which and reports more than $80 billion in assets, would operate as a wholly owned subsidiary of Santander once the deal is completed. The companies expect the deal to close in the second half of 2026, subject to regulatory reviews in the U.S. and Europe, along with approval from both companies’ shareholders.
The sale comes about four years after Webster completed its merger with Sterling Bancorp, a deal that significantly expanded its footprint and led the bank to shift its headquarters from Waterbury to Stamford.
Webster CEO John R. Ciulla is expected to lead Santander Bank N.A., the U.S. banking unit that will absorb Webster’s operations. Webster President and Chief Operating Officer Luis Massiani is slated to take an operating leadership role across Santander’s U.S. holding company and bank subsidiary, with responsibility tied to integration.
Santander said Christiana Riley will continue as its U.S. country head and CEO of Santander Holdings USA. Ciulla and Massiani are expected to remain based in Stamford, which the companies said will serve as a key U.S. corporate location.
The combined institution would rank among the 10 largest retail and commercial banks in the country by assets and among the top five in the Northeast by deposits, based on company statements.
The deal has significant implications in Connecticut, where Webster is one of the dominant retail and commercial banks. Federal Deposit Insurance Corp. data show Webster held about $40.4 billion in Connecticut deposits as of June 30, representing roughly 22.8% of the state’s FDIC-insured deposits. That put it in a near tie with Bank of America for the top spot in the state by deposit market share.
Webster maintains one of the largest branch networks in Connecticut — it had 95 offices statewide as of June 30, a footprint that has remained steady even as the broader industry trims locations amid continued migration to digital banking.
Santander Bank reported $1.9 billion in deposits in Connecticut and 13 branches in the state as of June 30, 2025, FDIC data shows.
