Webster Financial reported higher first-quarter profit as it advances its pending sale to Banco Santander.
Webster Financial Corp. reported higher first-quarter profit but said it will not host an earnings call or provide a financial outlook as it
moves forward with its pending $12.3 billion sale to Banco Santander.
The Stamford-based parent of Webster Bank posted net income of $246.2 million, or $1.50 per diluted share, for the quarter ended March 31, up from $226.9 million, or $1.30 per share, a year earlier.
Results included $9.1 million in transaction expenses
as the company prepares for the sale and $3.6 million in restructuring costs. Excluding those items, adjusted earnings were $1.57 per diluted share.
Webster, which ended the first quarter with $85.6 billion in assets,
in February agreed to be acquired by Santander in a cash-and-stock deal. Shareholders are set to receive $48.75 in cash and 2.0548 Santander shares for each Webster share, subject to regulatory and shareholder approvals.
The transaction is expected to close in the second half of 2026.
The bank said it is preparing for integration with Santander and will suspend forward guidance while the deal is pending.
