Waterbury-based Webster Bank has received regulatory approval for its $10.3 billion merger with Sterling Bancorp, company officials announced Monday morning.
Webster Financial Corp. and Sterling Bancorp of New York announced Monday that the Federal Reserve’s Board of Governors has given Webster regulatory approval to complete the merger of the two companies.
With the approvals, the merger is expected to close on or around Feb. 1, 2022.
The final closing is pending the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement, company officials said. Once the deal is finalized, Webster Bank said it plans to relocate its headquarters to Stamford.
The merger was initially announced by the two similarly-sized companies in April, and since then the Office of the Comptroller of the Currency has already approved the deal. With Monday’s announcement, all required regulatory approvals to complete the merger have now been received.
Following the expected closing in February, the newly-combined company will have approximately $65.5 billion in assets, $42 billion in loans, and $54 billion in deposit balances based on balances as of Sept. 30.
Webster will operate more than 200 financial centers in the Northeast region, company officials said.
