Webster Bank shareholders have completed a Wall Street investor’s purchase of a $115 million equity stake in the Waterbury super-regional lender.
The bank’s parent, Webster Financial Corp., said shareholders during a special meeting Thursday approved two proposals stemming from a plan last July for Warburg Pincus to invest in Webster.
First, shareholders agreed to amend the bank holding company’s incorporation certificate to allow ownership of more than 10 percent of Webster’s outstanding shares without the approval of holders of two-thirds of the outstanding common stock.
Second, shareholders agreed to the issuance of Webster common shares and the conversion of preferred shares and warrants to buy as many as 11.3 million shares as called for the Warburg Pincus deal.
Webster has $18 billion in assets and this week opened its first banking office outside Connecticut, in Boston.
Warburg Pincus manages more than $25 billion in assets in more than 100 companies worldwide.
