- Webster Financial (NYSE:WBS) and Sterling Bancorp's (NYSE:STL) shareholders have approved the proposed merger between the companies, with the transaction expected to close in the fourth quarter of 2021.
- Webster Financial and Sterling Bancorp agreed to merge in an all-stock deal in April 2021. The deal will create a company with a total market value of ~$10.3B.
- Webster Bank, National Association and Sterling National Bank, the respective subsidiary banks of Webster and Sterling, have also received approval to merge from the Office of the Comptroller of the Currency.
- Completion of the transaction remains subject to regulatory approval by the Board of Governors of the Federal Reserve System and the satisfaction of the other customary closing conditions set forth in the merger agreement.