Federal Reserve Approves Merger of Webster Financial and Sterling Bancorp

The board of governors of the Federal Reserve provided regulatory approval of the previously proposed merger of Webster Financial and Sterling Bancorp.

In addition, as previously announced, the Office of the Comptroller of the Currency also approved the merger of the respective bank subsidiaries of Webster and Sterling: Webster Bank and Sterling National Bank. All required regulatory approvals to complete the merger have now been received.

The closing of the merger is expected to occur on or around Feb. 1, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement. Upon closing, the 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, and will operate more than 200 financial centers in the Northeast region.