Webster Bank Completes Merger, Moves Headquarters from Waterbury to Stamford

After 87 years headquartered in Waterbury, Webster Financial Corporation (Webster Bank) is relocating its headquarters to Stamford, as part of the completion of their previously announced merger with New York-based Sterling Bancorp, which became effective February 1.

The merger creates one of the largest commercial banks in the Northeast, a combined company that officials describe as “a unique financial institution, with a differentiated funding base” that includes HSA Bank, as well as consumer and commercial banking businesses.”  The Sterling name is now replaced by Webster Bank, highlighting its growing commercial banking business with deep industry expertise and now an expanded geographic footprint.

While the new headquarters will be in Stamford, Webster will have a continued “multi-campus presence” in Waterbury and in New York City, Long Island and the region.  Webster also has a presence in Massachusetts and Rhode Island.

"Today marks a transformative moment in Webster's history that will greatly benefit our colleagues, clients, communities and shareholders," said John R. Ciulla, President and CEO of Webster. "Our bank will have enhanced scale, significant loan growth potential, best-in-class deposit franchises and a longstanding commitment to community development and corporate citizenship."

"The completion of the merger with Webster brings the best of our banks together, promising an elevated experience for our clients and colleagues as the financial services industry evolves," said Executive Chairman Jack L. Kopnisky of the newly combined bank. "We are also excited to bring together a combined board of directors with a diversity of experiences and backgrounds, which exemplifies our dedication to enhancing long-term value for our shareholders."

Webster’s heritage in Waterbury dates back to 1935, when Harold Webster Smith founded the bank with $25,000 borrowed from family and friends. His goal was to help make homeownership a realistic dream for the people in his community. In the decades since, Webster has grown to be a regional bank serving businesses and consumers from metro New York City to Boston, with banking centers and ATMs across Connecticut, New York, Massachusetts, and Rhode Island.

The executive management team will be led by Sterling’s Jack Kopnisky as Executive Chairman and Webster’s John R. Ciulla as President and CEO of the combined bank.  Bank officials indicate that over the long term, they will integrate operating systems, improving the range of choices in banking solutions and expanding banking convenience for customers, while preserving the key advantages of both banks.

The combined company has approximately $65 billion in assets, $44 billion in loans, and $53 billion in deposits based on balances as of December 31, 2021 and operates 202 financial centers in the Northeast region, according to bank officials.  Earlier this year, Webster indicated the merged company would also have 380 ATMs across Connecticut, New York, Rhode Island and Massachusetts. A year ago, amidst the COVID pandemic, Webster Bank closed 27 branches, including 16 in Connecticut, indicating that more customers are choosing mobile and online services.

Both Webster and Sterling clients will continue to bank as they have at their existing banking centers and through Webster's and Sterling's websites and mobile applications.