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Webster Financial, Sterling Bancorp Stockholders Approve Merger

August 18, 2021, 07:42 AM
Filed Under: Banking News

Webster Financial Corporation and Sterling Bancorp jointly announced that each company's stockholders have approved the proposed merger between Webster and Sterling at their respective special meetings of stockholders held today. The final voting results on the proposals voted on at the special meetings will be set forth in the companies' separate Form 8-Ks filed with the U.S. Securities and Exchange Commission (the "SEC") after certification by each company's inspector of election.

"Today's stockholder approval marks a key step in completing the merger of Webster and Sterling," said John R. Ciulla, Chairman, President & CEO of Webster. "I am very pleased that our stockholders overwhelmingly support bringing together two high performing companies, as it provides a compelling opportunity to create value for our stakeholders."

"With this milestone, we are one step closer to creating a uniquely focused Commercial bank," said Jack L. Kopnisky, President & CEO of Sterling.  "We are excited about what the future holds for the combined company."

Webster Bank, National Association and Sterling National Bank, the respective subsidiary banks of Webster and Sterling also received approval to merge from the Office of the Comptroller of the Currency as part of the proposed merger between Webster and Sterling.

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.  Webster and Sterling currently anticipate completing the transaction in the fourth quarter of 2021.

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