Company Profile
Webster Financial Corporation (NYSE: WBS) (“Webster” or “the company”), headquartered in Connecticut (CT), is a ~$77 billion-asset bank holding company having completed a merger-of-equals (MOE) with Sterling Bancorp (“Sterling” or “STL”) in 1Q22. Through principal subsidiary Webster Bank, N.A., the company has an operating history dating back ~90 years and reflects the #2 deposit market share in CT, along with a presence in MA, RI, and NY; the latter enhanced through the combination with STL.
Following a 2005 conversion to a national commercial bank charter from its savings bank heritage, Webster – then a $17 billion-asset institution – continued its successful strategic pursuit of becoming a regional commercial bank, largely organically. In this regard, the 2015 purchase of JPMorgan’s health savings account (HSA) business, which supplemented Webster’s strategically core HSA division (started in 2005), was the company’s only acquisition since 2006. In January 2023,…