Planned acquisition of Connecticut headquarters Webster Bank by Santander Bank You’re one step closer to getting the regulatory approvals you need.
the Office of the Comptroller of the Currency OCC on Friday (June 12) approved the bank merger application of Webster Bank Holdings Webster Financial He said in a Deposit with Securities and Exchange Commission (second).
The acquisition remains subject to customary closing conditions, including corporate approval Federal Reserve Board and European Central Bankaccording to the filing.
In a February 3 announcement of its plan to acquires The $12.2 billion deal will create a combined business that will be among the top 10 U.S. retail and commercial banks by assets and the top five deposit franchises across key states in the Northeast, Webster Bank Santander said.
For customers, the combined business will provide access to a broader branch and service footprint, enhanced digital and mobile banking capabilities, expanded product offerings and local relationship-based service backed by one of the world’s largest banking groups, Santander said in the announcement.
Santander said it expects the deal to close in the second half, subject to customary closing conditions.
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In Webster Financial’s Feb. 3 private announcement of the deal, its chairman and CEO said john r. Flood He said the deal will create a stronger partner for Webster Bank’s clients.
About three months later, on April 28th Earnings release For the quarter ended March 31, Ciulla said Webster Financial was making “significant progress” toward the merger.
“Our proposed transaction with Banco Santander will enhance our ability to support our customers and the communities we serve, while opening new opportunities for growth,” Sciulla said in the statement. “We are making significant progress in planning the merger of two highly complementary banking institutions.”
Santander said on March 27 press release Shareholders at its annual general meeting approved the capital increase required for the acquisition, “to enable the transaction to go ahead and effectively complete a major corporate move by Santander.”
Santander CEO Anna Putin “Combining Santander’s leadership in consumer finance with Webster’s commercial franchise and high-quality deposit base positions us as a well-diversified regional bank and will enable us to seize new growth opportunities and generate synergies,” he said in the statement.
