Webster Financial (WBS) and Sterling (STL) Announce All-Stock Merger of Equals

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Webster + Sterling: Creating Scale, Unlocking Growth and Value

April 19, 2021 6:45 AM EDT

WATERBURY, Conn. and PEARL RIVER, N.Y., April 19, 2021 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS) ("Webster") and Sterling Bancorp (NYSE: STL) ("Sterling") jointly announced today that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion.

Under the terms of the agreement, Sterling will merge into Webster, and Sterling's shareholders will receive a fixed exchange ratio of 0.463 of a... More