Banco Santander, the parent company of Boston-based Santander Bank, has agreed to acquire Webster Financial Corporation, holding company for Webster Bank, N.A., for $12.2 billion. The acquisition of Stamford, CT-based Webster complements the Santander U.S. franchise by positioning the combined business as a top-10 retail and commercial bank in the U.S. by assets and a top-five deposit franchise across key states in the Northeast.
Christiana Riley, CEO of Santander US, said, “This acquisition is a significant step forward in strengthening our commercial banking presence and filling in our retail branch footprint and scale, particularly in Connecticut, where we are committed to maintaining a broad branch presence. The acquisition meaningfully expands our commercial franchise, resulting in a more balanced business mix and positioning us for sustainable, long-term growth.”
Founded in 1935, Webster Bank has locations throughout New England and the new York metropolitan area.
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