{"id":529122,"date":"2021-08-17T17:03:23","date_gmt":"2021-08-17T21:03:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/webster-sterling-stockholders-approve-merger-2\/"},"modified":"2021-08-17T17:03:23","modified_gmt":"2021-08-17T21:03:23","slug":"webster-sterling-stockholders-approve-merger-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/webster-sterling-stockholders-approve-merger-2\/","title":{"rendered":"Webster, Sterling Stockholders Approve Merger"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n WATERBURY, Conn.<\/span> and PEARL RIVER, N.Y.<\/span>, Aug. 17, 2021<\/span> \/PRNewswire\/ —\u00a0Webster Financial Corporation (NYSE: WBS) (“Webster”) and Sterling Bancorp (NYSE: STL) (“Sterling”) 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.\u00a0 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.<\/p>\n

\n

\n
\n \"Webster
\n <\/a>\n <\/p>\n<\/p><\/div>\n

“Today’s stockholder approval marks a key step in completing the merger of Webster and Sterling,” said John R. Ciulla<\/span>, Chairman, President & CEO of Webster.\u00a0 “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.”<\/p>\n

“With this milestone, we are one step closer to creating a uniquely focused Commercial bank,” said Jack L. Kopnisky<\/span>, President & CEO of Sterling.\u00a0 “We are excited about what the future holds for the combined company.”<\/p>\n

\n Webster Bank<\/span>, National Association and Sterling National Bank<\/span>, 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.<\/p>\n

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.\u00a0 Webster and Sterling currently anticipate completing the transaction in the fourth quarter of 2021.<\/p>\n

\n About Webster Financial Corporation<\/b>\n <\/p>\n

Webster Financial Corporation is the holding company for Webster Bank<\/span>, National Association and its HSA Bank division.\u00a0 With $33.8 billion<\/span> in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 130 banking centers and 253 ATMs.\u00a0 Webster also provides mobile and online banking.\u00a0 Webster Bank<\/span> owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank<\/span>, which provides health savings account trustee and administrative services.\u00a0 Webster Bank<\/span> is a member of the FDIC and an equal housing lender.\u00a0 For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com<\/a>.<\/p>\n

\n About Sterling Bancorp<\/b>\n <\/p>\n

Sterling Bancorp, whose principal subsidiary is Sterling National Bank<\/span>, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers.\u00a0 Sterling National Bank<\/span> offers a complete line of commercial, business, and consumer banking products and services.\u00a0 For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com<\/a>.<\/p>\n

\n Media Contact:
<\/b>
\n Alice Ferreira<\/span>, 203-578-2610
<\/b>acferreira@websterbank.com<\/a><\/p>\n

\n Investor Contact:
<\/b>
\n Kristen Manginelli<\/span>, 203-578-2307
kmanginelli@websterbank.com<\/a><\/p>\n

\n CAUTION REGARDING FORWARD-LOOKING STATEMENTS<\/b>\n <\/p>\n

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster and Sterling, the expected timing of completion of the transaction, and other statements that are not historical facts.\u00a0 Such statements are subject to numerous assumptions, risks, and uncertainties.\u00a0 Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.\u00a0 Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.\u00a0 The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.<\/p>\n

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements:\u00a0 changes in general economic, political, or industry conditions\u037e the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition\u037e uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board\u037e volatility and disruptions in global capital and credit markets\u037e movements in interest rates\u037e reform of LIBOR\u037e competitive pressures on product pricing and services\u037e success, impact, and timing of our business strategies, including market acceptance of any new products or services\u037e the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB\u037e the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Webster and Sterling\u037e the outcome of any legal proceedings that may be instituted against Webster or Sterling\u037e delays in completing the transaction\u037e the failure to obtain other necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction)\u037e the failure to satisfy any of the conditions to the transaction on a timely basis or at all\u037e the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Webster and Sterling do business\u037e the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events\u037e diversion of management’s attention from ongoing business operations and opportunities\u037e potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction\u037e the ability to complete the transaction and integration of Webster and Sterling successfully\u037e the dilution caused by Webster’s issuance of additional shares of its capital stock in connection with the transaction\u037e and other factors that may affect the future results of Webster and Sterling.\u00a0 Additional factors that could cause results to differ materially from those described above can be found in Webster’s Annual Report on Form 10-K for the year ended December 31, 2020<\/span>, which is on file with the SEC and available on Webster’s investor relations website, https:\/\/webster.gcs-web.com\/<\/a>, under the heading “Financials” and in other documents Webster files with the SEC, and in Sterling’s Annual Report on Form 10-K for the year ended December 31, 2020<\/span>, which is on file with the SEC and available on Sterling’s website, https:\/\/sterlingbancorp.com\/<\/a>, under the heading “Financial Information” and in other documents Sterling files with the SEC.<\/p>\n

All forward-looking statements speak only as of the date they are made and are based on information available at that time.\u00a0 Neither Webster nor Sterling assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.\u00a0 As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.<\/p>\n

\n

\n
\n \"Sterling
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/webster-sterling-stockholders-approve-merger-301357359.html<\/a><\/p>\n

SOURCE Webster Financial Corporation<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire WATERBURY, Conn. and PEARL RIVER, N.Y., Aug. 17, 2021 \/PRNewswire\/ —\u00a0Webster Financial Corporation (NYSE: WBS) (“Webster”) and Sterling Bancorp (NYSE: STL) (“Sterling”) 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.\u00a0 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.\u00a0 “I am very pleased that our … <\/p>\n

Continue reading “Webster, Sterling Stockholders Approve Merger”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-529122","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWebster, Sterling Stockholders Approve Merger - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/webster-sterling-stockholders-approve-merger-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Webster, Sterling Stockholders Approve Merger - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire WATERBURY, Conn. and PEARL RIVER, N.Y., Aug. 17, 2021 \/PRNewswire\/ —\u00a0Webster Financial Corporation (NYSE: WBS) (“Webster”) and Sterling Bancorp (NYSE: STL) (“Sterling”) 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.\u00a0 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. 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