Webster Financial Corporation (WBS)

Webster Financial Corporation was the holding company for Webster Bank, National Association, and was headquartered in Stamford, Connecticut. The bank traced its origins to 1935, when it was established as a savings institution in Waterbury, Connecticut. Through decades of acquisitions it grew from a local thrift into a commercial bank with a presence across the Northeast, and its common stock was listed on the New York Stock Exchange under the ticker WBS.

The company operated three segments. Commercial Banking provided lending, deposit, treasury and payment services, equipment finance and asset-based lending to businesses. HSA Bank was one of the largest providers of health savings accounts in the United States, offering HSAs, health reimbursement arrangements, flexible spending accounts and commuter benefits through employers and directly to consumers. Retail Banking served individuals with deposits, mortgages, home equity lines and consumer loans.

In 2022 Webster completed a merger with Sterling Bancorp, which roughly doubled its size and gave it a larger presence in the New York metropolitan area. The company later reported total assets well above $70 billion.

On February 3, 2026, Webster signed a merger agreement with Banco Santander, the Spanish banking group whose American depositary shares trade on the NYSE. The transaction was intended to combine Webster with Santander's U.S. operations conducted through Santander Holdings USA. Webster shareholders were to receive Santander ADSs and cash for each share.

The merger was completed on August 20, 2026. Each Webster common share was exchanged for 2.0548 Santander ADSs and $48.75 in cash. Webster's Series F and Series G preferred stock were converted into Series H and Series I preferred stock of Santander Holdings USA, respectively. Webster's common stock and its depositary shares for preferred stock were delisted from the NYSE, and a Form 25 was filed with the SEC in connection with the closing.