Webster was founded in 1935 by Harold Webster Smith as theFirst Federal Savings of Waterbury in Connecticut. Only 24 years old, Smith borrowed from family and friends to found the lending institution providing home loans to Connecticut citizens. He served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor.[3]
2003: Webster announced a definitive agreement to acquire FIRSTFED AMERICA BANCORP, INC., the holding company for First Federal Savings Bank of America. The deal, which closed in May 2004, marked Webster's first retail expansion beyond Connecticut's borders and into the southeasternMassachusetts andRhode Island markets.
2005: Webster acquiredHSA Bank and becomes the leading bank administrator and trustee ofhealth savings accounts in the nation.
2006: Webster acquired NewMil Bank.
2016: Webster acquired 17Citibank branches in the Boston area and added additional ATMs to support the network.
2022: Webster acquiredSterling National Bank and moved its headquarters from Waterbury to Stamford.[4][5] The Sterling acquisition was for $10 billion.[6] In June 2022, Webster had approximately $25.9 billion in deposits in Connecticut.[6]
2023: Webster acquired Ametros Financial, a medical insurance settlement fund manager, for $350 million.[7]
Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns theasset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Webster Capital Finance, and provides health savings account trustee and administrative services throughHSA Bank ofSheboygan, Wisconsin, a division of Webster Bank.
In 2015, Webster Bank had over $24 billion in assets[8] and a market capitalization of over $3 billion. Its network included over 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.
After the $5 billion USD 2022 merger with Sterling, assets rose to $65 billion, with 202 branches, 380 ATMs, and a larger presence throughout themetropolitan New York city area, includingNew Jersey.[9] In 2024, it was the largest bank headquartered in Connecticut based on deposits, which in-state totaled $33 billion. John Ciulla was chairman and CEO.[10]
US$3.94 billion[1] (2023)
