 | |
 Headquarters in Stamford, Connecticut | |
| Company type | Public company |
|---|---|
| Industry | Finance |
| Founded | 1935; 91 years ago (1935) inWaterbury, Connecticut |
| Headquarters | Stamford, Connecticut, U.S. |
Key people | John R. Ciulla, President and CEOJames C. Smith, Chairman |
| Products | Banking |
| Revenue |  US$3.94 billion[1] (2023) |
| US$868 million[1] (2023) | |
| AUM | US$70 billion[1] (2023) |
| Total assets | US$75.1 billion[1] (2023) |
| Total equity | US$8.7 billion[1] (2023) |
Number of employees | Approximately 3,400 |
| Website | websterbank |
Webster Bank is an Americancommercial bank based inStamford, Connecticut. It has 177 branches and 316ATMs located in Connecticut; Massachusetts; Rhode Island;New Jersey;Westchester,Orange,Ulster, andRockland counties in New York as well asNew York City.[2]
Webster was founded in 1935 by Harold Webster Smith as the First Federal Savings of Waterbury in Connecticut. While Smith initially borrowed from family and friends to open the bank, by 1938 its assets had grown to over $1 million.[citation needed]
In 1986, First Federal converted to stock ownership and formed a holding company.[citation needed] Smith served as CEO until 1987, when he was succeeded by his son, James C. Smith. Smith Sr. continued as chairman.[citation needed]
First Federal was renamed to Webster Bank in 1995.[3] The same year, Harold Smith retired and was succeeded by his son.[citation needed]
In 1997, Webster Trust Company, N.A. and Investment Services were added to the bank's offerings.[citation needed] Webster acquired Eagle Bank ofBristol and became the first bank in Connecticut to purchase an insurance agency the following year.[citation needed]
In 2002, Webster became listed on theNew York Stock Exchange under the ticker symbol “WBS”.[citation needed]
IWebster announced a definitive agreement in 2003 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.[citation needed] It was also announced in 2004 that theOffice of the Comptroller of the Currency (OCC) had accepted the company's application to be a chartered commercial bank.[citation needed]
In 2005, it acquiredHSA Bank and became the leading bank administrator and trustee ofhealth savings accounts in the United State.[citation needed] Webster acquired NewMil Bank in 2006.[citation needed]
Webster acquired 17Citibank branches in the Boston area in 2016 and added additional ATMs to support the network.[citation needed]
In 2022, Webster acquiredSterling National Bank and moved its headquarters from Waterbury to Stamford.[4][5] The Sterling acquisition was valued at $10 billion.[6] In June 2022, Webster had approximately $25.9 billion in deposits in Connecticut.[6]
Webster acquired Ametros Financial, a medical insurance settlement fund manager, for $350 million in 2023.[7]
On February 3, 2026,Banco Santander announced that it will acquire Webster Financial Corporation in a cash and stock deal valued at $12.2 billion. Under the agreement, Webster would operate as a wholly-owned subsidiary of Banco Santander.[8] The acquisition would position Santander as one of the top ten banks in the U.S., with approximately $327 billion in combined assets.[9][10]
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[11] 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.[12] 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.[13]
