Webster Financial Corporation and Webster Bank, National Association Announces Executive Changes
April 23, 2021 at 11:15 am
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On April 18, 2021, Webster Financial Corporation, a Delaware corporation (“Webster”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sterling Bancorp, a Delaware corporation (“Sterling”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Sterling will merge with and into Webster (the “Merger”), with Webster as the surviving corporation in the Merger. Following the Merger, Sterling’s wholly-owned subsidiary, Sterling National Bank, will merge with and into Webster’s wholly-owned subsidiary, Webster Bank, National Association (“Webster Bank”) (the “Bank Merger”), with Webster Bank as the surviving bank in the Bank Merger. The Merger Agreement was unanimously approved and adopted by the board of directors of each of Webster and Sterling. In connection with the execution of the Merger Agreement, Webster has entered into retention agreements with each of Mr. John R. Ciulla and Mr. MacInnes setting forth the terms of their employment with Webster for the two year period immediately following the Effective Time (the Term"). Mr. Ciulla's retention agreement provides that he will serve as the President and Chief Executive Officer, as well as a member of the board of directors, of the surviving corporation and the surviving bank and will succeed Mr. Kopnisky as Chairman of the board of directors, and Mr. MacInnes' retention agreement provides that he will serve as the Executive Vice President and Chief Financial Officer of the surviving corporation and the surviving bank.
Webster Financial Corporation is the holding company for Webster Bank, N.A. and its HSA Bank division. The Company's segments include Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment serves businesses with more than two million dollars of revenue through its commercial real estate and equipment finance, business banking, asset-based lending and commercial services, private banking, treasury management and other business units. The HSA Bank segment offers a comprehensive consumer-directed employee benefit and healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts, and commuter benefits. The Consumer Banking segment operates a distribution network, throughout southern New England and the New York metro and suburban markets, that comprises approximately 198 banking centers and 349 automated teller machines, a customer care center and a full range of Web and mobile-based banking services.