Webster Financial Corporation and Sterling Bancorp jointly announced that Webster has received regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced merger between the two companies. As previously announced, the Office of the Comptroller of the Currency has also approved the merger of the respective bank subsidiaries of Webster and Sterling, Webster Bank and Sterling National Bank. All required regulatory approvals to complete the merger have now been received.

The closing of the merger is expected to occur on or around February 1, 2022, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement. Upon closing, the combined company will have approximately $65.5 billion in assets, $42 billion in loans, and $54 billion in deposits balances based on balances as of September 30, 2021, and will operate more than 200 financial centers in the Northeast region.