Webster Financial Corporation Waterbury - WBS STOCK NEWS

On August 17, 2021, Webster Financial Corporation (WBS) and Sterling Bancorp (STL) announced stockholder approval for their proposed merger. This significant milestone brings the companies closer to completing the merger, which is expected to create a uniquely focused commercial bank. Both firms have received necessary approvals from their respective banks and the Office of the Comptroller of the Currency. The final transaction completion remains subject to regulatory approval from the Federal Reserve, with an anticipated closing in Q4 2021.

Webster Financial Corporation (NYSE: WBS) reported strong second-quarter 2021 earnings of $91.6 million, or $1.01 per diluted share, compared to $50.7 million, or $0.57 per share, a year prior. Adjusted earnings would be $1.21 per diluted share after merger-related charges of $18.2 million. Revenue reached $293.6 million, with loan growth of 3.2% excluding PPP loans, and $2.4 billion in loan originations, up 26%. Credit trends improved, with a reserve decrease of $20.4 million. Total deposits increased by $2.5 billion, marking a 9.5% year-over-year growth.

Webster Financial Corporation (NYSE:WBS) has announced a quarterly cash dividend of $0.40 per share on its common stock, payable on August 17, 2021 to shareholders of record as of August 3, 2021. Additionally, for its Series F Preferred Stock, a dividend of $328.125 per share will be paid on September 15, 2021 to shareholders of record on September 1, 2021. With assets totaling $33.3 billion, Webster provides a range of banking services through its extensive network.

Webster Financial Corporation (NYSE: WBS) will release its second quarter earnings on July 22, 2021, at approximately 7:30 a.m. (Eastern). A conference call will follow at 9:00 a.m. (Eastern). Investors can join the call by dialing 877-407-8289 or 201-689-8341 (international). Webcast access is available via Webster's Investor Relations website. Additionally, a replay of the call will be available for one week from 11:00 a.m. (Eastern) on the same day.

Webster Financial, with $33.3 billion in assets, offers various banking services through its network of branches and ATMs.

Webster Investments announced that Samie Seyal, a sales support specialist, has been named a 2021 Rising Star by the Bank Insurance and Securities Association (BISA). This recognition is part of BISA's exclusive program aimed at fostering leadership in young professionals committed to diversity, equity, and inclusion in finance. Seyal has been with Webster for five years, spending two years in the Webster Investments team. BISA will honor the Rising Stars at its annual convention in Hollywood, Florida, in July.

Webster Bank has reaffirmed its commitment to promoting diversity, equity, and inclusion in the workplace. In observance of Juneteenth in 2021, the bank will invest in organizations focused on racial equity and social justice, including the Equal Justice Initiative and YWCA of Southeastern Wisconsin. Additionally, Webster Bank is a Silver Circle sponsor for the 2021 Juneteenth Virtual Celebration. With $33.3 billion in assets, Webster offers diverse banking services while actively engaging in community support for racial equity.

Webster Financial Corporation (NYSE: WBS) has declared a quarterly cash dividend of $0.40 per share on its common stock, payable on May 19, 2021, to shareholders of record on May 5, 2021. Furthermore, a quarterly cash dividend of $328.125 per share on its Series F Preferred Stock will be paid on June 15, 2021, to shareholders of record on June 1, 2021. With $33.3 billion in assets, Webster offers a range of banking services through its various divisions.

Webster Financial Corporation (WBS) reported a significant earnings growth for Q1 2021, with a net income of $105.5 million ($1.17 per diluted share), up from $36.0 million ($0.39) a year ago. Revenue reached $300.5 million, driven by a 2.0% increase in loans and a 16.2% rise in deposits. The bank originated $533.0 million in PPP loans. However, it incurred $9.4 million in charges for strategic optimization. The net interest margin was 2.92%, showing compression due to liquidity, while credit quality improved, allowing for a $25.8 million benefit in provisions for credit losses.

Webster Financial Corporation (NYSE: WBS) and Sterling Bancorp (NYSE: STL) announced a definitive agreement for an all-stock merger of equals, valued at approximately $10.3 billion. Under the agreement, Sterling shareholders will receive an exchange ratio of 0.463 Webster shares for each Sterling share. Upon completion, Webster shareholders will hold 50.4% and Sterling shareholders 49.6% of the combined entity. The merger aims to create a $63 billion bank with strong revenue growth potential, enhanced profitability, and a robust deposit franchise, with a focus on commercial and consumer banking.