Santander Clears Final Hurdle in $12.2 Billion Webster Bank Acquisition

Banking giant Banco Santander has received approval from the Federal Reserve for its $12.2 billion acquisition of Stamford-based Webster Bank, a Connecticut-headquartered bank with 95 branches statewide.

The deal, which was announced in June and approved by other regulatory bodies earlier this year, is expected to be completed on August 20. When it does, most of Webster's businesses will become part of Santander's US banking franchise, Santander Bank NA.

Webster CEO John Ciulla said the deal 'will allow us to bring together our two great organizations to benefit our customers and communities.' He noted that Santander's expanded scale and financial strength will help deepen local relationships and build upon Webster's trusted partnership with its customers.