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  6. Webster Bank Acquires Sterling Bank

M&A Deal Summary

Webster Bank Acquires Sterling Bank

On February 1, 2022, Webster Bank acquired financial services company Sterling Bank from Patriot Financial Partners

Acquisition Highlights
  • This is Webster Bank’s 2nd transaction in the Financial Services sector.
  • This is Webster Bank’s 2nd transaction in the United States.
  • This is Webster Bank’s 1st transaction in New York.

M&A Deal Summary
Date 2022-02-01
Target Sterling Bank
Sector Financial Services
Buyer(s) Webster Bank
Sellers(s) Patriot Financial Partners
Deal Type Merger
Advisor(s) Keefe, Bruyette & Woods (Financial)
Squire Patton Boggs (Legal)

Target

Sterling Bank

Pearl River, New York, United States
Sterling Bank is a financial services firm that specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City area through teams of dedicated and experienced relationship managers. Sterling Bank was founded in 1888 and is based in Pearl River, New York.

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Buyer(S) 1

Buyer

Webster Bank

Stamford, Connecticut, United States
Category Company
Founded 1935
Sector Financial Services
Employees4,297
Revenue 2.6B USD (2024)
DESCRIPTION

Webster Bank is a bank holding company for Webster Bank. Webster provides consumer and business banking, mortgage, financial planning, and trust and investment services. Webster Bank was founded in 1935 and is based in Waterbury, Connecticut.

DEAL STATS #
Overall 2 of 4
Sector (Financial Services) 2 of 2
Type (Merger) 1 of 1
State (New York) 1 of 1
Country (United States) 2 of 4
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-02 Budget Installment

Rockville Centre, New York, United States

Budget Installment Corporation is a provider of insurance premium financing services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-16 Bend Financial

Boston, Massachusetts, United States

Bend Financial is a cloud-based platform solution provider for health savings accounts (HSA). Bend Financial is based in Boston, Massachusetts.

Buy -

Seller(S) 1

SELLER

Patriot Financial Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Patriot Financial Partners is a private equity firm focused on acquiring and investing in community based banks, thrifts, and other related financial services companies throughout the US. Patriot is a hands-on investor and seeks businesses with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Radnor, Pennsylvania.

DEAL STATS #
Overall 14 of 14
Sector (Financial Services) 14 of 14
Type (Merger) 2 of 2
State (New York) 1 of 1
Country (United States) 14 of 14
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Georgia Banking

Atlanta, Georgia, United States

Georgia Banking provides a variety of financial services, including mortgage warehouse banking, commercial lending, and consumer banking. Georgia Banking was founded in 1998 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-15 PatientFi

Irvine, California, United States

PatientFi partners with healthcare practices and product manufacturers to reduce cost barriers for patients seeking elective procedures. healthcare practices use PatientFi’s point of sale technology to offer patients financing for cash pay treatments and procedures. PatientFi was founded in 2017 and is based in Irvine, Caifornia.

Buy -
Mergr

Product

Company

Legal