Santander US has completed the acquisition of Webster Financial Corporation, the holding company for Webster Bank.
The acquisition marks a significant milestone in Santander’s growth in the United States. With expanded scale and capabilities, the combination makes Santander a leading U.S. retail and commercial bank. Customers will benefit from a broader branch and service footprint, enhanced digital and product offerings, and local relationship-based service.
“This is a pivotal moment in Santander’s long journey in the United States that underscores our confidence in the strength and opportunity in the U.S. market,” Christiana Riley, CEO of Santander US, said. “By bringing together Santander and Webster, we are combining two organizations with shared values and strong customer relationships. Our five growing businesses will now serve nearly eight million customers across the U.S., with expanded reach and resources to better support their needs and the communities we serve.”
The combined bank now has approximately $327 billion in assets, $185 billion in loans, and $172 billion in deposits.
“Today marks the beginning of an exciting next chapter for our customers and communities,” John Ciulla, former CEO of Webster Bank and now CEO of Santander Bank, said. “This combination allows us to further deepen our local relationships with the support of Santander’s global scale, financial strength, and investment capabilities. Together we are enhancing our ability to deliver broader products and services, and remain committed to the trusted partnerships that have always been at the center of how we serve our customers.”
Webster Bank brings a high-quality, relationship-driven deposit base, deeper commercial banking capabilities, and a distinctive Healthcare Financial Services platform, among other benefits.
In the coming months, everyday banking experiences with Santander Bank and Webster Bank will remain unchanged. Accounts and products can continue to be accessed in the same way. Customers of both banks will now be able to use Webster Bank and Santander Bank ATMs within the United States for cash access. Any future changes will be communicated well in advance, and no action is required of customers at this time.
Following the close of the transaction, Riley remains Santander’s country head in the United States and CEO of Santander US. Ciulla, formerly the CEO of Webster Bank, is now the CEO of Santander Bank, and Luis Massiani, formerly the president and chief operating officer of Webster Bank, is now the chief operating officer of Santander US and Santander Bank. Tim Ryan continues to chair the board of directors of Santander Holdings US.
Webster’s former headquarters in Stamford, Conn., is now a corporate hub for Santander, alongside its U.S. headquarters in Boston and corporate hubs in New York, Miami and Dallas.
Santander Holdings USA is a subsidiary of Madrid-based Banco Santander, which has more than 182 million customers in the United States, Europe and Latin America. Santander US is the intermediate holding company for Santander’s five growing businesses in the United States.