Webster Bank Subsidiary Signs Merger Agreement with Santander Bank, Files OCC Application

summarizeSummary

Webster Financial's bank subsidiary, Webster Bank, National Association, has entered into a definitive merger agreement with Santander Bank, National Association, and submitted a Bank Merger Act application to the OCC, detailing the operational integration steps following the previously announced acquisition by Banco Santander.

check_boxKey Events

• Bank Merger Agreement Signed

  Webster Bank, National Association (WBNA) and Santander Bank, National Association (SBNA) entered into a definitive Agreement and Plan of Merger on March 30, 2026.

• Regulatory Application Submitted

  SBNA submitted a Bank Merger Act application to the Office of the Comptroller of the Currency (OCC) on March 30, 2026, seeking approval for the merger of WBNA into SBNA.

• Integration Steps Detailed

  The filing outlines a series of internal restructuring transactions, including the contribution of Webster Virginia common stock to Santander Holdings USA, Inc. (SHUSA) and the subsequent merger of Webster Virginia into SHUSA, preceding the bank-level merger.

• Contingent on Prior Acquisition

  The bank merger is contingent upon the prior closing and effectiveness of the main holding company acquisition (HoldCo Transactions) of Webster Financial Corporation by Banco Santander.

auto_awesomeAnalysis

This filing provides an update on the ongoing integration process following Banco Santander's previously announced acquisition of Webster Financial Corporation. The signing of the Agreement and Plan of Merger for the bank-level merger between Webster Bank, National Association (WBNA) and Santander Bank, National Association (SBNA), along with the submission of the required regulatory application to the Office of the Comptroller of the Currency (OCC), represents a critical procedural milestone towards the completion of the overall acquisition. While the acquisition itself was announced earlier, these definitive steps are essential for the operational consolidation of the banking entities and signal continued progress towards closing the transformative deal.