secwatch.observer — SEC 8-K summary
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Issuer:     WEBSTER FINANCIAL CORP (WBS)
CIK:        0000801337
Form:       8-K
Filed at:   2022-02-01T23:59:59+00:00
Accession:  0001567619-22-002141
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 2.03, 3.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Webster Financial completes merger with Sterling Bancorp; issues ~90M shares, assumes $499M in sub debt
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- Merger closed Jan 31, 2022; each Sterling common share converted to 0.4630 of a Webster share.
- Total consideration ~90M shares of Webster common stock; authorized common increased to 400M shares.
- Webster assumed $274M 4.00% sub notes due 2029 and $225M 3.875% sub notes due 2030.
- Board expanded to 15 directors; Jack Kopnisky appointed Executive Chairman; John Ciulla remains CEO.
- Sterling preferred shares converted to new Webster 6.50% Series G non-cumulative perpetual preferred stock.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/801337/000156761922002141/0001567619-22-002141-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/801337/000156761922002141/ny20002371x3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001567619-22-002141

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer