Federal Reserve Approves Santander Acquisition of Webster Financial

The Federal Reserve approved the $12.3 billion acquisition of Stamford-based Webster Financial Corp. by Banco Santander, removing the final regulatory obstacle for the transaction. The approval follows previous authorizations from the Office of the Comptroller of the Currency in June and the European Central Bank in July.

Scheduled to close on August 20, 2026, the merger will combine Webster with Santander's U.S. operations. The combined entity will become the 19th largest insured depository organization in the United States, holding approximately $253.6 billion in consolidated assets.

Under the new leadership structure, Webster CEO John Ciulla will transition to CEO of Santander Bank NA, while Webster President Luis Massiani will serve as chief operating officer of Santander U.S. Banco Santander executive chair Ana Botín characterized the acquisition as a necessary step for the company's growth in the U.S. market.