NewHavenBIZ

20 n e w h a v e n B I Z | A u g u s t 2 0 2 2 | n e w h a v e n b i z . c o m Webster Bank eyes growth, opportunity in New Haven region and beyond post-merger By Michelle Tuccitto Sullo F resh off completing a $10.3 billion merger with New York's Sterling Bancorp, Webster Bank leaders say they see opportunities for growth ahead, including in Greater New Haven. Timothy D. Bergstrom, the bank's regional president for Connecticut, said customers and the community can expect to benefit from the merger. "We do have scale now as a larger institution to grow with our clients, to be able to handle their needs as they continue to grow and expand," Bergstrom said. "We have a strong record and history in Connecticut helping businesses, particularly in Greater New Haven." Webster and Sterling in early February announced they had finalized their merger, creating a combined company with $67.6 billion in assets, and Webster moved its headquarters from Waterbury to Stamford. As of July, Webster had 202 branches throughout its Northeast footprint. Webster President and CEO John Ciulla said he expects the merger will position the bank to grow its commercial banking business, improve customer experience, and boost its financial performance. In July, parent company Webster Financial attributed increases in its balance sheet and income statement as being largely due to the merger. e company announced second quarter profits of $178.1 million and total revenue of $607.6 million. Its loan and lease balance at the end of the quarter was $45.6 billion. "e second quarter is a great reflection of Webster's potential," Ciulla told investors in a July briefing. "e earning power of our new company is materializing in the first full quarter following the close of our merger with Sterling. We exhibited strong and diverse loan growth." Ciulla said the company in the second quarter began consolidating back office systems, including mortgage servicing, treasury and management, and payroll. Looking ahead What changes can customers expect in the coming months and years? e bank is putting an emphasis on commercial and industrial middle mar- ket lending. It is expanding the technol- ogy it offers to consumers, and building its community and philanthropic efforts, according to bank leaders. Webster has recruited a longtime banker from the New Haven region to help with the bank's local growth efforts. In May, Webster tapped David Ferretti to be its senior vice president, market manager for New Haven, and he is now leading the Greater New Haven region's commercial banking activities. Ferretti has worked in the local market for several years, including with People's United Bank in New Haven. Webster Bank leaders have said Fer- retti's appointment represents an expan- sion of its commitment to commercial and industrial middle market banking. "As I think of our Greater New Haven market, I think of a market where we have been for a long time, where we have been involved and invested, where we have a very meaningful presence in A t A G l a n c e Company: Webster Financial Corp. Industry: Banking Top Executive: John Ciulla, President & CEO HQ: 200 Elm St., Stamford Assets: $67.6 billion Website: https://public. websteronline.com/ Contact: 800-325-2424 Webster Bank President and CEO John Ciulla PHOTO | CONTRIBUTED PHOTO | MICHELLE TUCCITTO SULLO A Webster Bank branch at 894 Whalley Ave. in New Haven.

• Cover