Webster Sterling Merger Agreement

Under the terms of the agreement, Sterling will merge with Webster and Sterling shareholders will receive a fixed exchange ratio of 0.463 of one Webster share for every sterling share they own. Upon completion of the transaction, Webster shareholders will own approximately 50.4% of the combined company and Sterling shareholders approximately 49.6% on a fully diluted basis. The merger is expected to close in the fourth quarter of 2021. The merger is expected to close on or about February 1, 2022, subject to the satisfaction or waiver of other customary closing conditions set forth in the merger agreement. Following the financial statements, the merged company will be appointed on September 30. September 2021 will have approximately $65.5 billion in assets, $42 billion in loans and $54 billion in balance-based deposit balances, and will operate more than 200 financial centers in the Northeast region. Following today`s announcement of the merger, the two companies cancelled their previously scheduled conference calls on the first quarter of 2021 results. Although there can be no assurance that a list of risks, uncertainties or risk factors is complete, the following are certain factors that could cause actual results to differ materially from those contained or implied by the forward-looking statements: changes in general economic, political or industrial conditions; the extent and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions, as well as on our business, results of operations and financial condition; Uncertainty in the United States Other factors that could cause results to differ materially from those described above can be found in Webster`s Annual Report on Form 10-K for the date dated 31. December 2020 year-end filed with the SEC and available on Webster`s Investor Relations website, webster.gcs-web.com/, under the heading «Finance» and in other documents that Webster files with the SEC. and Sterling`s Annual Report on Form 10-K for the year ended December 31, 2020, which is filed with the SEC and available on Sterling`s website, sterlingbancorp.com/, under the heading «Financial Information» and in other documents that Sterling closes with the SEC. WATERBURY, Connecticut and PEARL RIVER, N.Y.

19. April 2021 — Webster Financial Corporation (NYSE: WBS) («Webster») and Sterling Bancorp (NYSE: STL) («Sterling») today jointly announced that their boards of directors have unanimously approved a definitive agreement under which the two companies will merge in a merger transaction between equals with a total market value of approximately $10.3 billion. The merger is expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including obtaining required regulatory approvals and shareholder approvals for each company. Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in providing services and solutions to business owners, their families and consumers in the communities it serves, through teams of dedicated and experienced client advisors. With $30.0 billion in assets, Sterling National Bank offers a full range of trading, business and retail banking services through 72 financial centres and 71 ATMs. Sterling also offers mobile and online banking. For more information, please visit sterling Bancorp`s website at www.sterlingbancorp.com. When the merger is finalized in a few weeks, sterling National Bank`s name will be changed to Webster Bank, N.A. («Webster»). You`ll see this change in your local financial centre and on our online and mobile banking platforms.

Webster and Sterling will hold a live conference call today at 8:30 a.m. eastern time.m. to discuss the transaction. To hear the call live, please dial 877-407-8289 or 201-689-8341 for international calls. The webcast, along with accompanying slides, will be available on Webster`s website (www.wbst.com) and the slides on Sterling`s website (www.sterlingbancorp.com). A replay of the conference call will be available for one week on the websites listed above, beginning April 19, 2021 at approximately 11:00 a.m. .m .m (East). To access the recording, dial 877-660-6853 or 201-612-7415 for international calls. The Replay conference ID number is 13718870. After the merge is complete, continue to connect to these services through snb.com. There are no changes in features and your credentials remain the same. WATERBURY, Connecticut, and PEARL RIVER, N.Y., 20.

Dec. 2021 /PRNewswire/ — Webster Financial Corporation (NYSE: WBS) («Webster») and Sterling Bancorp (NYSE: STL) («Sterling») jointly announced today that Webster has received regulatory approval from the Federal Reserve Board of Governors to finalize the previously announced merger between the two companies. As previously announced, the Office of the Comptroller of the Currency has also approved the merger of the respective banking subsidiaries of Webster and Sterling, Webster Bank, National Association and Sterling National Bank. All regulatory approvals necessary to complete the merger are now in place. No, Sterling ATMs retain the same features, so you can continue to rely on them for your deposits, withdrawals and other daily banking needs. In addition, once the merger is complete, you can use any ATM in the Webster network to withdraw money and make account requests without incurring any ATM fees. Webster Financial Corporation is the holding company of Webster Bank, the National Association and its HSA Bank division. With $35.4 billion in assets, Webster provides business and consumer banking, mortgages, financial, fiduciary and investment planning services to more than 130 banking centres and 254 ATMs.

Webster also offers mobile and online banking. Webster Bank owns the wealth credit company Webster Business Credit Corporation; Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank that provides fiduciary and administrative services for health savings accounts. .