STAMFORD, Conn., Jan. 11, 2023 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS) today announced that its principal bank subsidiary Webster Bank, N.A. ("Webster") has completed the acquisition of StoneCastle Insured Sweep, LLC (d/b/a interLINK), a subsidiary of StoneCastle Partners, LLC ("StoneCastle"). The business will continue to operate under the interLINK brand following the acquisition.
interLINK is a technology-enabled deposit management platform administering over $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. interLINK leverages highly scalable technology, generating significant liquidity at minimal operating cost.
interLINK will continue to operate and serve its broker/dealer clients as it does today. interLINK's operations will be fully integrated into Webster during the first quarter of 2023, with Webster drawing on core deposit funding forthwith.
The acquisition of interLINK adds another technology-enabled channel to Webster's already differentiated, omnichannel deposit gathering capabilities.
About Webster Financial Corporation
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank division. Webster is a leading commercial bank in the Northeast that provides a wide range of financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-guided organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
About interLINK
interLINK provides cash management solutions to financial intermediaries, facilitating the investment of cash held in thousands of brokerage accounts into FDIC-insured banks. Today, interLINK administers approximately 520,000 retail brokerage accounts on behalf of multiple broker/dealers and clearing platforms. Retail brokerage is a highly competitive industry, and interLINK's objective is to provide the highest quality service at the lowest cost to enable broker/dealers to better service their retail customers. For more information, visit www.interlinksweep.com.
Media Contact:
Alice Ferreira, 203-578-2610
acferreira@websterbank.com
Investor Contact:
Emlen Harmon, 212-309-7646
eharmon@websterbank.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the outcome of any legal proceedings that may be instituted against Webster or interLINK; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; and other factors that may affect the future results of Webster or interLINK. Additional 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 year ended December 31, 2021, which is on file with the Securities and Exchange Commission (the "SEC") and available on Webster's investor relations website, https://investors.websterbank.com/, under the heading "Financials" and in other documents Webster files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Webster does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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SOURCE Webster Financial Corporation
