<\/p>\n
The main offices of Webster Bank are located in this building at 200 Elm St., in downtown Stamford, Conn. Webster has agreed to be acquired by Banco Santander for $12.2 billion.\u00a0<\/p>\n
Alexander Soule\/Hearst Connecticut Media<\/p>\n
John Ciulla, CEO and chairman of Webster Bank, speaks at a conference held by the Connecticut Business & Industry Association at the Connecticut Convention Center in Hartford,\u00a0Conn., on Jan. 29, 2026. Ciulla will become the CEO of Santander Bank NA after the completion of the acquisition of Webster by Banco Santander. \u00a0<\/p>\n
Jim Michaud\/Hearst Connecticut Media<\/p>\n
Webster Bank’s 95 branches in Connecticut include this one at 1101 Boston Post Road in Darien.\u00a0<\/p>\n
File photo<\/p>\n
Webster Bank’s 95 branches in Connecticut include this one at 244 Post Road\u00a0E., in Westport.\u00a0<\/p>\n
File photo<\/p>\n
Santander has 13 branches in Connecticut, including this one at 342 N. Main St., in West Hartford.\u00a0<\/p>\n
Michael Hamad \/ Hearst Connecticut Media<\/p>\n
Christopher Gruseke is CEO of Bankwell, which is headquartered in New Canaan, Conn.\u00a0<\/p>\n
Contributed photo<\/p>\n
Kyle Eagleson is CEO and president of Ascend Bank, which is headquartered in Guilford, Conn.\u00a0<\/p>\n
Contributed photo\/Ascend Bank<\/p>\n
David Rotatori is CEO and president of Ion Bank, which is headquartered in Naugatuck, Conn.<\/p>\n
Contributed photo\/Ion Bank<\/p>\n
M&T Bank CEO and Chairman Ren\u00e9 Jones, center, joins Bridgeport Mayor Joseph Ganim, third from right; Bridgeport City Council President Aidee Nieves, far right; Bridgeport City Council President Pro Tempore Ernest Newton II, fourth from left; and Honey Locust Square developer Anthony Stewart, third from left, for a ribbon-cutting during the grand opening of the M&T Bank branch in Honey Locust Square, at 1224 Stratford Ave., in Bridgeport, Conn., on Wednesday, Oct. 29, 2025.\u00a0<\/p>\n
Jim Shannon\/Hearst Connecticut Media<\/p>\n
Webster Bank, the largest bank headquartered in Connecticut, announced recently an agreement to be acquired by Banco Santander for $12.2 billion<\/a>. It will be the largest-ever deal involving a Connecticut-based bank \u2014\u00a0but it probably will not be the last.\u00a0<\/p>\n Since 2000, there have been several dozen mergers and acquisitions involving Connecticut-headquartered banks. The consolidation of the banking industry is a nationwide trend that reflects a number of factors, including banks\u2019 desire to gain customers by expanding into new lines of business and geographic areas, and reduce costs by combining staff and infrastructure. The downsides are that mergers and acquisitions can lead to layoffs, branch closings and account disruptions.\u00a0<\/p>\n Article continues below this ad<\/p>\n The following is a review of large acquisitions and mergers involving Connecticut-headquartered banks in recent years.\u00a0<\/p>\n Webster Bank<\/p>\n In Connecticut, no bank has been a more prolific deal maker than Stamford-headquartered Webster. In 2022, it\u00a0completed a merger worth $10 billion with Pearl River, New York-based Sterling National Bank<\/a>. In addition, it has made about 20 acquisitions since 2000.\u00a0<\/p>\n Those deals have helped Webster, which was founded in 1935, become the largest Connecticut-headquartered bank. For instance, its in-state deposits last June amounted to about $40.4 billion, about six times the total of the next-largest Connecticut-based bank, according to the most-recent data from the Federal Deposit Insurance Corp. Only Bank of America<\/a>, with in-state deposits of about $40.8 billion, ranked higher in that category.\u00a0<\/p>\n Article continues below this ad<\/p>\n Make CT Insider a preferred source on Google to see more of our journalism when you search.<\/p>\n <\/p>\n Add Preferred Source<\/p>\n <\/a><\/p>\n Webster also has the most in-state branches, 95, and the most in-state employees, about 1,800, among Connecticut-based banks.\u00a0<\/p>\n Now, by being acquired by the Madrid-headquartered Banco Santander, Webster is poised to become part of one of the world\u2019s largest financial-services firms. Webster\u2019s headquarters in Stamford will be a \u201ccore\u201d corporate office for Santander, according to company officials.\u00a0<\/p>\n \u201cAs a larger organization, we will unlock greater scale, broader capabilities and new opportunities for growth \u2014 while remaining deeply focused on the people who define our success,\u201d John\u00a0Ciulla, Webster\u2019s CEO and chairman, who will become the CEO of Santander Bank NA, into which Webster\u2019s businesses will be integrated, said in a written statement. \u201cI look forward to joining the\u00a0Santander team and enhancing our ability to support clients across our expanded footprint. As a Connecticut-based bank with deep roots in the state, we also look forward to continuing our commitment to the communities we serve in the region.\u201d<\/p>\n Article continues below this ad<\/p>\n For\u00a0Santander, the deal will dramatically expand its footprint in Connecticut. Santander had in-state deposits of about $1.9 billion, ranking 13th, as of last June. It operates 13 branches and employs about 150 people in the state. \u00a0<\/p>\n The acquisition is expected to be completed in the second half of this year. Until then,\u00a0Santander and Webster will continue operating as separate companies, with no changes to customer accounts, branch access or day-to-day service at either bank, according to Santander and Webster officials.\u00a0<\/p>\n Ascend Bank<\/p>\n Guilford-headquartered Ascend Bank was created through the merger last year of Guilford Savings Bank and the Norwich-based Eastern Connecticut Savings Bank. As of last June, Guilford Savings Bank had about $1 billion in in-state deposits and Eastern Connecticut Savings Bank had about $235 million in in-state deposits, ranking 22nd and 42nd in that category.\u00a0<\/p>\n Article continues below this ad<\/p>\n Today, Ascend Bank has 13 branches and about 185 employees.\u00a0<\/p>\n \u201cThe decision was not driven by necessity, but by a clear opportunity to pursue greater strategic growth from a position of strength,\u201d Kyle\u00a0Eagleson, CEO and president of Ascend Bank, said in a written statement. \u201cWhile consolidation is certainly part of the broader industry backdrop, our acquisition of Eastern Connecticut Savings Bank was a thoughtful and measured step forward in building an even stronger, more innovative community bank \u2014 and one better-positioned to serve the long-term banking needs of our clients.\u201d\u00a0<\/p>\n Eagleson added that, \u201cThe combined organization enables us to operate more efficiently while extending our presence to deliver the best of local, relationship-driven banking along with the power of top-tier technology and digital banking to even more people and businesses across Connecticut.\u201d<\/p>\n Ion Bank<\/p>\n Naugatuck-headquartered Ion Bank has expanded through mergers with two New Jersey-based banks: a combination last year with NVE Bank and one with Lincoln 1st Bank in 2022.\u00a0<\/p>\n Article continues below this ad<\/p>\n \u201cWe saw an opportunity to bring new services and our culture to smaller financial institutions that were looking for a community-based mutual organization to help carry on their mission,\u201d David\u00a0Rotatori, CEO and president of Ion Bank, said in a written statement, referring to the merger with\u00a0NVE Bank. \u201cThe fact that they chose Ion confirms and reinforces to our employees and customers what we have been successful in building here as a company. Our customer service is second to none, and the welcome and response we have received has been extremely positive.\u201d<\/p>\n Rotatori indicated that Ion officials would continue to pursue opportunities to grow the bank.\u00a0<\/p>\n \u201cThe landscape of banking is ever-changing, and we would be negligent if we didn\u2019t explore opportunities for Ion Bank to expand further in additional markets, especially in support of other mutuals,\u201d Rotatori said. \u201cWe want to help other mutuals who may not have the depth of tools, technology and\/or leverage and efficiency that are so important in remaining mutual and continue our long histories of serving our communities.\u201d<\/p>\n Today, Ion has 20 branches in Connecticut and 12 in New Jersey, with about 330 employees in its home state and around 90 in the Garden State. \u00a0<\/p>\n Article continues below this ad<\/p>\n In Connecticut, Ion\u2019s in-state deposits of about $1.8 billion ranked 14th, as of last June. \u00a0<\/p>\n People\u2019s United Bank (now part of\u00a0M&T Bank)<\/p>\n In April 2022, the Buffalo, New York-based\u00a0M&T Bank completed its $8.3 billion acquisition of Bridgeport-headquartered People\u2019s United Bank<\/a>.\u00a0<\/p>\n At that point, People\u2019s United was the largest Connecticut-headquartered bank, based on deposits. Its growth was fueled by the acquisitions of\u00a0Farmington Bank and Hartford-based United Bank, respectively, in 2018 and 2019. The drawback for customers was that those deals were followed\u00a0by dozens of branch closings in People’s United’s last few years.\u00a0<\/p>\n Article continues below this ad<\/p>\n M&T’s acquisition of People’s United resulted in several hundred layoffs in Connecticut a few years ago, to the dismay of many elected officials in the state. There was further uproar when\u00a0many customers experienced problems<\/a> in the wake of the conversion of People\u2019s United accounts to M&T accounts in September 2022. \u00a0<\/p>\n M&T\u2019s relations with customers and elected officials in Connecticut have generally improved in the past three years. For instance, the bank was praised by many local and state officials when it opened a branch last October in Bridgeport\u2019s East End<\/a>, a section of the city\u00a0long-underserved by banks. \u00a0<\/p>\n There are more than 2,000\u00a0M&T employees in Connecticut, including more than 1,000 based in Bridgeport. M&T has a regional headquarters at the Bridgeport Center tower, with its operations there including a call center<\/a>.\u00a0<\/p>\n As of last June,\u00a0M&T ranked No. 3 in in-state deposits, with a total of about $19.6 billion.\u00a0<\/p>\n Article continues below this ad<\/p>\n M&T has the most in-state branches, 117. But that total will drop to 109 later this year after it closes several of its branches in Stop & Shop stores<\/a>.\u00a0<\/p>\n \u201cWe’re pleased with the start, but we’re just really at the very beginning,\u201d\u00a0M&T CEO and Chairman Ren\u00e9 Jones said last October of M&T\u2019s operations in Connecticut. \u201cWe have a lot more to do \u2014 both to continue to prove ourselves and earn our place in the communities. I think we’ve got a bit of work to do before we declare any kind of victory.\u201d\u00a0<\/p>\n Liberty Bank<\/p>\n Middletown-headquartered Liberty<\/a> is also the oldest bank based in Connecticut, having been founded in 1825.\u00a0<\/p>\n Article continues below this ad<\/p>\n Its in-state deposits totaled about $6.7 billion, as of last June, ranking seventh overall and second among Connecticut-based banks.\u00a0<\/p>\n In the 21st century, Liberty\u2019s deals have included the acquisitions of Simsbury Bank & Trust in 2019<\/a>, Naugatuck Valley Savings and Loan in 2015, The Bank of Southern Connecticut in 2013, Connecticut River Community Bank in 2010 and the East Haddam-based Hometown Bank in 2001. \u00a0<\/p>\n Today, Liberty has 50 branches and about 850 employees in Connecticut.\u00a0<\/p>\n Liberty officials declined to comment for this article, but they have recently declared their intent for Liberty to remain a mutual bank.\u00a0<\/p>\n Article continues below this ad<\/p>\n \u201cI believe in the mutual structure where you are owned by your customers, your depositors,\u201d Liberty CEO and President David\u00a0Glidden\u00a0said last year. \u201cWhen you are mutual, you can run the company on a much longer-range, strategic basis. I don’t have to run down to Wall Street every 89 days and maybe throw my mother out the window to make my earnings target for the quarter.\u201d\u00a0<\/p>\n Bankwell<\/p>\n New Canaan-headquartered\u00a0Bankwell<\/a> was created through the merger of the Bank of New Canaan and the Bank of Fairfield in 2013. Later that year, Bankwell acquired the Bank of Wilton. In 2014, it acquired Quinnipiac Bank & Trust and became a publicly traded company through its initial public offering<\/a>.\u00a0<\/p>\n The company\u2019s in-state deposits totaled about $2.8 billion, as of last June, ranking 11th overall and third among Connecticut-based banks.<\/p>\n Article continues below this ad<\/p>\n Bankwell’s brick-and-mortar operations include nine branches in Connecticut. In addition, it expanded its commercial and private-client banking operations into New York City with the official opening on Feb. 20 of an\u00a0office in the Bay Ridge section of Brooklyn.\u00a0<\/p>\n Bankwell operates with about 175 employees, a total that includes about 50 hires in the past 18 months.\u00a0<\/p>\n \u201cWe are achieving our growth through organic means,\u201d\u00a0Bankwell CEO Christopher Gruseke said in an interview. \u201cWe just had an excellent 2025. We\u2019re very bullish about our opportunities \u2014 to hire good people to execute our plan and to be an innovative and growing company in Connecticut.\u201d\u00a0<\/p>\n Article continues below this ad<\/p>\n","protected":false},"excerpt":{"rendered":"The main offices of Webster Bank are located in this building at 200 Elm St., in downtown Stamford,…\n","protected":false},"author":2,"featured_media":9337,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121],"tags":[902,144,903,5833,904],"class_list":["post-9336","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banco-santander","tag-all-daily-sites","tag-banco-santander","tag-ct-insider","tag-lowerfairfieldcounty","tag-stamford-advocate"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/9336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/comments?post=9336"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/9336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/9337"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=9336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=9336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=9336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n