Today’s issue of WorkCompRecap features the announcement from Webster Financial Corporation that its principal bank subsidiary has signed a definitive agreement to acquire Ametros.
Webster noted that it expects the acquisition to provide a fast-growing source of low-cost and long-duration deposits, provide new sources of noninterest income, and enhance its healthcare financial services expertise. The transaction is expected to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions and antitrust review. Upon the close of the transaction, Ametros will operate as a subsidiary of Webster. As of December 2023, Ametros has over 24,000 members and $804 million in deposits under custody, which will become deposits of Webster.