Stock Alert: Webster Financial Down On Agreement To Combine With Sterling Bancorp

(RTTNews) - Shares of Webster Financial Corporation (WBS) are down more than 4% Monday morning at $54.53.

Webster Financial and Sterling Bancorp (STL) today announced their decision to merge in an all-stock deal valued at $10.3 billion.

As per the agreement, Sterling will merge into Webster, and Sterling's shareholders will get 0.463 of a Webster share for each Sterling stock they own.

Upon closing, about 50.4% of the combined company will be owned by Webster shareholders and nearly 49.6% by Sterling shareholders.

WBS has been trading in the range of $19.76- $63.81 in the last one year.