Webster Bank To Open 14 Banking Centers In Greater Boston In January

(RTTNews) - Webster Financial Corp. (WBS), the holding company for Webster Bank, N.A., said Webster Bank would open 14 banking centers in mid-January in the greater Boston area.

Webster Bank has negotiated the leasehold interests in 14 Citibank locations in greater Boston and will open the banking centers under the Webster brand in mid-January, subject to OCC approval.

In September, Citibank announced that it was exiting the Boston retail banking market. Webster is not acquiring any deposit or loan accounts from Citibank as part of the deal.

Terms of the transaction were not disclosed. The transaction is expected to be modestly dilutive to earnings per share in 2016, breakeven in 2017 and accretive thereafter.