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Sterling Bancorp 

Merger

  • Date:
  • 4/20/2021
  • Company Name:
  • Sterling Bancorp
  • Stock Symbol:
  • STL
  • Company Name - Buyer:
  • Webster Financial Corporation
  • Stock Symbol - Buyer:
  • WBS
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 4/19/2021

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NEW YORK, April 20, 2021 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Sterling Bancorp (NYSE: STL) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by Webster Financial Corporation (NYSE: WBS).

On April 19, 2021, Sterling announced that it had signed an agreement to be acquired by Webster for approximately $5.14 billion.  Pursuant to the merger agreement, Sterling stockholders will receive 0.463 shares of Webster common stock for each share of Sterling common stock owned.  The deal is scheduled to close in the fourth quarter of 2021.

Bragar Eagel & Squire is concerned that Sterling’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement.  Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Sterling’s stockholders.
 
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Sterling Bancorp. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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