Stamford-based Webster Financial Corp. (NYSE: WBS) announced that its principal bank subsidiary Webster Bank N.A. is acquiring Ametros Financial Corp., a custodian and administrator of medical funds from insurance claim settlements through its CareGuard service, from funds managed by Long Ridge Equity Partners.
Webster will pay $350 million in cash for Ametros, which will operate as a subsidiary of Webster. Ametros currently has over 24,000 members and $804 million in deposits under custody, which will become deposits of Webster following the closing of the transaction. The transaction is expected to close in the first quarter of 2024.
“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base,” said John Ciulla, president and CEO of Webster Financial Corp. “Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business. Ametros builds on Webster’s history of developing non-traditional deposit verticals with a favorable financial profile, including HSA Bank and interLINK.”
“Webster is the perfect growth partner for our unique business,” added Ametros’ CEO, Porter Leslie. “We are thankful for our clients and members who continue to place their trust in us and are excited for this next phase of growth together.”
