The Bank Slate


Webster to buy interLINK from StoneCastle Partners

Webster Financial in Stamford, Conn., has agreed to buy StoneCastle Insured Sweep from StoneCastle Partners.

The $65 billion-asset Webster said the business, which operates as interLINK, is a deposit management platform that administers more than $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms.

InterLINK administers about 520,000 retail brokerage accounts on behalf of broker/dealers and clearing platforms.

The deal is expected to close in the first quarter. The price wasn’t disclosed.

“The acquisition complements our strategy to build a bank with diverse funding capabilities and technology-enabled businesses,” John Ciulla, Webster’s president and CEO, said in a press release. “InterLINK is a unique deposit channel that provides a scalable source of liquidity for the company.”

BofA Securities and Wachtell, Lipton, Rosen & Katz advised Webster. Keefe, Bruyette & Woods and Dechert advised StoneCastle.


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