The Bank Slate


Webster in Conn. identifies ‘potential material weakness’

Webster Financial in Stamford, Conn., will delay filing its annual report after identifying a potential material weakness.

The $71.3 billion-asset company, which acquired Sterling Bancorp last year, said in a regulatory filing that the potential issue is tied to internal controls related to its IT operations.

Specifically, the matter is tied to “logical access for certain information technology systems,” the filing said. Webster said it does not expect that its financial statements will “differ materially” from what it reported in January.

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