Santander’s $12.3 billion acquisition of Webster Bank cleared the OCC on June 12, 74 days after the Spanish bank submitted paperwork. Webster disclosed the approval in a Tuesday SEC filing. At $75.59 per share, split between $48.75 cash and 2.0548 Santander ADS, it’s a 16% premium to Webster’s 10-day volume-weighted average price.
Two hurdles remain. The Federal Reserve and the European Central Bank both need to sign off before the deal closes. The Justice Department’s antitrust division is reviewing the combination for competitive effects, and that review was still pending when Webster disclosed the OCC news. Shareholders already voted yes on May 26.
Under the current administration, bank mergers are clearing faster. Huntington’s $7.4 billion acquisition of Cadence got OCC approval in 56 days — the fastest of the cycle so far. Capital One’s $35.3 billion Discover deal under Biden waited 424 days. Santander’s 74-day window lands closer to Huntington than to Capital One.
What does Santander actually get for $12.3 billion? A $327 billion combined U.S. asset base, a top-five deposit ranking in the Northeast, and a commercial banking franchise it can’t build organically. Santander’s stated target is 18% return on tangible equity in the U.S. by 2028. Webster’s commercial book is the engine for that number, giving the Spanish bank reach beyond its consumer-heavy U.S. footprint.
Deal closes second half of 2026.
Diana Kowalski