Webster Financial Corporation (NYSE: WBS) announced that its principal bank subsidiary Webster Bank, N.A., is to acquire Ametros Financial Corp., a Wilmington, MA-based custodian and administrator of medical funds from insurance claim settlements, from funds managed by Long Ridge Equity Partners.
The amount of the deal was not disclosed.
The transaction is expected to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions and anti-trust review. Upon the close of the transaction, Ametros will operate as a subsidiary of Webster.
Ametros is a company which specializes in post-settlement medical administration and an used partner for members receiving funds from workers’ compensation and liability settlements.
Led by John Ciulla, President and CEO, Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. It is a commercial bank in the Northeast that provides a range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s providers of employee benefits solutions. Headquartered in Stamford, CT, it is a values-driven organization with more than $70 Billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender.
FinSMEs
15/12/2023