Merger FAQs
General FAQs
Do I need to make any changes to my day-to-day banking?
No. You can continue banking with BrioDirect as you do today. Your accounts, account numbers, routing numbers, and online and mobile banking access will remain the same.
Will online and mobile banking change?
No. You can continue using the same online and mobile banking services you use today. Your login credentials and digital banking access will remain the same.
Will the BrioDirect name change?
You will continue to see the BrioDirect brand. In addition, you’ll begin seeing “BrioDirect, powered by Webster Bank, a division of Santander Bank, N.A.” across our website, digital banking channels, mobile experiences, and client communications to reflect our new organization.
If I have accounts at both BrioDirect and Santander Bank, N.A., will my deposits continue to be insured by the FDIC?
Yes. Following the merger, FDIC coverage continues without interruption. Under a special FDIC rule for bank mergers, deposits held as of August 20, 2026 are insured separately for six months, or in the case of certificates of deposit (CDs), the earliest maturity date after the six-month period. After the applicable grace periods, all deposits you hold at the combined bank will be aggregated for FDIC insurance purposes and subject to standard coverage limits. For more information on FDIC coverage, visit fdic.gov.
Will there be changes to my accounts in the future?
There are no changes to your BrioDirect accounts at this time. If any future changes are planned, we will communicate them clearly and in advance.
Who should I contact if I have additional questions?
Please visit www.briodirectbanking.com for the latest updates or contact our Client Service Center at 877.369.BRIO.
Investor FAQs
What happened to Webster stock?
On February 3, 2026, Webster announced it entered an agreement to be acquired by Banco Santander (“Santander”). Webster shareholders approved the transaction on May 26, 2026, and the acquisition closed on August 20, 2026.
The consideration each Webster shareholder received for each share of their WBS stock was $48.75 in cash AND 2.0548 shares of Santander ordinary shares, with fractional shares paid in cash. WBS stockholders received Santander American Depository Shares (“ADS”) by default; ADS are priced and traded in US dollars on the New York Stock Exchange.
Will I receive any more Webster common stock dividends?
Webster has paid all declared dividends on its common stock (ordinary shares). Owners of Santander ordinary shares (including ADS) will receive dividends according to Santander’s dividend declarations (historically twice annually).
What happened to Webster’s previously outstanding preferred stock?
Webster’s former Preferred Series F and Series G securities were transferred into newly created Santander Holdings USA Preferred Series H and Preferred Series I, respectively. The conversion occurred without any action required by the holder. The new series of Santander Holdings USA preferred stock have substantially the same terms as the Webster preferred stock.
Trading symbols may vary by brokerage or market information platform, so there is not a single universally displayed ticker symbol. In many cases, the securities may appear as a variation of SNUS-H or SNUS-I. If you are unable to locate the securities by ticker symbol, we recommend searching by CUSIP:
- Series H (formerly Webster Series F): CUSIP 80282K700
- Series I (formerly Webster Series G): CUSIP 80282K809
Will I receive any more Webster preferred stock dividends?
Prior to closing on August 20, 2026, the below dividends were declared on Webster’s ptstock on the applicable record date:
- Webster’s former series F preferred stock and Santander Holdings USA Series H preferred stock dividend is payable September 15, 2026, to shareholders of record on August 31, 2026.
- Webster’s former series G preferred stock and Santander Holdings USA Series I preferred stock dividend is payable October 15, 2026, to shareholders of record on September 30, 2026.
What are the tax implications of the transaction?
Individuals should contact a tax professional as it relates to your personal tax circumstances. Webster as an institution does not provide tax advice.
For your consideration, it was noted in the proxy statement (p. 73 as numbered) for the transaction that the consideration received by Webster shareholders from Santander was considered fully taxable to US taxpayers.
What paperwork is required of shareholders to effect the transaction?
Shareholders that hold shares in book-entry do not need to complete paperwork to effect the exchange of their shares. Shareholders registered with Webster’s transfer agent (shares held “direct”) will receive a mailing from Citibank, N.A. with a Depositary Notice, statement of Santander ADS holdings, a combined check covering the cash consideration from the transaction and the cash-in-lieu amount plus any applicable dividends or distributions, and an informational letter regarding the International Direct Investment program available to Santander ADS holders.
Individuals that own physical stock certificates of Webster shares will need to take action to convert their shares and receive the exchange consideration. They will receive a mailing from Citibank, N.A. with a Depositary Notice, a Letter of Transmittal and instructions for the surrender of their certificated shares and receipt of exchange consideration, and an informational letter regarding the International Direct Investment program available to Santander ADS holders.
Will the dividend reinvestment program be continued?
Webster’s dividend reinvestment program has been stopped. Investors interested in Santander’s direct investment program can contact Santander’s ADS administrator, Citibank:
888.710.7456 / 781.575.4555
Whom can I contact to learn more about the transaction?
For other questions about the transaction:
You should contact the information agent for the transaction, Sodali & Co: 800.662.5200
For general questions about Santander stock, background, or investor relations:
Email: [email protected]
Investor Relations site: https://www.santander.com/en/shareholders-and-investors