Share this article
Share this article
WATERBURY, Conn. and PEARL RIVER, N.Y., April 19, 2021 /PRNewswire/ Webster Financial Corporation (NYSE: WBS) ( Webster ) and Sterling Bancorp (NYSE: STL) ( Sterling ) jointly announced today that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion.
Under the terms of the agreement, Sterling will merge into Webster, and Sterling s shareholders will receive a fixed exchange ratio of 0.463 of a Webster share for each share of Sterling stock they own. Following the closing of the transaction, Webster shareholders will own approximately 50.4% of the combined company, and Sterling shareholders will own approximately 49.6%, on a fully diluted basis.
April 19, 2021 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster and Sterling, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are i
California DFPI Commissioner Alvarez Issues Strong Reminder to Debt Collectors Published on: 19 April 2021 at 09:00 a.m. ET April 19, 2021, 9 a.m. April 19, 2021, 10:19 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047281-california-dfpi-commissioner-alvarez-issu/
Last week the California Department of Financial Protection and Innovation (DFPI) issued a reminder to future debt collector licensees and existing mortgage lenders and servicers about protections for California renters and homeowners experiencing economic hardship under the COVID-19 pandemic.
The DFPI will take all necessary actions to ensure debt collectors comply with the FDCPA, CFPA, and the COVID-19 Tenant Relief Act.
Here is the text of the reminder:
Thursday, April 15, 2021
The Sarbanes Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 each contain provisions that prohibit employers from retaliating against employees because they blew the whistle on securities fraud. While the acts overlap in some ways, they do not cover all of the same conduct nor share the same processes for bringing a claim under each law. A recent opinion from a federal court of appeals emphasized the differences between the two laws and their processes, serving as a reminder to whistleblowers that an employee seeking to assert rights under either law must follow the procedures as outlined in the appropriate statute.
[co-author: Madison Gaudreau]
On April 14, 2021, the U.S. Senate confirmed the nomination of Gary Gensler as the 33rd Chair of the U.S. Securities and Exchange Commission (“SEC” or “Commission”).[1] This change will bring forth a Democratic majority at the SEC which, in turn, suggests that the Commission will change its current emphasis on capital formation to focus more on investor protection and the following other areas: rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) such as security-based swaps, compensation, and stress tests for certain SEC registrants like asset managers; and inspections, examinations, and enforcement. Below we examine what to expect from Mr. Gensler’s SEC, including an expected new enforcement landscape and heightened interest in digital currency, Special Purpose Acquisition Companies (“SPACs”), and new disclosure mandates for issuers on climate and ESG issues.