8-K
WEBSTER FINANCIAL CORP (WBS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 5, 2023
WEBSTER FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 001-31486 | 06-1187536 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
200 Elm Street, Stamford, Connecticut 06902
(Address and zip code of principal executive offices)
203-578-2202
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbols | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | WBS | New York Stock Exchange |
| Depositary Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred Stock | WBS-PrF | New York Stock Exchange |
| Depositary Shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Perpetual Preferred Stock | WBS-PrG | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
|---|
On April 5, 2023, Webster Financial Corporation (“Webster” or the “Company”), announced that two members of the Webster Bank, National Association (the “Bank”) executive management team have been promoted, in each case effective April 5, 2023.
Luis Massiani has been promoted to Senior Executive Vice President and appointed President of the Bank and continues in his role as Chief Operating Officer.
Chris Motl, the Bank’s President of Commercial Banking, has also been promoted to Senior Executive Vice President of the Bank. Mr. Motl will continue to lead all of Webster Bank’s Commercial Bank’s verticals including Commercial Real Estate, Commercial & Industrial, Sponsor & Specialty and Equipment Finance, Asset Based Lending, Treasury Management, Business and Middle Market and Private Banking groups.
On April 5, 2023, Company issued a press release announcing the promotions of Mr. Massiani and Mr. Motl, a copy of which is attached as Exhibit 99.1 hereto.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) Exhibits.
| Exhibit<br> <br>Number | Description |
|---|---|
| 99.1 | Press Release, dated April 5, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WEBSTER FINANCIAL CORPORATION | |
|---|---|
| (Registrant) | |
| Date: April 5, 2023 | /s/ Albert J. Wang |
| Albert J. Wang | |
| Executive Vice President and Chief Accounting Officer |
EX-99.1
Exhibit 99.1
Webster Bank Announces Two Promotions
Massiani becomes Senior Executive Vice President and President of Webster Bank; Motl elevated to
Senior Executive Vice President
(STAMFORD, CT) April 5, 2023 – Webster Bank announced today that two members of its executive management team have been promoted.
Luis Massiani has been promoted to Senior Executive Vice President and appointed President of Webster Bank. He continues in his role as Chief Operating Officer, a role to which he was appointed in January 2022 in connection with the completion of the merger of equals between Webster Bank’s holding company, Webster Financial Corporation, and Sterling Bancorp (collectively with Sterling National Bank, “Sterling”). He oversees bank operations, technology, retail and digital banking and corporate strategy.
Massiani joined Sterling in 2012 and served as Chief Financial Officer before becoming Bank President in 2020. In 2021, he assumed additional responsibilities as Chief Operating Officer of Sterling National Bank.
Massiani holds an MBA from Kelley School of Business at Indiana University.
Chris Motl, President of Commercial Banking, has also been promoted to Senior Executive Vice President. Motl will continue to lead all of Webster’s Commercial Banking verticals including Commercial Real Estate, Commercial & Industrial, Sponsor & Specialty Finance, Equipment Finance, Asset Based Lending, Treasury Management, Middle Market, Business Banking and Private Banking groups.
Motl joined Webster in 2004 as the co-founder of the company’s Sponsor & Specialty Finance Group. He was promoted to Executive Vice President in 2018 and is responsible for leading the continued expansion of the Bank’s Commercial Banking activities. His role further expanded in 2020, with the alignment of Business Banking into the line of business.
Motl earned his bachelor’s degree from the University of Colorado.
“I am pleased to elevate these two exemplary leaders and recognize their outstanding contributions to the Company,” said John R. Ciulla, President and CEO of Webster Financial Corporation and CEO of Webster Bank. “Luis and Chris continue to demonstrate values-driven leadership and high performance that continues to differentiate Webster in the marketplace.”
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About Webster
Webster Bank (“Webster”) (NYSE: WBS) is a leading commercial bank in the Northeast that provides a wide 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 largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster 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. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Media Contact:
Alice Ferreira 203-610-1521
acferreira@websterbank.com
Investor Contact:
Emlen Harmon, 212-309-7646
eharmon@websterbank.com