STAMFORD, Connecticut, August 22, 2026, 12:20 EDT —
- On August 19, Webster Financial closed at $77.57, marking a 1.8% decline from the previous Friday.
- The last session, with 91.3 million shares traded, was 15.4 times higher than the usual daily average.
- Santander finalized the acquisition on August 20, and Webster’s common shares were delisted from the NYSE.
- The consideration was set at $78.73 for each former Webster share, based on Santander’s closing price on Friday.
Webster Financial Corporation NYSE:WBS halted trading following a final session which saw 91.3 million shares exchanged. The spike in volume was due to Banco Santander’s completed acquisition, not fresh investment dynamics. Shares closed Wednesday at $77.57 before the company was delisted ahead of Thursday’s market open.
The difference is important for screens that continue to classify WBS as an active stock. On Wednesday, trading volume reached 15.4 times the three-month daily average of 5.93 million shares. The quote has become outdated as no trading occurred in Webster common stock on Thursday or Friday.
| Date | WBS close | Daily move | Volume |
|---|---|---|---|
| Aug. 14 | $79.00 | -0.03% | 10.39m |
| Aug. 17 | $78.69 | -0.39% | 7.22m |
| Aug. 18 | $77.97 | -0.91% | 28.45m |
| Aug. 19 | $77.57 | -0.51% | 91.32m |
| Aug. 20–21 | Not traded | Delisted | — |
Every Webster share was exchanged for $48.75 in cash plus 2.0548 Santander American Depositary Shares. Based on Banco Santander, S.A.’s NYSE:SAN Wednesday closing price of $14.17, this deal valued each package at $77.87. That amount was roughly 30 cents higher than Webster’s closing price, representing a spread of 0.4%.
Santander ADSs ended Friday at $14.59. At this price, the equivalent bundle was valued at $78.73. As a result, former Webster shareholders saw an increase in marked value of roughly $1.16 per previous share compared with the final WBS closing price, before accounting for taxes, fees, or the handling of fractional shares.
| Valuation point | SAN ADS price | Equity component | Cash | Total per WBS share |
|---|---|---|---|---|
| Deal announcement reference | $13.06 | $26.84 | $48.75 | $75.59 |
| WBS final close, Aug. 19 | $14.17 | $29.12 | $48.75 | $77.87 |
| SAN close, Aug. 21 | $14.59 | $29.98 | $48.75 | $78.73 |
The transaction’s completion moves investor focus to Santander. The Spanish lender created 329.85 million additional shares for the deal, representing 2.20% of its expanded share capital. Santander now has 15.02 billion shares in circulation.
Santander projects that the merged U.S. business will have assets totaling about $327 billion, alongside $185 billion in loans and $172 billion in deposits. The company aims for annual pre-tax cost savings of around $800 million by the end of 2028. Santander anticipates earnings-per-share gains of 7% to 8% and expects to achieve an 18% return on tangible equity in its U.S. operations that same year.
| Security | Aug. 14 close | Aug. 21 close | Week |
|---|---|---|---|
| Webster NYSE:WBS | $79.00 | $77.57 on Aug. 19 | -1.81% |
| Santander ADS NYSE:SAN | $14.76 | $14.59 | -1.15% |
| BankUnited (NYSE:BKU) | $48.34 | $46.33 | -4.16% |
| Citizens Financial NYSE:CFG | $74.73 | $69.86 | -6.52% |
| Fifth Third NASDAQ:FITB | $58.06 | $54.82 | -5.58% |
Santander fell 1.2% for the week, a smaller drop compared to certain regional banks. This does not indicate a merger advantage, but rather suggests that Santander’s U.S. ADSs avoided any significant additional downward pressure from the market over the week.
Webster analyst targets released now pertain to the arbitrage phase preceding the close. These are not future projections for the listed WBS security. Still, the spread demonstrates that the market largely aligned with the transaction value.
| Broker | Last action | Recommendation | Target | Status after close |
|---|---|---|---|---|
| Barclays | Aug. 3, 2026 | Equal Weight | $78.00 | Historical |
| RBC Capital | July 22, 2026 | Sector Perform | $76.00 | Historical |
| Keefe, Bruyette & Woods | May 1, 2026 | Outperform | $77.50 | Historical |
| Truist Securities | Apr. 8, 2026 | Hold | $72.00 | Historical |
| UBS | Apr. 7, 2026 | Neutral | $69.00 | Historical |
“Santander US and Webster are a perfect match,” said Santander Executive Chair Ana Botín following the Federal Reserve’s approval of the transaction. The closing eliminated regulatory uncertainty but left integration challenges unresolved. Santander statement
Risks: The projected $800 million in savings represents roughly 19% of the merged cost base. Any delays in systems integration, loss of clients, or more significant reductions in back-office operations could increase costs and diminish anticipated returns. With assets now surpassing $250 billion, Santander will also fall under a stricter U.S. supervisory category.
There is no WBS quote scheduled for the upcoming week. Attention will be on Santander as its new-share admission process begins, with 329.85 million shares set to begin trading in London on August 26. Key ongoing markers will include deposit retention, when conversions take place, and published updates on progress towards the 2028 savings objectives.
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