Davis Polk advised the representatives of the underwriters in an SEC-registered public offering by Webster Financial Corporation of 6,000,000 depositary shares, each representing a 1/1,000th ownership interest in a share of their 5.25% Series F non-cumulative perpetual preferred stock, par value $0.01 per share, with a liquidation preference of $25,000 per share. The net proceeds from the offering totaled approximately $146 million.
Webster Financial Corporation is a Waterbury, Connecticut-based bank holding company and financial holding company for Webster Bank, N.A. With $26.4 billion in assets, Webster Bank delivers financial services to individuals, families and businesses from New York to Massachusetts. Webster Bank provides business and consumer banking, mortgage lending, financial planning, trust and investment services through 167 banking offices, 338 ATMs, mobile banking and the Internet.
The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associates Jennifer Ying Lan and Jacqueline Marino. The tax team included partner David H. Schnabel. The financial institutions team included partner Margaret E. Tahyar and associate Andrew Rohrkemper. All members of the Davis Polk team are based in the New York office.