Webster Financial to acquire interLINK, terms not disclosed

Webster Financial announced that its principal bank subsidiary, Webster Bank, N.A., has signed a definitive agreement to acquire StoneCastle Insured Sweep, LLC (d/b/a interLINK), a subsidiary of StoneCastle Partners. interLINK is a technology-enabled deposit management platform administering over $9B of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. interLINK leverages highly scalable technology, generating significant liquidity at minimal operating cost. Under the agreement, interLINK will continue to operate and serve its broker/dealer and clearing firm clients as it does today. Financial terms of the transaction were not disclosed. The transaction is expected to close in the first quarter of 2023.