New Webster Bank corporate signage at a Long Island Webster branch. Photo courtesy of Webster Bank

Connecticut-based Webster Bank has completed its merger with New York-based Sterling National Bank, creating a financial institution with about $65 billion in assets.

The banks’ parent companies, Webster Financial Corp. and Sterling Bancorp, said in a joint statement today that they had completed the deal, which had been announced in April and valued at approximately $10.3 billion. The banks had received final regulatory approval for the merger in December.

“The combined company is a unique financial institution, with a differentiated funding base that includes HSA Bank, as well as consumer and commercial banking businesses,” the statement said. “Webster has a broad range of regional and national asset generation capabilities, particularly through its growing commercial banking business with deep industry expertise and an expanded geographic footprint.”

The combined company has approximately $65 billion in assets, $44 billion in loans and $53 billion in deposits based on balances as of Dec. 31, the statement said. Webster now operates 202 branches in the Northeast region, including 19 in Eastern Massachusetts.

“Today marks a transformative moment in Webster’s history that will greatly benefit our colleagues, clients, communities and shareholders,” John R. Ciulla, Webster’s president and CEO, said in the statement. “Our bank will have enhanced scale, significant loan growth potential, best-in-class deposit franchises and a longstanding commitment to community development and corporate citizenship.”

As part of the merger, Webster moved its headquarters to Stamford, Connecticut. The bank will keep a multi-campus presence in the Greater New York City area and Waterbury, Connecticut, where Webster previously had its headquarters.

Sterling’s president and CEO, Jack L. Kopnisky, is now the executive chairman of the combined bank.

“The completion of the merger with Webster brings the best of our banks together, promising an elevated experience for our clients and colleagues as the financial services industry evolves,” Kopnisky said. “We are also excited to bring together a combined board of directors with a diversity of experiences and backgrounds, which exemplifies our dedication to enhancing long-term value for our shareholders.”

The new board of directors now has eight of Webster’s directors and seven former Sterling directors.

At the effective time of the merger on Jan. 31, each share of Sterling common stock was converted into the right to receive 0.4630 of a share of Webster common stock, the statement said, with Sterling shareholders receiving cash in lieu of fractional shares.

Of the five merger significant merger deals that were announced during the first four months of 2021 involving banks based in or with a presence in Greater Boston, only M&T Bank’s acquisition of Connecticut-based People’s United Bank has not been completed. That deal is still waiting for regulatory approval.