Webster Financial Corp. announced Wednesday it plans to extend its acquisition streak into southern Connecticut with a $21 million stock deal for Maritime Bank and Trust.
The deal is valued at $21 million, or $26.67 a share. It would be $9.2 billion-asset Webster's eighth acquisition since 1993.
Webster, based in Waterbury, Conn., has 100 branches and 174 automated teller machines concentrated in Hartford, Litchfield, and New Haven counties.
Maritime, a $100 million-asset company based in Essex, has three branches and would bring Webster into new markets along the Connecticut coast. Maritime said its customers would benefit from Webster's broader product line, including trust and investment management, insurance, and home banking.
The transaction is scheduled to close in the first quarter of next year, pending regulatory approval.