Webster Bank
Brief
Webster Bank completed its merger with Sterling Bancorp on January 31, 2022, creating one of the largest commercial banks in the Northeast, with a combined company having approximately $65 billion in assets, $44 billion in loans, and $53 billion in deposits. When the Bank engaged with Vested, the goal was to protect and enhance the brand within the public sphere in advance of and during the core integration. Technical challenges were anticipated, but what the industry wasn’t expecting was the series of regional bank failures, including Silicon Valley Bank, Signature Bank, and First Republic Bank, triggered a banking crisis and led to a flight of deposits, in early 2023.
Approach
Vested worked with the communications team at Webster Bank to prepare a communications plan to navigate expected industry, regulatory and technology challenges, including both a proactive and reactive playbook to leverage throughout the process. When the regional bank crisis hit, Vested quickly pulled together daily in-depth media analysis to brief the bank’s leadership team on the volatile newscycle. In order to help protect the reputation within the local communities within the Bank’s footprint, Vested and Webster Bank’s communications team agreed upon a proactive program for the Chief Corporate Responsibility Officer.
Results
Throughout the partnership, Webster Bank achieved positive sentiment within the local media coverage, while also remaining out of the negative regional bank news cycle. The team successfully pitched Webster Bank for profile opportunities to highlight the positive work the bank is doing within its communities and the broader industry in prominent banking publications, such as American Banker, and regional outlets including CT Post and Long Island Business News, two critical markets for the firm.
Additionally, Webster Bank won several awards highlighting its impact on the local communities. This also resulted in Webster remaining in control of the larger media narrative and reputation of the bank during a critical time where regional banks and conversions were being highly criticized, successfully staying out of that negative news cycle.
Coverage
Execution
