Benjamin L. Krynick, Head of Bank Operations at Webster Financial Corp, filed a Form 4 on August 21, 2026, reporting the disposition of Webster common stock on August 20, 2026, pursuant to the company's acquisition by Banco Santander, S.A.

Key Highlights

  • Shares disposed: 20,182.51 shares of Webster Financial common stock were disposed of on August 20, 2026, at a price of $0.
  • Merger consideration: Each Webster share was exchanged for 2.0548 Banco Santander American Depositary Shares and $48.75 in cash, without interest.
  • Last trading price: The closing price of Webster common stock on the New York Stock Exchange on the last trading day prior to the closing was $77.57.
  • Equity awards converted: All equity awards held by Krynick were converted to equivalent Banco Santander equity awards in accordance with the Transaction Agreement.
  • Post-transaction ownership: According to the filing, Krynick "no longer beneficially owns, directly or indirectly, any shares of Webster's common stock."
  • Transaction Agreement date: The underlying agreement was dated February 3, 2026, among Banco Santander, S.A., Webster Financial Corporation, and Webster Virginia Corporation.

Krynick's Webster Holdings Extinguished by Banco Santander Closing

According to the Form 4 filed with the SEC on August 21, 2026, Benjamin L. Krynick, identified as Head of Bank Operations at Webster Financial Corp (NYSE:WBS), reported the disposal of 20,182.51 shares of Webster common stock on August 20, 2026, the date the filing identifies as the "Closing Date." The transaction code is listed as "D" (disposition), at a price of $0, reflecting that the shares were exchanged rather than sold in the open market.

The filing explains that the disposal occurred pursuant to a Transaction Agreement dated February 3, 2026, by and among Banco Santander, S.A., Webster Financial Corporation, and Webster Virginia Corporation. Under the terms of that agreement, each share of Webster common stock issued and outstanding immediately prior to the effective time of the reincorporation merger was exchanged for the right to receive 2.0548 Banco Santander American Depositary Shares and $48.75 in cash, without interest. The filing notes that all fractional shares were paid in cash, and that the closing price of Webster common stock on the New York Stock Exchange on the last trading day prior to the Closing Date was $77.57.

The filing further discloses that all equity awards held by Krynick at the closing were converted to equivalent Banco Santander equity awards in accordance with the Transaction Agreement, rather than being cashed out. Following the transaction, the filing states that Krynick's direct beneficial ownership of Webster common stock stands at zero, with no indirect holdings reported.

What Was Disclosed

Krynick's Form 4 reports the full disposition of his Webster Financial common stock holdings on August 20, 2026, as a result of the Banco Santander acquisition closing, with equity awards converted to Banco Santander equivalents and no remaining Webster shares held.