(RTTNews) - Webster Financial Corp. (WBS) said its principal bank subsidiary Webster Bank has agreed to acquire StoneCastle Insured Sweep, LLC, a subsidiary of StoneCastle Partners, LLC. StoneCastle Insured Sweep, or interLINK is a technology-enabled deposit management platform administering over $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. interLINK will continue to operate and serve its broker/dealer and clearing firm clients.
John Ciulla, CEO of Webster Financial, said: "interLINK is a unique deposit channel that provides a scalable source of liquidity for the company."
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