WATERBURY, Conn., Nov. 23 /PRNewswire/ -- The U.S. Small Business
Administration has granted Webster Bank ``Preferred Lender Status'' because of
the consistently high quality of the loans Webster refers for SBA
consideration.
As an SBA preferred lender, Webster Bank will be able to expedite the
loan-approval process for businesses seeking loans. Preferred lenders, such
as Webster, enjoy the SBA's full delegation of lending authority and can
decide unilaterally on SBA participation in eligible business loans. The SBA
guarantees up to 70 percent of the total amount of preferred loans.
``The SBA's preferred lender status will assist Webster Bank in
streamlining its already simple lending procedures and provide the capital
that Connecticut businesses need,'' said William T. Bromage, executive vice
president, Business Banking. ``As a preferred lender, we intend to use our
growing resources, our experienced relationship managers and our unique
knowledge of the Connecticut market to serve our customers and help strengthen
Connecticut's business climate.''
Webster Bank was Connecticut's 8th largest SBA lender, by dollar volume,
in Fiscal Year 1998 (Oct. 1-Sept. 30), with approximately $7.4 million
extended to local businesses under the various SBA loan programs.
Webster Bank was founded in 1935 and is a leading Connecticut-based
financial institution. Webster delivers consumer banking, commercial banking,
mortgage, insurance, and trust and investment management services to
individuals, families and businesses.
Webster Bank has $9.2 billion in assets and operates through a network of
more than 100 banking offices, three commercial banking centers, and more than
174 ATMs, in addition to telephone banking, video banking and PC banking.
Webster has the number one or number two deposit market share in its primary
markets of Hartford, New Haven and Litchfield counties.
Webster is also the second-largest mortgage lender in Connecticut and a
leading, full-service commercial lender. Webster Trust, the bank's trust and
investment management subsidiary, is the second-largest bank trust company
based in Connecticut. Webster's insurance subsidiary, Damman Insurance
Associates, is one of the largest agencies in the state.