WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 24, 1999--Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, today announced that it has reached a definitive agreement with FleetBoston Financial (NYSE: FBF) to purchase four Connecticut branches that are being divested as the result of the Fleet-BankBoston merger. Terms of the transaction were not disclosed.
The branches, with $163 million in balances, are located in Brookfield, Guilford, Meriden, and Thomaston. The transaction includes the purchase of deposits and loans for individual and small business customers of these branches.
"The purchase of these branches further strengthens and extends Webster's growing Connecticut franchise," said James C. Smith, Webster chairman and chief executive officer. "We are pleased this purchase will enable us to increase our presence in the City of Meriden, while adding Brookfield, Guilford and Thomaston to the list of Connecticut communities with Webster branch offices. We pledge to make the transition to Webster simple and convenient for our new customers."
Last week, Webster announced that it was purchasing six branches of Chase Manhattan Bank located in Cheshire, Middlebury, North Haven, Waterbury (2) and Watertown. Webster expects the Chase transaction to close in the first quarter of 2000 and the FleetBoston branch purchase to be concluded later in the year. Webster expects to close on its pending merger with Windsor-based New England Community Bancorp, the parent company of three Connecticut and one New Hampshire bank by the end of this year.
Pro forma for its pending merger with New England Community Bancorp, Webster Bank has $10 billion in assets and operates through a network of 125 banking offices, three commercial banking centers, and 200 ATMs, in addition to telephone, video, Web and PC banking.
Webster is also a leading, full-service commercial and mortgage lender in Connecticut. Webster Trust, the bank's trust and investment management subsidiary, is one of the leading bank trust companies based in Connecticut. Webster's insurance subsidiary, Damman Insurance Associates, is one of the largest agencies in the state.
Webster's Nowlending subsidiary found at www.nowlending.com on the Worldwide Web, originates low-cost mortgages over the Internet for customers across the United States.
For more information on Webster, including past press releases and the latest Annual Report, visit the Webster Bank website at www.websterbank.com.
CONTACT:
Webster Financial
Media:
Mike Bazinet
203/578-2391
mbazinet@websterbank.com
or
Jim Kalach
203/578-2461
jkalach@websterbank.com
or
Investors:
James Sitro
203/578-2399
jsitro@websterbank.com
or
FleetBoston Contact:
Allison Gibbs
617/346-5463