WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 17, 1999--Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, today announced that it has reached a definitive agreement to acquire six Connecticut branches of Chase Manhattan Bank (NYSE: CMB). Terms of the transaction were not disclosed.
The branches, with $165 million in balances, are located in Cheshire, Middlebury, North Haven, Waterbury (2) and Watertown. The transaction includes the purchase of consumer deposits, small business deposits and loans, and brokerage and custody accounts associated with these branches. It does not include the middle market, municipal and trust accounts of these branches.
"The purchase of these branches strengthens Webster's franchise in New Haven and Litchfield counties," said James C. Smith, Webster chairman and chief executive officer. "The customers of these Chase Manhattan branches will enjoy greater convenience through our extensive network of branches and ATMs in Connecticut. We will make the transition to Webster simple and convenient for our new customers."
No decisions have been made on potential branch office consolidations due to geographic proximity with existing Webster Bank branches. Webster expects most of Chase's 38 employees in these branches to be offered positions in its rapidly growing organization.
"The restructuring will enable Chase to focus its consumer and small business resources on the markets where it has the strongest overall business position and greatest growth potential, namely Fairfield County," said Richard O. Jones, senior vice president of Chase's Tri-State Region.
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.
Chase currently has 39 branches in Connecticut, including 31 in Fairfield County and 8 in New Haven County. Chase is a leading provider of financial solutions to individuals and small businesses, large corporations and government entities. Chase, with over $370 billion in assets, has relationships with more than 30 million consumers coast to coast. Chase can be reached on the Web at www.chase.com.