WATERBURY, Conn. , April 22 /PRNewswire/ -- Webster Financial Corporation (Nasdaq: WBST - news) today announced that it has completed its acquisition of Essex- based Maritime Bank & Trust and that it is increasing its regular quarterly cash dividend.
The merger agreement with Maritime Bank & Trust, a state-chartered commercial bank with assets of $100 million, was approved overwhelmingly Thursday by Maritime's shareholders. The merger was announced in November and regulatory approval was received earlier this month.
Webster also announced today that it is increasing its regular quarterly cash dividend to $.12 cents per common share, an increase of nearly 10 percent, from $.11 per common share. The dividend is payable May 20, 1999 to shareholders of record on May 6, 1999. This is the 47th consecutive quarterly cash dividend -- and the 8th dividend increase -- since Webster first paid a dividend in 1987.
``Our partnership with Maritime strengthens Webster's franchise and extends our presence along the Connecticut shoreline,'' said James C. Smith, Webster chairman and chief executive officer. ``Customers of Webster and Maritime will benefit from having greater access and convenience through our extensive network of branches and ATMs. Maritime customers will enjoy a broader selection of products and services.''
Under terms of the agreement , Maritime shareholders receive 1.091 Webster shares per Maritime common share. Webster has bought back in open market transactions the equivalent number of Webster common shares to be issued to Maritime shareholders.
``Maritime customers should continue to bank as they normally do,'' Smith said. ``The transition to Webster will be seamless, and customers should not experience inconvenience.
``Our combination with Maritime represents an important growth opportunity for Webster. Maritime's three branch offices will remain open and will support further expansion along Connecticut's shoreline,'' Smith said. The Maritime branches in Essex, Old Saybrook and Old Lyme will be converted to Webster branches this weekend. Maritime employees will continue to staff these offices.
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 $8.9 billion in assets and operates through a network of more than 100 banking offices, three commercial banking centers, and 180 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. Webster's Access National Mortgage subsidiary, found at www.discountmortgages.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.
SOURCE: Webster Financial Corporation