WATERBURY, Conn., May 20 /PRNewswire/ -- Webster Financial Corporation (Nasdaq: WBST - news) today announced that it has completed its acquisition of Ridgefield-based Village Bancorp, Inc., the holding company for Village Bank & Trust Company.
The merger agreement with Village Bank & Trust, a state-chartered commercial bank with assets of $235 million was approved recently by Village's shareholders. The merger was announced in November and regulatory approvals were received in April.
``Our partnership with Village Bank & Trust extends Webster's presence in Fairfield and Litchfield counties and strengthens our franchise,'' said James C. Smith, Webster chairman and chief executive officer. ``Customers of Webster and Village Bank & Trust will benefit from having greater access and convenience through our extensive network of branches and ATMs. Village customers will enjoy a broader selection of products and services.''
Under terms of the agreement, each outstanding share of Village common stock will be converted to 0.8545 shares of Webster common stock.
``Village customers should continue to bank as they normally do,'' Smith said. ``The transition to Webster will be seamless, and customers should not experience inconvenience.
``Village's six branch offices will remain open and continue to serve their communities,'' Smith said. This merger nearly doubles the number of our branch offices in Fairfield County, gives us another branch in a prime Litchfield County community and positions us for further expansion.``
The Village branches in Ridgefield, Danbury, New Milford, Wilton and Westport will be converted to Webster branches this weekend. Village 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 $9 billion in assets and operates through a network of 110 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 numbers 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