WATERBURY, Conn., Aug. 26 /PRNewswire/ -- Webster Financial Corporation (Nasdaq: WBST), the holding company for Webster Bank, announced today that it has been named to the Standard & Poor's MidCap 400 Index of mid-size market capitalization stocks.
The S&P MidCap 400 Index measures the performance of the mid-size company segment of the U.S. stock market with $1 billion to $4 billion in market capitalization. The index is used by more than 95 percent of U.S. mutual fund managers and pension plan sponsors. Some $20 billion is indexed to the S&P MidCap 400.
"We are extremely pleased to be named to the S&P MidCap 400 Index," said John V. Brennan, Webster Executive Vice President and Chief Financial Officer. "Webster's placement in this key index of mid-size companies will further raise our visibility among investors. Our higher market capitalization is a direct result of Webster's growth and transformation into a company providing a full range of financial services for both retail and business customers."
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 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 a leading, full-service commercial lender and the second-largest mortgage lender in Connecticut. 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.
Subject to shareholder and regulatory approvals, Webster expects the NECB transaction to close in the fourth quarter of 1999.
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