WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 9, 1999--Shareholders of Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, overwhelmingly approved its previously announced merger with New England Community Bancorp (Nasdaq: NECB), the Windsor-based holding company for three Connecticut banks and one New Hampshire bank, at a special meeting today. At a separate meeting earlier in the day, NECB shareholders also approved the merger agreement.
This merger was announced on June 30 and is expected to close later this year, pending approval from the federal Office of Thrift Supervision.
"Our partnership with New England Community Bancorp expands Webster's franchise in Hartford, Litchfield and Tolland Counties and significantly strengthens our business banking presence," said James C. Smith, Webster chairman and chief executive officer. "Customers of NECB's banks in Connecticut will enjoy greater convenience through our extensive network of branches and ATMs and will benefit from a broader selection of services."
Webster shareholders also voted to increase the number of authorized shares of Webster common stock from 50 million to 200 million.
Webster also announced today that following the closing of the merger, NECB Director P. Anthony Giorgio will join the Board of Directors for both the bank and the holding company. Giorgio is president and chief executive officer of the Connecticut Capital Region Growth Council.
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.com subsidiary found at www.nowlending.com on the Worldwide Web, originates low-cost mortgages over the Internet for customers across the United States.