WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 19, 1999--Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, has received approval from its primary regulator, the Office of Thrift Supervision, to acquire New England Community Bancorp (Nasdaq: NECB), the Windsor-based holding company for three Connecticut banks and one New Hampshire bank.
Webster and NECB shareholders approved the merger agreement earlier this month. Under terms of the agreement, NECB shareholders will receive 1.06 shares of Webster common stock for each share of NECB common stock.
Webster expects that the merger, originally announced on June 30, to be completed later this year.
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.
CONTACT:
Webster Financial Corporation
Media:
Mike Bazinet
203/578-2391
mbazinet@websterbank.com
or
Investors:
James Sitro
203/578-2399
jsitro@websterbank.com