WATERBURY, Conn., March 8 /PRNewswire/ -- Webster Bank, part of Webster
Financial Corporation (Nasdaq: WBST), recently became only the third financial
services institution to receive ITAA*2000 certification from the Information
Technology Association of America (ITAA).
ITAA, a leading trade group on Year 2000 issues, performed a rigorous
evaluation of Webster Bank's approach to Year 2000 date conversion and
indicated that the company has the core capabilities needed to address the
Year 2000 challenge.
``Webster Bank, Information Technologies Division participated in a
rigorous evaluation of its approach to date conversion, with extensive
analysis in eleven discrete process areas deemed necessary to a successful
Year 2000 conversion,'' said the ITAA in public statement.
Webster Bank began addressing the Year 2000 issue in 1996 and formed a Y2K
Task Force in 1997.
``The major phases of Webster's Y2K plan include awareness, inventory,
assessment, upgrading or replacing where necessary, testing and
implementation,'' said Ron Nevers, senior vice president, Information
Technology, Webster Bank. ``We are confident that we are meeting the
challenge.''
Webster Financial Corporation, headquartered in Waterbury, Conn., is the
holding company for Webster Bank, which was founded in 1935. Webster Bank
delivers consumer, commercial, mortgage, insurance, and trust and investment
management services to individuals, families and businesses through a network
of more than 100 banking offices, three commercial banking centers, two
insurance offices, and more than 170 ATMs, in addition to telephone banking,
video banking and PC banking.
Webster Bank 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.