News Details

WATERBURY, Conn.--(BUSINESS WIRE)--Oct. 4, 2000--Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, today announced that the bank has reached a definitive agreement to sell its Olde Port Bank division consisting of two bank branches to Granite Bank, a New Hampshire state-chartered commercial bank, whose parent company is Granite State Bankshares, Inc. (Nasdaq: GSBI) of Keene, NH. Terms of the transaction were not disclosed.

The two branch offices in Portsmouth and Hampton have a total of $47 million in loans and $47 million in deposits. Webster acquired the former Olde Port Bank & Trust with the purchase of New England Community Bancorp, which was completed in late 1999. Olde Port employs 23 people.

"The Olde Port branches are performing quite well in a vibrant market and represent an ideal addition for Granite Bank as a strong New Hampshire-based institution," said William T. Bromage, Webster Bank President. "For Webster, the sale underscores our commitment to pursue strategic objectives that provide the greatest long-term growth potential."

The transaction is expected to close by the end of the year.

Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance, trust and investment services through more than 110 banking offices, 220 ATMs and the Internet (www.websterbank.com). Webster's online mortgage subsidiary at www.nowlending.com on the Worldwide Web originates low-cost mortgages across the United States.

Granite State Bankshares is the parent company for Granite Bank, a New Hampshire state-chartered commercial bank and the largest independent bank in the state of New Hampshire with 17 offices throughout southern New Hampshire.

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