WATERBURY, Conn.--(BUSINESS WIRE)--April 10, 2000--Webster Financial Corporation (Nasdaq: WBST), the holding company for Webster Bank, today announced that it has received from its primary regulator the highest rating awarded for its performance under the Community Reinvestment Act. This is Webster's fifth consecutive "Outstanding" rating from the Office of Thrift Supervision.
"Webster is committed to making meaningful investments in the communities we serve," said James C. Smith, Webster's Chairman and chief executive officer. "We work hard to build strong relationships with our communities and to support all community members, not because it's a regulatory requirement, but because it is the right thing to do."
The Office of Thrift Supervision rates financial institutions after a tho rough review of each lender's record of meeting the credit needs of the entire community, including low- and moderate-income neighborhoods.
In addition to being a leading mortgage lender throughout Connecticut, Webster is an active partner with several revolving loan funds in New Haven, Waterbury and New Britain targeting affordable housing. Webster is also an active and growing small business lender, and was the leading Connecticut-based Small Business Administration (SBA) lender in 1999, and was also awarded preferred lender status by the SBA. The company is also active in:
- Conn. Affordable Housing Coalition
- Council for Independent Living
- Local Initiatives Support Corp.
- Conn. Housing Finance Authority
- Federal Home Loan Bank of Boston
- Federal National Mortgage Association
Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance, trust and investment services through more than 125 banking offices, 200 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.
CONTACT: Webster Financial Corp.
Jim Kalach, Media
203/578-2461