WATERBURY, Conn.--(BUSINESS WIRE)--April 5, 2000--Webster Financial Corporation (Nasdaq: WBST), through its wholly owned insurance subsidiary Damman Insurance Associates, today announced the acquisition of Follis, Wylie & Lane, a privately owned Hamden-based insurance agency. Terms were not disclosed.
"We continue to strengthen our insurance offerings by partnering with high-caliber agencies such as Follis, Wylie and Lane," said James C. Smith, Webster chairman and chief executive officer. "Increasingly, individual and business customers will look to have all or most of their banking, investment and insurance needs managed through a single source. We continue to make this vision a reality for the benefit of all of our customers."
Webster entered the insurance agency business in 1998 through its acquisition of Damman Insurance Associates, a privately owned insurance agency with offices in Westport and Wallingford. By merging Follis, Wylie & Lane with Damman, Webster Insurance will be able to offer greater access to a complete array of personal and commercial insurance services, as well as trust, investment and banking services.
Follis, Wylie & Lane, which has seven employees, wrote $10 million in premiums in 1999 and had revenues of $1 million. The agency offers a full range of insurance services, including property and casualty, life and health. The agency's operations will be moved to the Webster Insurance office in Wallingford.
"Webster recognized early on that financial services were converging," said John Queirolo, president and CEO, Webster Insurance. "With the addition of Follis, Wylie & Lane, we continue to build Webster Insurance, and help Webster Bank deliver on its promise of fulfilling all customers' financial needs."
Commenting on the merger, Stephen Lane, president of Follis, Wylie & Lane, said, "We chose to partner with Webster Bank because they have the same commitment to personal service as we do at our agency. This will benefit our insureds, who will now be able to tap more insurance markets for the products and services they need."
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 Corporation
Jim Kalach, Media, 203/578-2461
James Sitro, Investors, 203/578-2399