WATERBURY, Conn.--(BUSINESS WIRE)--April 27, 2000--Webster Financial Corporation (Nasdaq: WBST), the holding company for Webster Bank, announced today that its Board of Directors has named William T. Bromage as president. Bromage also was named president, vice chairman and a director of Webster Bank.
Webster also announced today that Michael G. Morris, chairman, president and chief executive officer, Northeast Utilities, has joined the corporation's board of directors.
Both actions were announced at Webster's annual meeting of shareholders held today.
William T. Bromage
Previously senior executive vice president, Bromage, 54, will continue to have responsibility for Webster's commercial banking activities and will direct corporate development, including mergers and acquisitions, corporate planning and the corporation's Best Practices initiatives.
"Bill Bromage has been a major contributor to Webster's growth and diversification over the past four years," said James C. Smith, Webster chairman and chief executive officer. "In making this promotion, the Board of Directors credits Bill for his leadership in the development and implementation of our strategy to transform Webster into a leading regional financial services provider."
Smith has held the titles of president of Webster Financial since 1987 and of the bank since 1982.
Bromage has held the title of senior executive vice president since 1999. He was named an executive vice president in 1997, having joined Webster as head of Business Banking in 1996.
For most of his career, Bromage was employed by the former Shawmut National Corporation, where he served as an executive vice president in commercial banking. At Shawmut, Bromage held management positions in several areas including credit administration, specialized business lines and retail banking.
Bromage holds a bachelor's degree from Wesleyan University.
Michael G. Morris
Before joining Northeast Utilities, Michael G. Morris, 53, was president and chief executive officer for Consumers Energy, the principal subsidiary of CMS Energy and president of CMS Marketing, Services and Trading.
Morris received bachelor's and master's degrees in science from Eastern Michigan University, which also awarded him the Distinguished Alumnus Award. He received a law degree from the Detroit College of Law and is a member of the Michigan Bar Association.
Morris is director of the Institute of Nuclear Power Operations, the Nuclear Energy Institute, the Edison Electric Institute, the Association of Edison Illuminating Companies, the Nuclear Electric Insurance Limited and the Connecticut Business and Industry Association. He also serves on the executive committee of the Governor's Council on Economic Competitiveness and Technology.
Other Annual Meeting Actions
In other actions at today's annual meeting, Webster shareholders approved the reelection of Dr. O. Joseph Bizzozero Jr., Robert A. Finkenzeller, John F. McCarthy, and Sister Marguerite Waite, CSJ, to the board of directors.
Shareholders also approved an employee stock purchase plan and the amendment of an existing stock option plan to permit grants of restricted stock. The accounting firm of KPMG LLP was reappointed as independent auditors.
Connecticut-based Webster Financial Corporation is the holding company for Webster Bank. 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
Media: Mike Bazinet
203/578-2391
jsitro@websterbank.com
or
Jim Kalach
203/578-2461
jkalach@websterbank.com
or
Investors:
James Sitro
203/578-2399
mbazinet@websterbank.com