WATERBURY, Conn.--(BUSINESS WIRE)--June 21, 2000--Webster Financial Corporation (Nasdaq:WBST), holding company for Webster Bank, has received approval from its primary regulator, the Office of Thrift Supervision, as well as the Connecticut Department of Banking, to acquire MECH Financial Inc. (Nasdaq:MECH), the Hartford-based holding company for Mechanics Savings Bank.
MECH shareholders voted to approve the agreement on June 20. Under terms of the agreement, MECH shareholders will receive 1.52 shares of Webster common stock for each share of MECH common stock.
Webster expects that the merger will be completed this month.
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 World Wide Web originates low-cost mortgages across the United States.
CONTACT: Webster Financial Corporation
Media:
Jim Kalach, 203/578-2461
jkalach@websterbank.com
or
Investors:
James Sitro, 203/578-2399
jsitro@websterbank.com