News Details

WATERBURY, Conn.--(BUSINESS WIRE)--Dec. 26, 2001--Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, announced today the expansion of its Government Finance Group and the formation of a municipal securities underwriting unit.

The Government Finance Group provides financial advisory and deposit services to municipalities and other public entities. The group is one of the largest providers of government banking services in Connecticut and works with more than 100 public entities in the state.

As part of the expansion, Webster announced the appointment of Barry J. Bernabe as vice president in the Government Finance Group. He will report to Christopher P. Martin, senior vice president and manager, and will be responsible for extending Webster's municipal client base in Fairfield and New Haven counties.

Bernabe has 10 years of experience in government banking and extensive client relationships in southwest Connecticut. He is an Association for Financial Professionals (AFP) Certified Cash Manager (CCM). Prior to joining Webster Bank, Bernabe was employed by People's Bank and Fleet/Shawmut. Bernabe holds a bachelor's degree in finance and an MBA degree with a concentration in finance from the University of Connecticut.

In conjunction with its role of financial advisor to municipalities, Webster Bank's Treasury Group is expanding its capabilities to include underwriting and dealing in municipal notes and bonds. "Connecticut investors historically have relied on commercial banks in their communities to purchase municipal bonds, an investment vehicle that provides tax advantages," said R. David Rosato, Webster senior vice president and treasurer. "Webster Bank is now able to meet the needs of those investors."

Webster Financial Corporation is the holding company for Webster Bank, which provides business and consumer banking, mortgage, insurance, trust and investment services through more than 100 banking offices, 210 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. Webster Financial Corporation owns Center Capital Corporation, an equipment financing company headquartered in Farmington, Connecticut, and is majority owner of Chicago-based Duff & Phelps, a leader in investment banking and financial advisory services.

For more information about Webster, including past press releases and the latest Annual Report, visit the Webster Bank web site at www.websterbank.com.

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