WATERBURY, Conn., Sep 6, 2001 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, announced today it has
contracted to establish several branches in lower Fairfield County as part of
its growth strategy to expand and grow its retail franchise in Connecticut and
contiguous states.
During the next three years Webster plans to establish at least 20 new branches
as well as 35 ATM locations as part of its "We Find A Way" initiative to provide
increasing levels of service to our growing audience of consumers and businesses
in Connecticut.
James C. Smith, Chairman and CEO of Webster Bank, said that the new facilities
will complement the bank's existing network of more than 100 branches and 200
ATMs in Connecticut. "A more extensive branch network will enable us to expand
our footprint and accelerate the development of our regional financial services
franchise," Smith said. "Our de novo branch strategy is designed to leverage our
strong, concentrated Connecticut base by expanding aggressively into attractive
contiguous markets. This initiative is compatible with our plans for selective
bank acquisitions over the next several years."
Expansion will begin in 2002 in Fairfield County where Webster currently has 12
locations in eight towns: Brookfield, Danbury, Fairfield, Ridgefield, Shelton,
Stratford, Westport and Wilton. Webster has identified several potential new
sites in lower Fairfield County. The first site will be at 1959 Summer Street in
Stamford. Subsequently, Webster will examine expansion opportunities in New
London and the Hartford/Springfield corridor as well as areas bordering
Connecticut.
Peter K. Mulligan, senior executive vice president, retail banking, said "Our
goal is to grow deposits and extend our reach. The more extensive branch network
will support our business banking and mortgage banking as well as Webster
Investment Services, Webster Financial Advisors and Webster Insurance." Mulligan
added that Webster will make a substantial commitment with the goal of
generating $1 billion in core deposits by 2004.
Webster Bank provides business and consumer banking, mortgage, insurance, trust
and investment services, and equipment leasing through more than 100 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. For more information on Webster
visit www.websterbank.com.
CONTACT: Webster Bank, Waterbury
Media Contacts:
Art House, 203/578-2391
ahouse@websterbank.com
Jim Kalach, 203/578-2461
jkalach@websterbank.com
Investor Contact:
James Sitro, 203/578-2399
jsitro@websterbank.com