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WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 23, 2001--Webster
Financial Corporation (Nasdaq: WBST), holding company for Webster
Bank, today reported record 2000 net income of $118.3 million or $2.55
per diluted share, compared to $95.4 million or $2.10 per diluted
share in 1999.
Net operating earnings in 2000 increased to $114.8 million or
$2.47 per diluted share, excluding nonrecurring items with a net
benefit of $4.7 million. Net operating earnings in 1999 were $102.2
million or $2.25 per diluted share, excluding a nonrecurring
acquisition related expense of $9.5 million resulting from the New
England Community Bancorp, Inc. merger.
Net income for the fourth quarter ended Dec. 31, 2000 was $31.8
million, or $0.64 per diluted share, compared to $19.6 million, or
$0.43 per diluted share, for the previous year. Webster reported net
operating earnings of $29.4 million, or $0.60 per diluted share, for
the quarter compared to $26.4 million, or $0.58 per diluted share, for
the 1999 period.
"The year 2000 was exciting and eventful for Webster as we moved
decisively to strengthen our franchise and enhance our capabilities as
a leading Connecticut-based financial services provider," said James
C. Smith, chairman and chief executive officer. "Webster completed its
acquisition of Mechanics Savings Bank and the purchase of 10 branch
banking offices from FleetBoston and Chase Manhattan. In addition, we
acquired two more insurance agencies, formed Webster Financial
Advisors, launched an improved Web site, and bought a controlling
interest in Duff & Phelps. All of these initiatives were pursued in
the interest of building strong customer relationships that increase
shareholder value."
Webster also announced today that it has declared a regular
quarterly cash dividend of $.16 per common share. The dividend is
payable on Feb. 19, 2001, to shareholders of record on Feb. 5, 2001.
This is the 54th consecutive quarterly dividend since Webster first
paid a dividend in 1987.
Financial Highlights
Net interest margin (net interest income as a percentage of
average earning assets) was 3.32 percent in the fourth quarter,
compared to 3.34 percent in the year-ago period and 3.30 percent in
the third quarter of 2000. The net interest margin has remained stable
as rising retail spreads have offset the impact of higher wholesale
borrowing costs.
Revenue from fee based services and other noninterest income in
2000, excluding gains, increased 31 percent to $110.0 million from
$83.9 million in 1999 due to revenue related to trust and investment
services, investment banking services, insurance commissions and
expanded product offerings to Webster's growing customer base. For the
fourth quarter of 2000 income from fee based services exceeded 26
percent of total revenue.
Cash return on average shareholders' equity before non-recurring
items was 18.9 percent for 2000, up from 18.2 percent in the previous
year.
The annual results exclude one-time gains of $5.3 million from the
sale of branch offices and a $1.1 million life insurance benefit, as
well as $1.7 million of nonrecurring expenses related to occupancy,
furniture and equipment. The branch and equipment items were recorded
in the fourth quarter.
Asset quality remained strong in the quarter with nonaccrual
assets amounting to 0.39 percent of total assets at Dec. 31, 2000 down
from 0.44 percent a year earlier and 0.43 percent in the third
quarter. The allowance for loan losses as a percent of nonaccrual
loans was 221 percent, compared to 189 percent a year earlier and 200
percent in the third quarter. Allowances for nonaccrual assets as a
percent of nonaccrual assets were 204 percent, up from 167 percent in
the year ago period and 185 percent in the third quarter. Allowances
as a percent of total loans increased to 1.31 percent at Dec. 31,
2000, from 1.19 percent in the year-ago period and 1.28 percent in the
third quarter, reflecting the increase in the commercial loan
portfolio.
Book value per common share increased 29 percent to $18.19 from
$14.09 at Dec. 31, 1999 due primarily to the impact of net income,
increases in the fair value of available for sale securities, and
common shares issued in conjunction with the Mechanics Savings Bank
acquisition. Shareholders equity reached $890 million at the close of
2000, up from $636 million at the end of 1999, representing 7.9%
percent of total assets. Webster had 48.9 million shares outstanding
at Dec. 31, 2000.
2000 Strategic Actions
In June 2000, Webster completed the acquisition of Mechanics
Savings Bank, a state-chartered savings bank. The acquisition enhanced
Webster's market share in Hartford County, where Webster already
ranked second in deposit market share.
Also during the year, Webster completed the purchase of four
branch offices from FleetBoston Financial that were divested as the
result of the Fleet-BankBoston merger and six Connecticut branches of
Chase Manhattan Bank in transactions that strengthened and extended
the retail banking franchise. The FleetBoston branches were located in
Brookfield, Guilford, Meriden, and Thomaston. The Chase branches were
located in Cheshire, Middlebury, North Haven, Waterbury (2) and
Watertown.
In June, Webster combined its existing Trust operations with new
private banking services in an organization called Webster Financial
Advisors offering a full range of investment, credit and fiduciary
services for high-net worth clients. Services include investment
management, trust and estate planning, retirement wealth management,
tax planning, credit services and insurance.
Webster also was actively engaged during 2000 in building a
dynamic statewide insurance operation, purchasing the Levine agency,
based in Waterford, and Folis Wylie & Lane of Hamden. Webster entered
the insurance agency business in 1998. The acquisition of Musante
Reihl, a Cheshire agency specializing in group benefits, long-term
care and life insurance was announced earlier this month. Webster
Insurance offers a full line of commercial and personal insurance;
risk management services; employee benefit plans; life insurance and
annuities. Webster Insurance has a staff of 130 employees and writes
in excess of $180 million in annual premiums.
In November, Webster Bank announced several enhancements to its
Web banking offering and a completely redesigned Web site at
www.websterbank.com. The site provides customers with the highest
level of security available, and uses the latest Web technology to
make navigation easy and intuitive.
Also in the fourth quarter, Webster purchased a 65 percent
interest in Duff & Phelps, LLC, an independent privately owned
financial advisor and investment bank headquartered in Chicago, with
offices in New York, Los Angeles and Raleigh-Durham. Terms were not
disclosed. Duff & Phelps provides expertise in middle-market mergers
and acquisitions, private placements, fairness opinions, valuations,
ESOP and ERISA advisory services, and special financial advisory
services. The Duff & Phelps transaction is expected to be marginally
accretive to Webster's 2001 earnings per share, adding in excess of
$20 million of fee-based revenue, and further accelerates progress
toward the strategic objective of broadening commercial bank product
offerings and increasing revenue from fee-based services.
Other 2000 Highlights
In the fourth quarter of 2000, Webster completed the sale of its
Olde Port Bank division consisting of two bank branches to Granite
Bank, a New Hampshire state-chartered commercial bank, whose parent
company is Granite State Bankshares, Inc. (Nasdaq: GSBI) of Keene, NH.
Terms of the transaction were not disclosed. The two branch offices in
Portsmouth and Hampton have a total of $43 million in loans and $44
million in deposits. Webster acquired the former Olde Port Bank &
Trust with the purchase of New England Community Bancorp, which was
completed in late 1999.
Also in the fourth quarter, Webster announced it had completed the
private placement of $126 million of senior unsecured notes, due in
2007 with a fixed coupon rate of 8.72 percent. The notes were placed
with a variety of institutions. Net proceeds from the note placement
are designated for general corporate purposes.
Connecticut-based Webster Bank provides business and consumer
banking, mortgage, insurance, trust and investment services through
more than 110 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, including past press releases and
the latest Annual Report, visit the Webster Bank website at
www.websterbank.com.
Conference Call
A conference call covering today's announcement will be held
today, Tuesday, Jan. 23, at 1 p.m., Eastern Time and may be heard
through Webster's investor relations website at www.wbst.com, or in
listen-only mode by calling 1-800-521-5431 (Access Code: 905310). The
call will be archived on the website and available for future
retrieval.
Statements in this press release regarding Webster Financial
Corporation's business that are not historical facts are "forward
looking statements" that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statement, see "Forward Looking Statements" in the Company's Annual
Report for the most recently ended fiscal year.
WEBSTER FINANCIAL CORPORATION
----------------------------------------------------------------------
Consolidated Statements of Condition (unaudited)
----------------------------------------------------------------------
December 31, December 31,
(Dollars in thousands) 2000 1999
----------------------------------------------------------------------
Assets:
Cash and due from depository institutions $ 265,035 $ 245,783
Interest-bearing deposits 1,751 37,838
Securities:
Trading, at fair value 6 50,854
Available for sale, at fair value 3,143,327 2,700,585
Held to maturity, (fair value: $248,215
in 2000; $300,282 in 1999) 261,747 315,462
Loans receivable:
Residential loans 4,146,780 3,898,943
Commercial and industrial loans 1,207,398 915,035
Commercial real estate loans 857,033 741,168
Home equity loans 609,293 492,684
Other consumer loans 89,514 47,064
Allowance for loan losses (90,809) (72,658)
---------- ------------
Loans receivable, net 6,819,209 6,022,236
Accrued interest receivable 69,733 58,918
Premises and equipment, net 94,263 103,403
Foreclosed properties, net 3,295 4,909
Intangible assets 326,142 138,829
Cash surrender value of life insurance 174,295 148,252
Prepaid expenses and other assets 90,705 104,675
---------- ------------
Total assets $ 11,249,508 $ 9,931,744
============ ===========
Liabilities and Shareholders' Equity:
Deposits:
Checking and NOW $ 1,603,671 $ 1,375,692
Savings and MMDAs 1,916,543 1,719,562
Certificates of deposit 3,421,308 3,095,837
---------- ------------
Total deposits 6,941,522 6,191,091
Borrowed funds 3,030,225 2,788,445
Accrued expenses and other liabilities 187,810 116,964
---------- ------------
Total liabilities 10,159,557 9,096,500
---------- ------------
Corporation-obligated mandatorily redeemable
capital securities of subsidiary trusts 150,000 150,000
Preferred stock of subsidiary corporation 49,577 49,577
Shareholders' equity 890,374 635,667
---------- ------------
Total liabilities and
shareholders' equity $ 11,249,508 $ 9,931,744
============ ===========
----------------------------------------------------------------------
Consolidated Statements of Income (unaudited)
----------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31, December 31,
(Dollars in thousands, except
per share data) 2000 1999 2000 1999
-------------------------------------------------- ------------------
Interest income:
Loans $141,315 $113,642 $518,315 $435,326
Securities and interest-bearing
deposits 55,407 50,132 220,596 210,466
-------- -------- -------- --------
Total interest income 196,722 163,774 738,911 645,792
-------- -------- -------- --------
Interest expense:
Deposits 61,849 50,596 224,294 203,805
Borrowings 49,470 36,640 188,101 138,474
-------- -------- -------- --------
Total interest expense 111,319 87,236 412,395 342,279
-------- -------- -------- --------
Net interest income 85,403 76,538 326,516 303,513
Provision for loan losses 3,200 2,322 11,800 9,000
-------- -------- -------- --------
Net interest income after
provision for loan losses 82,203 74,216 314,716 294,513
-------- -------- -------- --------
Noninterest income:
Fees and service charges 17,311 13,878 60,059 49,523
Trust and investment services 4,618 3,572 18,184 10,246
Investment banking revenue 1,290 - 1,290 -
Insurance commissions 3,451 1,807 14,360 7,167
Gain on sale of loans and loan
servicing, net 453 330 3,956 4,434
Gain on sale of securities, net 616 1,835 8,445 4,248
Gain on sale of deposits 4,859 - 4,859 -
Increase in cash surrender value
of life insurance 2,322 1,983 8,555 7,892
Other noninterest income 2,484 3,176 9,113 9,120
-------- -------- -------- --------
Total noninterest income 37,404 26,581 128,821 92,630
-------- -------- -------- --------
Noninterest expenses:
Compensation and benefits 31,506 28,463 122,257 106,493
Occupancy expense 7,123 5,637 24,774 20,892
Furniture and equipment expense 7,472 6,251 26,302 22,302
Intangible amortization expense 7,335 3,976 22,400 13,780
Marketing expense 2,541 2,618 9,118 9,584
Professional services expense 2,228 2,117 7,399 9,144
Acquisition-related expenses - 9,500 - 9,500
Capital securities expense 3,615 3,661 14,323 14,645
Dividends on preferred stock of
subsidiary corporation 1,038 1,038 4,151 4,151
Other operating expenses 9,518 8,146 36,406 33,970
-------- -------- -------- --------
Total noninterest expenses 72,376 71,407 267,130 244,461
-------- -------- -------- --------
Income before income taxes 47,231 29,390 176,407 142,682
Income taxes 15,441 9,760 58,116 47,332
-------- -------- -------- --------
Net income $ 31,790 $ 19,630 $118,291 $ 95,350
======== ======== ======== ========
Net Income per common share
before acquisition-related expense
and other non-recurring items:
Basic $0.60 $0.59 $2.50 $2.29
Diluted $0.60 $0.58 $2.47 $2.25
Net income per common share
after acquisition-related
expense and other non-recurring
items:
Basic $0.65 $0.44 $2.58 $2.14
Diluted $0.64 $0.43 $2.55 $2.10
----------------------------------------------------------------------
Selected Financial Highlights
(unaudited)
----------------------------------------------------------------------
At or for the Three At or for the Twelve
Months Ended December 31, Months Ended December 31,
(Dollars in thousands,
except per share data) 2000 1999 2000 1999
----------------------------------------------------------------------
Operating and
Performance Ratios
(annualized):
----------------------
GAAP earnings (a) $ 31,790 $ 19,630 $ 118,291 $ 95,350
Return on average
shareholders' equity 15.09% 12.21% 16.72% 15.33%
Return on average
shareholders' equity
before non-recurring
items (b) 13.97 16.44 16.23 16.42
Return on average
assets 1.14 0.80 1.11 0.98
Return on average
assets before
non-recurring items (b) 1.06 1.08 1.08 1.05
Cash earnings $ 38,146 $ 22,855 $ 137,317 $ 106,125
Cash return on
average shareholders'
equity (c) 18.11% 14.22% 19.40% 17.06%
Cash return on
average shareholders'
equity before
non-recurring
items (d) 16.99 18.45 18.91 18.16
Fee income as a
percentage of total
revenue 26.63 24.19 25.20 21.67
Noninterest expenses
/ average assets 2.60 2.93 2.51 2.51
Noninterest expenses
/ average assets (e) 2.11 2.17 2.11 2.07
Efficiency ratio (e) 50.49 52.27 51.67 52.13
Efficiency ratio (f) 54.49 56.91 55.92 56.98
Shareholders' equity
/ total assets 7.91 6.40 7.91 6.40
Interest-rate spread 3.19 3.23 3.16 3.18
Net interest margin 3.32 3.34 3.29 3.32
Loan originations:
Residential $ 157,626 $ 188,383 $ 658,367 $1,168,228
Commercial 199,100 207,955 691,323 634,396
Consumer 97,657 60,950 341,797 269,910
Asset Quality:
--------------
Nonaccrual loans $ 41,034 $ 38,394 $ 41,034 $ 38,394
Nonaccrual assets, net 44,329 43,302 44,329 43,302
Allowance for loan
losses 90,809 72,658 90,809 72,658
Allowances for
nonaccrual assets 91,001 72,908 91,001 72,908
Net loan charge-offs 1,308 2,653 4,629 5,190
Nonaccrual assets
/ total assets 0.39% 0.44% 0.39% 0.44%
Allowance for loan
losses / gross loans 1.31 1.19 1.31 1.19
Allowance for loan
losses / nonaccrual
loans 221.30 189.24 221.30 189.24
Allowances for
nonaccrual assets /
nonaccrual assets 204.40 167.40 204.40 167.40
Share Related:
--------------
Book value per
common share $ 18.19 $ 14.09 $ 18.19 $ 14.09
Tangible book value
per common share 11.53 11.02 11.53 11.02
Common stock closing
price 28.31 23.56 28.31 23.56
Dividend declared
per common share $ 0.16 $ 0.12 $ 0.62 $ 0.47
Common shares issued
and outstanding 48,939,426 45,103,770 48,939,426 45,103,770
Basic shares 48,780,586 45,108,608 45,910,447 44,553,859
Diluted shares 49,307,867 45,882,093 46,427,507 45,393,488
(a) Net income applying General Accepted Accounting Principles.
(b) Excludes income from a one-time life insurance benefit of $1.1
million recorded in June 2000, gain on sale of deposits and
related facilities of $5.3 million (net of taxes, $3.5 million),
recorded in December 2000, non-recurring facilities expenses of
$1.7 million (net of taxes, $1.1 million) recorded in December
2000 and non-recurring acquisition expense of $9.5 million (net of
taxes, $6.8 million) recorded in December 1999.
(c) Net income, excluding tax-effected intangible amortization,
divided by average shareholders' equity.
(d) Net income, excluding tax-effected intangible amortization, income
from a one-time life insurance benefit of $1.1 million, gain on
sale of deposits and related facilities of $5.3 million (net of
taxes, $3.5 million), non-recurring facilities expenses of $1.7
million (net of taxes, $1.1 million) and non-recurring acquisition
expense of $9.5 million (net of taxes, $6.8 million).
(e) Excludes non-recurring items, intangible amortization, capital
securities, preferred dividend and foreclosed property expenses.
(f) Excludes non-recurring items, intangible amortization, and
foreclosed property expenses.
----------------------------------------------------------------------
Retail and Wholesale Interest-Rate Spreads (unaudited)
----------------------------------------------------------------------
Three months ended, December September June March December
2000 2000 2000 2000 1999
----------------------------------------------------------------------
Interest-rate spread
Total interest-earning
assets (a) 7.62% 7.56% 7.32% 7.21% 7.14%
Total interest-bearing
liabilities 4.43 4.38 4.14 4.11 3.91
----- ----- ----- ----- -----
Interest-rate spread 3.19% 3.18% 3.18% 3.10% 3.23%
Net interest margin 3.32 3.30 3.29 3.22 3.34
Retail interest-rate spread
Yield on loans 8.12% 8.06% 7.79% 7.68% 7.57%
Rate on deposits 3.52 3.44 3.25 3.27 3.23
----- ----- ----- ----- -----
Spread 4.60% 4.62% 4.54% 4.41% 4.34%
===== ===== ===== ===== =====
Wholesale interest-rate spread
Yield on securities (a) 6.58% 6.58% 6.46% 6.35% 6.32%
Rate on borrowings 6.53 6.43 6.13 5.85 5.57
----- ----- ----- ----- -----
Spread 0.05% 0.15% 0.33% 0.50% 0.75%
===== ===== ===== ===== =====
----------------------------------------------------------------------
Consolidated Average Statements of Condition (unaudited)
----------------------------------------------------------------------
Three months ended December 31, 2000
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $6,945,093 $ 141,315 8.12%
Securities and interest-bearing
deposits 3,313,372 55,407 6.58(a)
----------- --------- ----
Total interest-earning assets 10,258,465 196,722 7.62
---------
Noninterest-earning assets 874,980
-----------
Total assets $11,133,445
===========
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $6,146,087 $ 61,849 4.00%
Noninterest-bearing deposits 845,196 - -
Federal Home Loan Bank advances 2,230,705 36,974 6.59
Repurchase agreements and
other borrowings 739,628 11,506 6.19
Senior notes 45,196 990 8.76
----------- --------- ----
Total interest-bearing
liabilities 10,006,812 111,319 4.43
----------- ---------
Noninterest-bearing liabilities 84,524
-----------
Total liabilities 10,091,336
Capital securities and preferred
stock of subsidiary corporation 199,577
Shareholders' Equity 842,532
-----------
Total liabilities and
shareholders' equity $11,133,445
===========
Net interest income $ 85,403
========
Interest-rate spread 3.19%
====
Net interest margin 3.32%
====
----------------------------------------------------------------------
Three months ended December 31, 1999
----------------------------------------------------------------------
Fully tax
Average equivalent
balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $5,987,112 $113,642 7.57%
Securities and interest-bearing
deposits 3,173,573 50,132 6.32(a)
---------- -------- ----
Total interest-earning assets 9,160,685 163,774 7.14
--------
Noninterest-earning assets 602,956
----------
Total assets $9,763,641
==========
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $5,621,272 $50,596 3.57%
Noninterest-bearing deposits 592,762 - -
Federal Home Loan Bank advances 1,583,239 21,457 5.38
Repurchase agreements and
other borrowings 985,016 14,268 5.75
Senior notes 40,000 915 9.15
---------- -------- ----
Total interest-bearing
liabilities 8,822,289 87,236 3.91
---------- --------
Noninterest-bearing liabilities 98,807
----------
Total liabilities 8,921,096
Capital securities and preferred
stock of subsidiary corporation 199,577
Shareholders' Equity 642,968
----------
Total liabilities and
shareholders' equity $9,763,641
==========
Net interest income $76,538
=========
Interest-rate spread 3.23%
====
Net interest margin 3.34%
====
(a) For purposes of this computation, unrealized gains (losses) are
excluded from the average rate calculations.
----------------------------------------------------------------------
Consolidated Average Statements of Condition (unaudited)
----------------------------------------------------------------------
----------------------------------------------------------------------
Twelve months ended December 31, 2000
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 6,541,659 $518,315 7.92%
Securities and interest-bearing
deposits 3,298,959 220,596 6.49(a)
---------- -------- ----
Total interest-earning assets 9,840,618 738,911 7.43
---------
Noninterest-earning assets 799,597
------------
Total assets $ 10,640,215
============
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 5,879,940 $224,294 3.81%
Noninterest-bearing deposits 759,650 - -
Federal Home Loan Bank advances 2,047,743 128,447 6.27
Repurchase agreements and other
borrowings 935,629 56,744 6.06
Senior notes 31,142 2,910 9.34
---------- -------- ----
Total interest-bearing
liabilities 9,654,104 412,395 4.27
---------
Noninterest-bearing liabilities 78,870
------------
Total liabilities 9,732,974
Capital securities and preferred
stock of subsidiary corporation 199,577
Shareholders' Equity 707,664
------------
Total liabilities and
shareholders' equity $ 10,640,215
============
Net interest income $326,516
========
Interest-rate spread 3.16%
====
Net interest margin 3.29%
====
----------------------------------------------------------------------
Twelve months ended December 31, 1999
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 5,802,453 $435,326 7.50%
Securities and interest-bearing
deposits 3,342,188 210,466 6.30(a)
---------- -------- ----
Total interest-earning assets 9,144,641 645,792 7.06
--------
Noninterest-earning assets 600,483
------------
Total assets $ 9,745,124
============
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 5,618,130 $203,805 3.63%
Noninterest-bearing deposits 608,135 - -
Federal Home Loan Bank advances 1,585,458 84,498 5.33
Repurchase agreements and other
borrowings 978,581 50,316 5.14
Senior notes 40,000 3,660 9.15
---------- -------- ----
Total interest-bearing
liabilities 8,830,304 342,279 3.88
--------
Noninterest-bearing liabilities 93,252
------------
Total liabilities 8,923,556
Capital securities and preferred
stock of subsidiary corporation 199,577
Shareholders' Equity 621,991
------------
Total liabilities and
shareholders' equity $9,745,124
===========
Net interest income $303,513
========
Interest-rate spread 3.18%
====
Net interest margin 3.32%
====
(a) For purposes of this computation, unrealized gains (losses) are
excluded from the average rate calculations.
--30--db/ny*
| CONTACT: |
Webster Contacts: |
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Media: Michael G. Bazinet, 203/578-2391 |
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mbazinet@websterbank.com |
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or |
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Jim Kalach, 203/578-2461 |
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jkalach@websterbank.com |
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or |
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Investors: James M. Sitro, 203/578-2399 |
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jsitro@websterbank.com |
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