WATERBURY, Conn., Sep 14, 2001 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, announced today that its
Board of Directors has authorized the repurchase of up to 2.5 million shares, or
approximately 5 percent of Webster's 49.5 million shares of outstanding common
stock.
"The Board of Directors believes that Webster shares represent an attractive
investment," said James C. Smith, Webster's chairman and chief executive
officer. "Purchasing our shares at current market prices provides an excellent
means to enhance shareholder value. Over the near term, our repurchase plan will
help to ensure liquidity and alleviate the affects of any order imbalances
resulting from the events of the past week. The Board of Directors has full
confidence in the strength and stability of the U.S. equities market, and
particularly in the value of Webster shares. We look forward to speedy
resumption of normal market operations."
Webster will repurchase these shares in the open market and unsolicited
negotiated transactions, including block purchases, over the next year. With
today's announcement, Webster has initiated nine stock repurchases since the
company became public in 1986. Five of those buybacks have taken place in the
last seven years.
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 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 on Webster, including past press releases and the latest
Annual Report, visit the Webster Bank website at www.websterbank.com..
CONTACT: Webster
Media:
Art House, 203/578-2391
ahouse@websterbank.com
Jim Kalach, 203-578-2461
jkalach@websterbank.com
or
Investors:
James M. Sitro, 203/578-2399
jsitro@websterbank.com