WATERBURY, Conn., Oct 2, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, announced today that Bruce
E. Wolfe has been named Executive Vice President of Webster Bank to lead
Webster's investment management businesses.
His responsibilities will encompass Webster Financial Advisors, including
Webster Trust Company and Webster's private bank, and Webster Investment
Services.
Webster Chairman and Chief Executive Officer James C. Smith stated: "We are
reorganizing our investment management businesses to better serve our customers'
financial needs. Bruce Wolfe's extensive experience in developing investment
management organizations will better enable Webster to assist individuals,
businesses and not-for-profit organizations to achieve their financial goals.
Webster will offer a more comprehensive approach to delivering its broad set of
financial planning, investment management, brokerage, trust and other wealth
management products to its clients."
Wolfe will report directly to Webster President and Chief Operating Officer
William T. Bromage. He has assisted Webster in its strategic planning efforts as
a consultant to Webster for the past six months. He was previously a managing
director responsible for global strategy with Merrill Lynch Investment Managers
in New York, prior to which, Wolfe was a principal with Morgan Stanley & Company
in New York. Prior to working in the financial services industry, he was a
management consultant with Price Waterhouse and an advisor to the Air Force's
Ballistic Missile Office. Wolfe has a B.S. degree from The Johns Hopkins
University and an M.B.A. from Columbia Business School.
Bromage said: "We see significant potential for growth in the wealth management
area for Webster and plan to expand this line of business both organically and
through targeted mergers and acquisitions in the northeast region. We are very
fortunate to have Bruce's experience and leadership talent to spearhead this
effort."
Reporting to Wolfe will be Edward F. Fisher, head of Webster Financial Advisors,
Thomas N. Howe, head of Webster Investment Services and James Carley, head of
Business Development for Webster Financial Advisors.
Webster Financial Corporation is the holding company for Webster Bank and
Webster Insurance. With $12 billion in assets, Connecticut-based Webster Bank
provides business and consumer banking, mortgage, insurance, trust and
investment services through more than 100 banking offices, 210 ATMs and the
Internet (www.websteronline.com). Webster Financial Corporation is majority
owner of Chicago-based Duff & Phelps, LLC, a leader in financial advisory
services, and Webster Bank owns Center Capital Corporation, an equipment leasing
and financing company headquartered in Farmington, Connecticut and Webster Trust
Company, N.A.
For more information about Webster, including past press releases and the latest
Annual Report, visit the Webster Bank web site at www.websteronline.com.
CONTACT:
Webster Financial
Clark Finley, 203/578-2429
cfinley@websterbank.com
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