WATERBURY, Conn., May 9, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, announced today the
appointment of Joseph Savage as Executive Vice President for Business Banking.
In this capacity, Savage is responsible for directing all of Webster's business
banking operations and reports directly to Webster's president and chief
operating officer, William T. Bromage, and will serve as an officer of the
holding company.
The appointment fills a position announced in January as part of a
corporate-wide reorganization designed to realign the company with its strategic
plan.
"Joe adds significant depth to our executive team," stated Bromage. "We will
benefit from his talent and breadth of experience as well as the strategic
vision he has for the business. This appointment is further evidence of our
commitment to our growth plan and to leadership in business banking."
Prior to joining Webster, Savage was Executive Vice President of the
Communications and Energy Banking Group for CoBank in Denver, Colorado. CoBank
is part of the U.S. Farm Credit System and provides financial and leasing
services to agricultural cooperatives, rural utility and communications systems,
Farm Credit associations and other businesses serving rural America.
In his position at CoBank, Savage served approximately 600 rural customers and
directed $5.8 billion in outstanding loans and leases to rural utility
customers. During his six-year tenure, CoBank tripled its profits while
maintaining excellent asset quality.
Prior to joining CoBank, Joe was the president of Keystone Ventures, LLC in
Farmington, Connecticut, where he successfully raised equity and debt for
investment in rural cellular properties.
Before his tenure with Keystone, Savage was senior vice president, specialized
lending for Shawmut Bank and served as president of Shawmut National Ventures.
Savage received a B.A. from Manhattan College and an M.B.A. in Finance from
Seton Hall University.
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. 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.websterbank.com.
CONTACT: Webster Financial Corporation
Media Contact:
Clark Finley, 203/578-2429
cfinley@websterbank.com
Investor Contact:
James Sitro, 203/578-2399
jsitro@websterbank.com