WATERBURY, Conn., Aug 5, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq:WBST), the holding company for Webster Bank, announced today that it has
completed the acquisition of the asset-based lending division of IBJ Whitehall
Business Credit Corporation, a subsidiary of The Industrial Bank of Japan Trust
Company.
The business will now operate as a subsidiary of Webster Bank and under the
name, Whitehall Business Credit Corporation. The definitive agreement for the
acquisition was announced on May 20, 2002.
With the closing of this transaction, Webster has acquired approximately $500
million of outstanding loans and letters of credit, most of which are to
customers in the Northeast. Webster completed extensive due diligence of
Whitehall's asset-based lending portfolio. The transaction is expected to be
immediately accretive to earnings.
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 Corporation
Media:
Clark Finley, 203/578-2429
cfinley@websterbank.com
Arthur House, 203/578-2391
ahouse@websterbank.com
Investor:
James M. Sitro, 203/578-2399
jsitro@websterbank.com
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