WATERBURY, Conn., Jul 23, 2002 (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 approximately 2.4
million shares, or 5 percent of Webster's 48 million shares of outstanding
common stock.
Today's authorized repurchase is in addition to Webster's existing stock
repurchase authorization. In September 2001, Webster's Board of Directors
authorized repurchase of 2.5 million shares of which 770,000 shares currently
remain to be purchased. With today's announcement to repurchase approximately
2.4 million shares and the existing authorization to purchase 770,000 shares,
the total current repurchase authorization is 3.2 million shares.
"Webster's Board of Directors considers the purchase of our shares to be both an
attractive investment and an excellent means to increase shareholder value,"
said James C. Smith, chairman and chief executive officer. "The Board has full
confidence in the fundamental strength of the U.S. equities market and in the
value of Webster shares. We believe that at recent prices Webster shares present
the company an unusual investment opportunity."
Webster will repurchase shares in the open market and unsolicited negotiated
transactions, including block purchases, during the next year. With today's
announcement Webster has initiated ten stock repurchases since the company
became public in 1986. Six of those buybacks have taken place in the past eight
years.
Webster's dividend is payable on August 19, 2002 to shareholders of record on
August 5, 2002. This is the 60th consecutive dividend since Webster first paid a
dividend in 1987.
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 Contact:
Clark Finley, 203-578-2429
cfinley@websterbank.com
or
Arthur House, 203-578-2391
ahouse@websterbank.com
or
Investor Contact:
James M. Sitro, 203-578-2399
jsitro@websterbank.com
Copyright (C) 2002 Business Wire. All rights reserved.