WATERBURY, Conn., Jan 30, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, announced today the
promotion of President William T. Bromage to the newly created position of Chief
Operating Officer.
The move follows Webster's significant growth in recent years and reflects its
drive to implement an ambitious strategic plan that calls for growth and
expansion both inside and outside Connecticut. As a result of the change, all
lines of business will report to Bromage, who will also focus on putting
Webster's strategic plan blueprint to work.
"With growth comes opportunity, and we are now aligned to focus on both," said
James C. Smith, chairman and CEO. "As President and COO, Bill will advance our
strategic plan - one which ensures that Webster will realize its potential as a
strong, growing independent financial institution. I will focus on our strategic
vision, mergers and acquisitions, our staff functions and external relations."
Bromage, 55, joined Webster as head of Business Banking in 1996. He was named
executive vice president in 1997 and senior executive vice president in 1999
prior to being promoted to president in 2000. In 2000 he was also named Vice
Chairman of the Webster Bank board of directors. "Bill has earned the confidence
of our board and the respect of our employees; he is well suited for these
additional responsibilities," said Smith.
For most of his career, Bromage was employed by the former Shawmut National
Corporation, where he served as an executive vice president in commercial
banking. At Shawmut, Bromage held management positions in several areas
including credit administration, specialized business lines and retail banking.
As part of the reorganization, Webster is also announcing two newly created
positions. An Executive Vice President, Business Banking will report to Bromage.
An Executive Vice President, Corporate Development and Planning will report to
Smith. The company is currently recruiting to fill both positions.
"It is clear that Webster has made significant progress in executing its
strategic plan," Bromage said. "We are making adjustments in our structure to
ensure that the momentum continues. We are poised to seize the opportunities
before us."
The company recently launched a new branding campaign expressing its commitment
to helping its customers achieve their financial goals. Featuring the branding
promise "We Find A Way", the campaign is central to how Webster defines itself
to customers, employees, shareholders and the communities it serves.
The company also recently announced an expansion plan in lower Fairfield County
as part of its growth strategy to expand its retail franchise in Connecticut and
contiguous states. During the next three years Webster plans to establish at
least 20 new branches as well as 35 ATM locations as part of its "We Find A Way"
initiative to provide increasing levels of service to its growing audience of
consumers and businesses in Connecticut.
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, a
full-service call center 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 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 Contacts:
Art House, 203/578-2391,
ahouse@websterbank.com
or
Clark Finley, 203/578-2429,
cfinley@websterbank.com
or
Webster Investor Contact:
James Sitro, 203/578-2399,
jsitro@websterbank.com