WATERBURY, Conn., Apr 18, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, today announced that the
bank has received from its primary regulator the highest rating awarded for its
performance under the Community Reinvestment Act. This is Webster's sixth
consecutive "Outstanding" rating from the Office of Thrift Supervision.
"Webster is committed to making meaningful investments in the communities we
serve," said James C. Smith, Webster's chairman and chief executive officer. "We
work hard to build strong relationships with our communities, not because it's a
regulatory requirement, but because it is the right thing to do. We are
fulfilling our pledge to respect the dignity of every individual."
The Office of Thrift Supervision rates financial institutions after a thorough
review of each lender's record of meeting the credit needs of the people it
serves, including those of low- and moderate-income levels. The review examines
the bank's lending, investment and service performance.
In addition to being a leading mortgage lender throughout Connecticut, Webster
is an active partner with several revolving loan funds in Hartford, New Britain,
New Haven and Waterbury targeting affordable housing. Webster is also an active
small business lender: its volume of small business loan originations increased
67 percent in the past two years.
During the past two years Webster made $22 million in community development
investments, which regulators said "showed an excellent response to credit and
community development needs." The bank also awarded 212 community development
grants amounting to $773,000 to support activities essential to low- and
moderate-income individuals.
Webster's "outstanding" service rating reflects the consistent commitment the
company makes to ensure that the widest range of products and services are
available to all its communities. This rating is supported by the thousands of
hours Webster employees give of themselves in the communities they serve through
creative and productive qualified volunteer activities.
Webster also was recognized for its work in community and economic development
with many organizations including:
- Connecticut Department of Community and Economic Development
- Federal Home Loan Bank of Boston
- Small Business Administration
- Connecticut Small and Minority Business Development Showcase
- Connecticut Housing Finance Authority
- Fannie Mae
- Freddie Mac
- Connecticut Housing Investment Fund
- Community Economic Development Fund
- Connecticut Affordable Housing Coalition
- Neighborhood Housing Services of New Britain, New Haven and
Waterbury
- Local Initiatives Support Corporation
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.websterbank.com). Webster Financial Corporation is a majority
owner of Chicago-based Duff & Phelps, a leader in financial advisory services.
Webster Bank owns Center Capital Corporation, an equipment leasing and financing
company headquartered in Farmington, Connecticut and Webster Trust Company, N.A.
CONTACT: Webster Media Contacts:
Art House, 203/578-2391
ahouse@websterbank.com
Jim Kalach, 203/578-2461
jkalach@websterbank.com