WATERBURY, Conn., Jul 22, 2003 (BUSINESS WIRE) -- Webster
Financial Corporation (NYSE: WBS), the holding company for Webster
Bank, announced today that its Board of Directors has declared a
regular cash dividend of $.21 per common share and authorized the
repurchase of up to approximately 2.3 million shares. The 2.3 million
shares authorized for stock repurchase represents 5% of Webster's 45.6
million shares of outstanding common stock.
Webster's dividend is payable on August 18, 2003 to shareholders
of record on August 4, 2003. This is the 64th consecutive dividend
since Webster first paid a dividend in 1987.
Today's authorized repurchase is in addition to Webster's existing
stock repurchase authorization. In July 2002, Webster's Board of
Directors approved the repurchase of 2.4 million shares, of which
approximately 700,000 shares remain to be purchased. Today's
announcement brings the current repurchase authorization to
approximately 3.0 million shares.
"Our Board of Directors believes that Webster's shares represent
an attractive investment at current valuations," stated Webster
chairman and chief executive officer, James C. Smith. "Previous Board
decisions to repurchase shares have been well rewarded. In addition,
the present initiative will allow Webster greater capital management
flexibility."
Webster will continue to repurchase shares from time-to-time in
the open market and unsolicited negotiated transactions, including
block purchases. With today's announcement, Webster has initiated
eleven stock repurchases since the company became public in 1986.
Seven of those buybacks have taken place in the past nine years.
Webster Financial Corporation is the holding company for Webster
Bank and Webster Insurance. With $14 billion in assets, Webster Bank
provides business and consumer banking, mortgage, insurance, trust and
investment services through 109 banking offices, 219 ATMs, a
Connecticut-based call center and the Internet. Webster Financial
Corporation is majority owner of Chicago-based Duff & Phelps, LLC, a
leader in financial advisory services. Webster Bank owns the
asset-based lending firm, Whitehall Business Credit Corporation,
Budget Installment Corp., Center Capital Corporation, an equipment
finance 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 website at
www.websteronline.com.
SOURCE: Webster Financial Corporation
Webster Financial Corporation
Media Contact:
Clark Finley, 203-578-2429
cfinley@westerbank.com
or
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com