WATERBURY, Conn.--(BUSINESS WIRE)--Sept. 22, 2003--Webster
Financial Corporation (NYSE: WBS) announced today that its principal
subsidiary, Webster Bank, is filing an application with the Office of
the Comptroller of the Currency to convert to a national bank charter.
Webster Bank is currently a federal savings bank regulated by the
Office of Thrift Supervision (OTS). As part of the conversion, Webster
also is filing an application with the Federal Reserve System to
become a financial holding company. Webster expects to complete the
conversion in late 2003 or early 2004.
"Over the past decade Webster has transformed itself from its
thrift institution roots to be a full service commercial bank. Now, as
we complete that transformation, it is appropriate that we shift from
a federal thrift charter to a national bank charter and become a
financial holding company. Today's filing clarifies Webster's
commercial bank strategy within the investment community," stated
Webster chairman and chief executive officer, James C. Smith. "Our
company began as a traditional thrift in 1935, dedicated to helping
people in Greater Waterbury buy their homes. Today we remain a
community-focused institution, yet our charter and our geography are
broader, with $14 billion in assets and operating business interests
in 48 states. It is with thanks and great respect for the OTS, with
whom we have enjoyed a strong, constructive relationship for 68 years,
that we make this important decision. We now look forward to a similar
and long-term relationship with the Office of the Comptroller of the
Currency and the Federal Reserve System."
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 110 banking offices, 220 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, the
insurance premium finance company, 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.
CONTACT: Webster Financial Corporation
Media Contact:
Clark Finley, 203-578-2429
cfinley@westerbank.com
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corporation