WATERBURY, Conn., Dec 18, 2003 (BUSINESS WIRE) -- Webster
Financial Corporation (NYSE: WBS) announced today that its principal
subsidiary, Webster Bank, has reached a definitive agreement to
acquire Phoenix National Trust Company, a wholly-owned subsidiary of
The Phoenix Companies, Inc. (NYSE: PNX). The transaction's closing is
subject to receipt of regulatory approvals and other customary closing
conditions. Terms of the acquisition were not disclosed.
"The addition of Phoenix National Trust Company further advances
Webster's strategic plan by broadening and strengthening our wealth
management capabilities," stated Webster chairman and chief executive
officer James C. Smith. "Today's announcement demonstrates Webster's
commitment to growing our investment business and serving the high-net
worth market with a competitive array of services. We look forward to
forging productive and lasting relationships with our new customer
base."
"Webster has had a strong relationship with Phoenix through the
bank's offering of Phoenix's annuities, mutual funds and life
insurance products," Smith added. "This transaction further
strengthens the working relationship between our two companies."
Upon completion of the transaction, Phoenix National Trust will
become part of Webster Financial Advisors, the investment and trust
division of Webster Bank. Phoenix National Trust Company offers trust,
custody and other financial services. Webster Financial Advisors and
Webster Investment Services offer premium investment management,
trust, private banking and estate planning services for individuals,
business owners and not-for-profit institutions, presently serving
more than 31,000 clients and has $2.2 billion in assets under
management or administration.
"Webster has an excellent reputation and strong commitment to
trust services, so we are pleased it is acquiring Phoenix National
Trust Company," stated Dona D. Young, chairman, president and CEO of
The Phoenix Companies, Inc. "This action is consistent with Phoenix's
strategy to focus on its core businesses - life insurance, asset
management and annuities for the affluent and high-net-worth markets."
David T. Weston, chief investment officer of Phoenix National
Trust, will join Webster Financial Advisors. Charles (Chip) L. Olson,
president of Phoenix National Trust, will join Webster Bank in a
business development role.
Phoenix National Trust was founded in 1996 as Phoenix Charter Oak
Trust and initially served clients in the Northeastern United States.
The company converted to a national trust charter in 2002.
Following receipt of regulatory approvals, Webster expects the
transaction to close in the first quarter of 2004.
Webster Financial Corporation is the holding company for Webster
Bank and Webster Insurance. With more than $14 billion in assets,
Webster Bank provides business and consumer banking, mortgage,
insurance, trust and investment services through 119 banking offices,
234 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.
The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of
wealth management products and services to individuals and
institutions. Through a variety of advisors and financial services
firms, Phoenix helps the affluent and high net worth accumulate,
preserve and transfer their wealth with an innovative portfolio of
life insurance, annuity and asset management products and services.
With a history dating back to 1851, The Phoenix Companies, Inc. has
two principal operating subsidiaries, Phoenix Life Insurance Company
and Phoenix Investment Partners, Ltd. The company also offers private
placement insurance products through Philadelphia Financial Group, a
subsidiary. Phoenix has corporate offices in Hartford, Conn. For more
information on Phoenix, visit www.PhoenixWealthManagement.com.
SOURCE: Webster Financial Corporation
Webster Financial Corporation
Media:
Clark Finley, 203-578-2429
cfinley@websterbank.com
or
Investor:
Terry Mangan, 203-578-2318
tmangan@websterbank.com