WATERBURY, Conn.--(BUSINESS WIRE)--April 20, 2004--Webster
Financial Corporation (NYSE: WBS), the holding company for Webster
Bank, announced today that its Board of Directors approved a 10
percent increase in the regular quarterly cash dividend to $.23 per
common share, up from Webster's last quarterly cash dividend of $.21
on February 23, 2004. On an annual basis, Webster's dividend rate
increases to $.92 from $.84 per common share.
"Our strategic plan for growth continues to create value for
Webster's customers and shareholders," stated Webster chairman and
chief executive officer, James C. Smith. "This dividend increase
reflects Webster's strong financial performance and our solid capital
position."
The dividend is payable on May 17, 2004, to shareholders of record
on May 3, 2004. This is the 67th consecutive quarterly dividend since
Webster first paid a dividend in 1987 and the 14th time Webster's
dividend has been increased.
Webster Financial Corporation is the holding company for Webster
Bank and Webster Insurance. With $15.1 billion in assets, Webster
provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 119 banking offices,
233 ATMs, a Connecticut-based call center and the Internet. Webster
Bank owns the asset-based lending firm Webster 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. In addition, Webster expects to close on its acquisition of
FIRSTFED AMERICA BANCORP, INC., which has $2.6 billion in assets,
during the second quarter of 2004.
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@websterbank.com
SOURCE: Webster Financial Corporation