WATERBURY, Conn.--(BUSINESS WIRE)--Sept. 8, 2004--Webster
Financial Corporation (NYSE: WBS), the holding company for Webster
Bank, National Association, announced today that it will begin to use
Fidelity Information Services, Inc. (FIS) under a ten-year agreement
to provide information technology and application processing services.
Webster plans to use new software for core data processing services,
enhancing both capacity and speed for customer benefit in consumer,
commercial, mortgage and small business accounts in Fidelity's
application service provider (ASP) environment. Webster will complete
its migration to the new technology platform in the third quarter of
2005.
"As the largest independent bank based in southern New England and
one of the region's leading financial service providers, Webster
understands and values the vital role of technology in serving our
customers' financial needs," stated Webster Chairman and Chief
Executive Officer James C. Smith. "Our partnership with Fidelity will
strengthen and improve Webster's line of business platforms and offer
scalability to grow. Our investment in sophisticated, service-friendly
technology will produce greater efficiency and be a strategic asset in
our competitive markets."
Webster's new systems will enhance its sales and service delivery
capabilities across its lines of business. Additionally, leveraging
the processing capacity of Fidelity's data centers will provide
Webster with ability to continue to grow and expand its markets.
"Our relationship with Fidelity will be the major piece of an
overall infrastructure upgrade that will significantly increase our
capacity to function as a leading commercial bank," stated Webster
Executive Vice President and Chief Information Officer Zeynep
Fredrick.
Webster anticipates one-time implementation costs of approximately
$500,000 in 2004 and $3.1 million in 2005. Judging from its current
operating environment, Webster estimates that operation of the new
infrastructure system will be net cost neutral in 2006 and beyond.
Fidelity Information Services is a division of Fidelity National
Financial, with clients in more than 50 countries and territories. FIS
provides application software, information processing management,
outsourcing services and professional IT consulting to the financial
services and mortgage industries.
Webster Financial Corporation is the holding company for Webster
Bank, National Association and Webster Insurance. With $17 billion in
assets, Webster provides business and consumer banking, mortgage,
insurance, financial planning, trust and investment services through
147 banking offices, 268 ATMs, telephone banking and the Internet.
Webster Bank owns the asset-based lending firm Webster Business Credit
Corporation, the insurance premium finance company Budget Installment
Corp., and Center Capital Corporation, an equipment finance company
headquartered in Farmington, Connecticut.
For more information about Webster, including past press releases
and the latest Annual Report, visit the Webster website at
www.websteronline.com.
CONTACT: Webster Contacts
Media:
Meghan Thompson, 203-578-2287
mthompson@websterbank.com
OR
Investor:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corporation