WATERBURY, Conn.--(BUSINESS WIRE)--June 15, 2004--Webster
Financial Corporation (NYSE: WBS), the holding company for Webster
Bank, National Association, announced today the sale of its majority
share in FIRSTFED TRUST COMPANY, N.A., to Coastline Trust Company,
formerly M/D Trust, LLC.
Webster Bank, N.A., acquired a sixty-five percent share of
FIRSTFED TRUST COMPANY, N.A., as part of its recent merger with
FIRSTFED AMERICA BANCORP, INC. As minority shareowner, M/D Trust, LLC
had an established right to purchase FIRSTFED TRUST COMPANY's equity
ownership interest in the event of a change of control in FIRSTFED
AMERICA BANCORP, INC. Upon Webster's acquisition of FIRSTFED, M/D
Trust, LLC exercised their option. Terms of the deal were not
disclosed.
Edward A. Hjerpe, III, Webster's president and chief operating
officer for Massachusetts and Rhode Island and a former director of
FIRSTFED TRUST COMPANY, said: "Our sale to Coastline Trust Company
will benefit both companies. We have worked together productively
since the formation of FIRSTFED TRUST COMPANY, N.A., and look forward
to maintaining our strong relationships."
Webster Financial Corporation acquired FIRSTFED AMERICA BANCORP,
INC on May 14, 2004.
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
145 banking offices, 266 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 Financial Corporation
Media:
Meghan Thompson, 203-578-2287
mthompson@websterbank.com
Investors:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corporation