WATERBURY, Conn., Apr 21, 2004 (BUSINESS WIRE) -- Webster
Financial Corporation (NYSE: WBS) announced today that its principal
subsidiary, Webster Bank, has completed its conversion from a federal
savings bank to a national bank charter, regulated by the Office of
the Comptroller of the Currency (OCC). In addition, Webster Financial
Corporation is now a bank holding company, subject to regulation by
the Federal Reserve Board. With $15.1 billion in assets, Webster is
the largest Connecticut-based bank.
Webster chairman and chief executive officer, James C. Smith,
stated: "Today marks the completion of Webster's transformation to a
full service commercial bank and is a significant step toward our goal
of becoming the leading provider of financial services to individuals,
families, and businesses in the markets we serve. As a commercial
bank, we are able to provide a wider range of products and services,
creating value for customers and shareholders, alike. We look forward
to working with the Office of the Comptroller of the Currency as we
continue our strategic growth and strengthen our competitive
position."
As a commercial bank, Webster will be able to grow its commercial
lending portfolio beyond statutory limitations imposed on thrift
institutions.
Webster Financial Corporation is the holding company for Webster
Bank, N.A. 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., and Center Capital Corporation, an equipment finance company
headquartered in Farmington, Connecticut. 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.
SOURCE: Webster Financial Corporation
Webster Financial Corporation
Media:
Meghan Thompson 203-578-2287
mthompson@websterbank.com
or
Investor:
Terry Mangan 203-578-2318
tmangan@websterbank.com