WATERBURY, Conn.--(BUSINESS WIRE)--May 17, 2004--Webster Financial
Corporation (NYSE:WBS), the holding company for Webster Bank, National
Association, announced today the completion of its acquisition of
FIRSTFED AMERICA BANCORP, INC., based in Swansea, Massachusetts, and
the holding company of First Federal Savings Bank of America. With
this transaction, which became effective following the close of
business on May 14, 2004, Webster is now the largest independent bank
based in southern New England and the 45th largest bank in the nation,
as measured by assets. Webster now has $17 billion in assets, market
capitalization of $2.4 billion and a 145-branch retail footprint in
Connecticut, Massachusetts and Rhode Island.
"Webster is pleased to welcome our FIRSTFED colleagues in the
formal completion of our partnership, and we look forward to serving
our new markets in Massachusetts and Rhode Island as a strong, unified
company," stated Webster chairman and chief executive officer James C.
Smith. "Our ability to offer a broad array of competitive banking,
insurance and investment products and exceptional customer service
will serve our customers in these markets well. We expect to deepen
our relationships with our customers and grow our franchise within
these markets."
Webster announced its definitive agreement to acquire FIRSTFED in
October 2003. As provided in the merger agreement, Webster will now
determine the proration of the cash and stock portions of the merger
consideration, and will promptly issue a subsequent announcement
regarding the results of that determination. FIRSTFED stockholders who
made valid merger consideration elections generally will not need to
take further action in order to receive the merger consideration;
stockholders who did not make a valid election will be receiving a
letter of transmittal and related materials to enable them to exchange
their certificates representing shares of FIRSTFED common stock for
the merger consideration.
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
or
Clark Finley, 203-578-2429
cfinley@websterbank.com
or
Investor Relations:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corporation