WATERBURY, Conn.--(BUSINESS WIRE)--Dec. 6, 2004--Webster Financial
Corporation (NYSE:WBS), the holding company for Webster Bank, N.A.,
announced today the completion of its acquisition of First City Bank.
Based in New Britain, CT, First City Bank had approximately $185.2
million in assets at the time of the acquisition.
"Webster is pleased to welcome First City Bank as our partner,"
said Chairman and Chief Executive Officer James C. Smith. "With the
formal completion of the merger, we commit ourselves to providing
First City customers the personal attention to which they are
accustomed as we introduce the broad range of products and services
Webster offers."
Webster will pay a total of approximately $33 million for the
outstanding First City shares. First City shareholders were given the
opportunity to elect to receive either $27 in cash or .57 of a share
of Webster common stock for each share of First City common stock,
subject to election and proration procedures that provide, among other
things, that the aggregate consideration will be 40% cash and 60%
stock.
Webster Financial Corporation is the holding company for Webster
Bank, National Association and Webster Insurance. With $17.8 billion
in assets, Webster provides business and consumer banking, mortgage,
insurance, financial planning, trust and investment services through
148 banking offices, 277 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 Web site at www.websteronline.com.
CONTACT: Webster Financial Corporation, Waterbury
Media Contact:
Meghan Thompson, 203-578-2287
mthompson@websterbank.com
or
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corp.