WATERBURY, Conn., May 18 /PRNewswire/ -- Webster Bank, N.A., a subsidiary
of Webster Financial Corporation (NYSE: WBS), announced today that it has
agreed to acquire the assets of J. Bush & Co., a New Haven-based investment
management firm. J. Bush & Co. will retain its current name and operate as a
division of the Bank's investment management group, Webster Financial Advisors
(WFA). J. Bush & Co. works closely with high-net worth individuals as well as
institutions to provide them investment management advice. The terms of the
transaction were not disclosed.
J. Bush & Co. was founded in 1970 by Jonathan Bush, a Yale graduate. In
1997, J. Bush & Co. was acquired by Riggs National Corporation, a Washington,
D.C.-based financial services holding company, and operated as an autonomous,
wholly owned subsidiary. On May 13, 2005, Riggs National Corporation was
acquired by The PNC Financial Services Group, Inc.
Executive Vice President Bruce Wolfe, head of Webster's investment
businesses including Webster Financial Advisors, said, "We are pleased to
partner with J. Bush & Co. For over 30 years, Jon has led a successful
organization based on strong investment management expertise and outstanding
relationship management skills. Webster will benefit from Jon and his team's
leadership and knowledge as we look to deepen our investment advisory presence
in Connecticut and across the Northeast."
"Webster is a great company; it is exciting to join such a dynamic,
entrepreneurial and growing institution," said Bush. "Our priority has always
been to meet our clients' financial needs, and Webster is a like-minded
partner. As we grow throughout Webster's markets in Connecticut, New York,
Rhode Island and Massachusetts, our clients will benefit from access to the
array of products, services and resources available from the largest
independent bank based in New England."
J. Bush & Co. is located at 55 Whitney Avenue in New Haven, CT and will
retain all of its employees.
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $17.4 billion in assets,
Webster provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 153 banking offices, 291 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., Center Capital Corporation, an equipment
finance company headquartered in Farmington, Connecticut and provides health
savings account trustee and administrative services through HSA Bank, a
division of Webster Bank.
For more information about Webster, including past press releases and the
latest annual report, visit the Webster website at www.websteronline.com .
Media Contact: Investor Contact:
Meghan Thompson, 203-578-2287 Terry Mangan, 203-578-2318
mthompson@websterbank.com tmangan@websterbank.com
Source:
Webster Bank, N.A.