WATERBURY, Conn., Feb. 8 /PRNewswire-FirstCall/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., announced
today it has signed a Purchase and Assumption Agreement pursuant to which it
has agreed to sell the two branch offices of State Bank of Howards Grove,
which also operates under the trade name HSA Bank, to National Exchange Bank
and Trust of Wisconsin. Webster previously announced its intention to divest
the branches while retaining the health savings account deposits and loans.
The transaction is contingent upon receipt of required regulatory approvals
and the satisfaction of customary closing conditions, and is subject to the
anticipated completion in the first quarter 2005 of Webster's previously
announced acquisition of Eastern Wisconsin Bancshares, Inc. (EWBI), the
holding company for State Bank of Howards Grove. The terms of the deal were
not disclosed.
"National Exchange Bank and Trust is the ideal partner for the State Bank
of Howards Grove," said Nathaniel Brinn, Webster's executive vice president
for Corporate Development. "By retaining the staff of both branches, National
Exchange Bank and Trust will continue to provide customers with the
outstanding personal service to which they are accustomed."
Brinn continued, "We have been extremely pleased with HSA Bank's growth
since the announcement of our acquisition. Since September 2004, accounts
have increased by 45 percent, resulting in a significant increase in deposits.
As payroll deductions for new HSA enrollees begin in 2005, deposits are
expected to increase steadily."
According to HSA Insider, HSA Bank has the largest health savings account
customer base of any bank in the country. "We expect continuing rapid
growth," said Brinn.
National Exchange Bank and Trust, an independent bank headquartered in
Fond du Lac, Wisc., has more than $850 million in assets and operates 21
offices in east central Wisconsin.
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $17.0 billion in assets,
Webster provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 152 banking offices, 289 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 http://www.websteronline.com.
Webster Media Contact Webster Investor Contact
Meghan Thompson 203-578-2287 Terry Mangan 203-578-2318
mthompson@websterbank.com tmangan@websterbank.com
State Bank of Howards Grove Media Contact
Bradley O. Yocum, President and Chief Executive Officer
920-565-5217
brad@bankwi.com