WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 12, 2005--Webster Bank,
N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS),
announced today the formation of its National Construction Lending
Center (NCLC) within its National Wholesale Lending division. NCLC
offers a number of construction loan products, including "single
close" residential construction loans for new home construction and
major rehabilitation.
To lead the NCLC, Webster appointed Robert M. Imperato vice
president, national residential construction manager; Adela Bernard
vice president, construction operations manager; and Craig Peterson
vice president, national sales manager. This team of experienced
construction lenders has successfully originated, serviced and
supported national construction lending programs for fifteen years.
"Webster Bank was founded to help people buy and build their
homes. In that tradition, we are enhancing a construction lending
product that has been available only through our retail business by
forming the NCLC. This enhancement will expand our market and lower
the cost of financing homebuilding for our customers," said Denis
St. Marie, executive vice president of consumer finance.
"We are pleased to bring a national residential construction
platform to Webster Bank. Our team will provide Webster with
dedicated, seasoned construction specialists to develop and support
construction products," said Imperato. "Our product requires only one
loan qualification and one closing. The consumer is not affected by
rate changes during the construction period, and the builder does not
have to worry about the availability of funds through project
completion."
Webster's National Construction Lending Center will offer 30 and
15-year term, fixed rate and ARM products for conforming and jumbo
loan amounts. Interest only, NIV and no-ratio programs are also part
of the initial product mix offered. For additional information,
Webster NCLC can be reached at 866-404-7040.
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
151 banking offices, 287 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 Contact:
Meghan Thompson, 203-578-2287
mthompson@websterbank.com
or
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE: Webster Financial Corporation