WATERBURY, Conn., Oct. 6 /PRNewswire-FirstCall/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, N. A.,
announced today the completion of its acquisition of NewMil Bancorp, Inc.
"We are pleased to welcome NewMil customers to Webster," stated Webster
Chairman and Chief Executive Officer James C. Smith. "We look forward to
providing them the full array of Webster products and services while
continuing to offer the exceptional attention they received as customers of
NewMil."
Under the terms of the merger, Webster has acquired NewMil Bancorp through
a tax-deferred, stock-for-stock exchange of all of the outstanding shares of
NewMil Bancorp's common stock. NewMil Bancorp shareholders will receive $41.00
in Webster common stock for each share of NewMil Bancorp common stock. Based
on Webster's closing price on April 24, 2006, the transaction has an aggregate
value of $172.5 million.
Webster and NewMil announced the news of this partnership on April 25,
2006.
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $18.0 billion in assets,
Webster provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 160 banking offices, 308 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
Clark Finley 203-578-2287
cfinley@websterbank.com
Investor Contact
Terry Mangan 203-578-2318
tmangan@websterbank.com
SOURCE Webster Financial Corporation