WATERBURY, Conn., March 22, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, National
Association, announced today that Moody's Investors Service has upgraded
Webster's overall Bank Strength Ratings (BFSR) and debt ratings. Moody's
upgraded Webster Financial Corporation's issuer rating to A3, Webster Bank's
long-term deposit rating to A2 and short-term deposit rating to P1. The
report cites Webster's diversified consumer, small and middle-market
commercial banking businesses, strong asset quality on a low-risk portfolio
and healthy liquidity for both the holding company and the bank as the primary
reasons for the upgrade.
"Webster's recent balance sheet repositioning actions are showing positive
results," stated Webster Chief Financial Officer Jerry Plush. "The improving
net interest margin resulting from these actions is, among other factors, an
integral piece in enhancing Webster's financial strength."
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $17.1 billion in assets,
Webster provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 177 banking offices, 334 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:
Clark Finley 203-578-2287 Terry Mangan, 203-578-2318
cfinley@websterbank.com tmangan@websterbank.com
SOURCE
Webster Financial Corporation
Media Contact: Clark Finley 203-578-2287 cfinley@websterbank.com Investor Contact:
Terry Mangan, 203-578-2318 tmangan@websterbank.com