New authorization of 5 percent of total outstanding shares represents
approximately 2.8 million of current shares outstanding.
971,000 shares repurchased in second quarter, completing previous
authorization.
WATERBURY, Conn., June 5 /PRNewswire-FirstCall/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., announced
today that its Board of Directors has authorized repurchase of up to 5 percent
of Webster's 55.8 million shares of outstanding common stock, approximately
2.8 million shares.
Webster's stock repurchase program approved in July 2003 authorized
repurchase of 2.3 million shares. During the second quarter of 2007 Webster
repurchased 971,000 shares, completing the authorization.
"Our Board considers Webster shares an attractive investment opportunity
at current market valuations," stated Webster Chairman and Chief Executive
Officer James C. Smith. "Our strengthened tangible capital level provides
flexibility to manage our capital position. We plan to enhance shareholder
return by growing our franchise and through selective repurchase of our
shares."
Webster plans to continue to repurchase shares from time-to-time in the
open market and unsolicited negotiated transactions, including block
purchases.
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $16.9 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.
CONTACT: Webster Bank
Media Contact:
Clark Finley, 203-578-2287
cfinley@websterbank.com
or
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE Webster Financial Corporation