WATERBURY, Conn., Aug. 14 /PRNewswire-FirstCall/ -- Webster Bank, a
wholly-owned subsidiary of Webster Financial Corporation (NYSE: WBS),
announced today the initiation of its Patriot Express Loan program that
provides to eligible military veterans preferential pricing terms on loans
guaranteed by the U.S. Small Business Administration (SBA). Webster is the
first lending institution in Connecticut, and second in the nation, to offer
these loans. Patriot Loans support the start of a small business or expansion
of an existing small business, equipment and inventory purchases, working
capital or business-occupied real estate purchases.
The loans, as structured by the SBA, typically offer low interest rates
and the SBA's maximum guarantee of up to 85 percent for loans of up to
$150,000 or less than 75 percent for loans between $150,000 and $500,000. With
the Patriot Loan program, Webster will reduce by 1 percent the standard fees
of 2 percent for loans up to $150,000 and 3 percent for loans over $150,000.
"Webster is pleased to partner once again with SBA in offering an
outstanding loan program that supports a growing segment of our region's
entrepreneurs," stated Webster Senior Vice President, Business & Professional
Lending Robert Polito. "The Patriot Loan program is an excellent example of
how best to modify loan structures in order to encourage success for local
businesses."
The program also allows the spouses of eligible veterans to apply for
loans.
In May, the SBA awarded Webster its 2007 Excellence in Lending Award for
the bank's outstanding overall record with SBA's 7(a) and 504 lending
programs. For the past four years, Webster also has been named the most active
lender in the SBA's loan program in Connecticut, as well as the most active
lender for the SBA's 504 loan program in Rhode Island in 2007.
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, 337 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
or
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com
SOURCE Webster Financial