WATERBURY, Conn., March 19 /PRNewswire-FirstCall/ -- Webster Bank, N.A.,
the wholly owned subsidiary of Webster Financial Corporation (NYSE: WBS),
announced today that it has accepted for purchase $22,520,000 of the principal
amount of its outstanding 5.875% Subordinated Notes due 2013 (CUSIP No.
94768NAF1) that were validly tendered pursuant to its previously announced
fixed price cash tender offer for such notes. The tender offer expired at 5:00
p.m., Eastern Daylight Time, on Wednesday, March 18, 2009. Payment for the
notes purchased pursuant to the tender offer is expected to be made on Friday,
March 20, 2009. The aggregate consideration for the Notes accepted for
payment, including accrued and unpaid interest is $18,254,884.
The tender offer was made pursuant to the Offer to Purchase and the
related Letter of Transmittal dated March 10, 2009.
This press release is neither an offer to purchase nor a solicitation to
buy any of these notes, nor is it a solicitation for acceptance of the tender
offer.
J.P. Morgan Securities Inc. acted as the dealer manager for the tender
offer.
Forward-looking statements
This press release may contain forward looking statements within the
meaning of the Securities Exchange Act of 1934, as amended. Actual results
could differ materially from management expectations, projections and
estimates. Factors that could cause future results to vary from current
management expectations include, but are not limited to, general economic
conditions, legislative and regulatory changes, monetary and fiscal policies
of the federal government, changes in tax policies, rates and regulations of
federal, state and local tax authorities, changes in interest rates, deposit
flows, the cost of funds, demand for loan products, demand for financial
services, competition, changes in the quality or composition of our loan and
investment portfolios, changes in accounting principles, policies or
guidelines, and other economic, competitive, governmental and technological
factors affecting our operations, markets, products, services and prices. Some
of these and other factors are discussed in the annual and quarterly reports
of Webster Financial Corporation, our parent financial holding company,
previously filed with the Securities and Exchange Commission. Such
developments, or any combination thereof, could have an adverse impact on our
financial position and results of operations. Except as required by law, we do
not undertake to update any such forward looking statements.
Webster Financial Corporation ("Webster") is the holding company for
Webster Bank, National Association. With $17.6 billion in assets, Webster
provides business and consumer banking, mortgage, financial planning, trust
and investment services through 181 banking offices, 492 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, Conn., and provides health savings
account trustee and administrative services through HSA Bank, a division of
Webster Bank. Member FDIC and equal housing lender. For more information about
Webster, including past press releases and the latest annual report, visit the
Webster website at www.websteronline.com.
SOURCE Webster Financial Corporation
CONTACT: Media: Ed Steadham, +1-203-578-2287, esteadham@websterbank.com,
or Investors: Terry Mangan +1-203-578-2318, tmangan@websterbank.com, both of
Webster Financial Corporation/