BOSTON, Dec 09, 2009 /PRNewswire-FirstCall via COMTEX/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., today took a major step toward achieving its vision to be New England's bank with a ribbon-cutting to mark the opening of its new Boston flagship office in the heart of the city's Financial District.
"I'm delighted today to introduce Webster to Boston and to make Webster part of the fabric of this great city. Our vision is to be New England's bank and doing so requires a strong Boston presence," said Webster Chairman and CEO James C. Smith. "Webster is a leading regional commercial bank that's here to provide the full suite of financial products of a national bank delivered with the personal touch of a community bank."
A group of 75 public officials, Webster officials, business leaders and local dignitaries took part in the ribbon-cutting at Webster's 100 Franklin Street flagship office. The event began with Revolutionary War re-enactors in full regalia playing fife and drum music. They were joined by an actor portraying Boston native Ben Franklin, who invited guests to join "the Webster Revolution."
"The timing is perfect to expand in the Boston region in commercial and government banking and gain a foothold in the market on the cusp of the economic recovery," Smith said. "Webster is poised to serve business and professional and middle market commercial customers throughout Suffolk, Norfolk, and Plymouth counties."
Webster has assembled a team of 15 bankers in the Boston flagship with more than 200 collective years of in-market experience to provide Webster's full range of consumer, business and professional, commercial banking, trust, and investment services.
With $17.8 billion in assets, Waterbury, Connecticut-based Webster is the largest independent commercial bank headquartered in New England. "This team is your home team. They are empowered to make banking decisions based on their knowledge of this market and its customers. They answer to New Englanders like yourselves, not to executives in faraway places," Smith said.
The Boston flagship office is led by Paul Mollica, senior vice president, commercial banking, who prior to joining Webster served as regional president and market executive for middle market banking at Bank of America in Boston. Mollica also worked in middle market banking for Eastern Bank, covering the Boston market.
Webster occupies about 15,000 square feet on the first floor and the mezzanine level in the historic nine-story, 117,000 square-foot Beaux Arts-style building. Built in 1908, previous tenants at 100 Franklin Street included the Boston Safe Deposit and Trust Company and later the Boston Stock Exchange. "We are making a statement in Boston with our words and our deeds. We are thinking big about Boston. That's why we chose to take space in such a historic Boston location that sits in the heart of the Financial District," Smith said.
With the opening of the Boston flagship, Webster now has 24 branches in Massachusetts, which includes 19 in southeastern Massachusetts, and about $1.4 billion in deposits in the state. Webster also has ATMs located in 158 Walgreens stores, including 124 in Massachusetts, 75 of which are in greater Boston.
At the conclusion of the ribbon cutting, Webster presented five $10,000 checks each to five local philanthropic organizations including Habitat for Humanity Greater Boston, Rosie's Place, a shelter for poor and homeless women, Greater Boston Food Bank, United Way of Boston, and the Boys and Girls Club of Greater Boston.
"Giving of ourselves to our community, both in terms of dollars and volunteer time, is integral to what it means to be a Webster banker," Smith said. "We're proud of our level of participation in efforts to make our communities better places for everyone to live, and it's another important benefit of our Boston presence."
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.8 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, 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
www.websteronline.com