WATERBURY , Conn. , Sept. 15, 2010 – Webster Bank announced today that it will provide $10 million in financing to Connecticut Spring & Stamping Corporation, Inc., the Farmington, Conn.-based manufacturer of precision parts for the medical, aerospace, firearms and defense industries worldwide.
“Connecticut Spring & Stamping is one of Connecticut 's most innovative medium-sized manufacturers,” said Kevin Flaherty, Senior Vice President, Commercial Banking, Webster Bank. “We are pleased that Webster Bank has been selected to provide the credit facility that will contribute to the company's continued growth and success.”
The $10 million will include working capital and term loans to finance the purchase of equipment. Webster is also Connecticut Spring & Stamping's principal bank.
“Connecticut Spring & Stamping performed quite a bit of due diligence when comparing Webster to its competitors and Webster came out on top hands down. Their team is responsive, thorough and delivers what is asked of them, on time. We are excited to have Webster as our banking partner and look forward to growing with them in the future,” said Ray A. Dalrymple, Vice President of Finance and CFO, Connecticut Spring & Stamping.
About Connecticut Spring & Stamping
Headquartered in Farmington , CT , Connecticut Spring & Stamping is a manufacturer of all varieties of close tolerance precision parts for the medical, electronics, aerospace, firearms and defense industries worldwide. They provide springs, metal stampings & sub-assemblies for OEM's worldwide. In business since 1939, CSS prides itself in design and engineering involvement that starts with product development, and moves through prototyping, manufacturing, and assembly to warehousing and point of use. Headquartered in Farmington , Connecticut , CSS has warehousing facilities in Puerto Rico and Singapore that allow our customers to build products with just in time (JIT) inventory.
For further information, please visit www.ctspring.com or call 860. 677.1341
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 500 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Webster Capital Finance, Inc., 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.websterbank.com.
Media Contact:
Ed Steadham, 203-578-2287
esteadham@websterbank.com
Investor Contact:
Terry Mangan, 203-578-2318
tmangan@websterbank.com