WATERBURY, Conn., Sept. 27, 2010 – Webster Bank announced today that it has provided a $2.475 million SBA 504 loan for Electri-Cable Assemblies (ECA), the Shelton, Conn. designer and manufacturer of power, data, and electrical solutions for the office furniture industry.
The SBA 504 loan enables ECA to buy equipment and stay in its current location by purchasing the 35,000-square foot facility it had been leasing. “The SBA 504 program was designed for a company like ECA, a small, innovative designer and manufacturer focused on future growth,” said Janice Sheehy, VP Business and Professional Banking. “As Connecticut’s number one SBA lender, Webster is pleased to help ECA use the 504 program to stay in the region so it can continue to contribute to the local economy.”
Russell Hayden, President of Electri-Cable Assemblies, said “We are pleased to remain a part of the community in Shelton, Connecticut. The acquisition of the building, completed with the assistance of Webster Bank, displays not only our commitment to the community but also to our dedicated employees. We look forward to growing our business and contributing to our state economy.”
Webster ended 2009 as Connecticut’s number one SBA lender both in number of loans, 79, and dollar value, $15 million. For the eighth straight year in 2009, Webster was the state’s top SBA 504 lender, a program designed for borrowers who want to acquire real estate and fixed assets with as little as 10 percent investment.
About ECA
ECA, a division of Premier Manufacturing, is a leading OEM manufacturer of power, data and electrical solutions for the office furniture industry. ECA was founded in 1975 and is located in Shelton CT. The company’s main product lines consist of modular electrical systems which are incorporated into systems furniture used to structure office workspaces as well as power and data grommets used to bring power and data to the worksurface. These products are sold throughout the world through distributors and direct sales channels. For more information on ECA’s products, visit www.electri-cable.com.
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