WATERBURY, Conn, May 10, 2010 – Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS), has been selected to provide primary banking services for the City of New Rochelle, N.Y.
Webster will provide the City of New Rochelle with a broad range of banking and cash management services including bill payment, merchant card processing, lockbox, and payroll, all through Webster’s image-based on-line Web-Link portal.
Webster was selected by the city after a competitive bid process over a six month period involving nine financial institutions. New Rochelle, the state’s eighth most populous city and located in Westchester County, joins 47 other public entities in New York that have selected Webster as a depository, and the second in recent months to approve Webster as its primary depository.
“Webster Bank presented a very attractive proposal that more than adequately met our banking needs,” said Howard Rattner, City of New Rochelle Finance Commissioner. “We look forward to a long and mutually beneficial working relationship.”
Webster’s Government & Institutional Banking group provides financial advisory services, depository products, lending and cash management services for state and local government agencies and nonprofit organizations across Webster’s four-state foot print.
“We are pleased to have been selected by the City of New Rochelle and we look forward to working with them to provide efficient, cost-effective banking and cash management services,” said Robert Vanderslice, Webster Vice President of Government & Institutional Banking.
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18.0 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