WATERBURY, Conn, June 6, 2011 — Webster Bank, a leading New England financial institution, today announced special assistance, including reduced rates on new loans as well as payment deferments on existing loans, for consumers and businesses in western Massachusetts and northern Connecticut that suffered tornado damage last week.
James C. Smith, chairman and CEO of Webster Bank, said, “Since 1935, we have been helping people to bounce back from life’s setbacks, such as the devastation in greater Springfield. Webster stands ready to help our communities to get back on their feet with special terms on financial products supported by caring and empathy from Webster bankers whose families also have been affected by the tornadoes.”
Specifically, Webster is offering the following special assistance to consumers suffering tornado damage in the greater Springfield, Mass. area, which includes northern Connecticut:
- Affected consumers can take advantage of a Webster Unsecured Personal Home Improvement Loan at an interest rate that is 1.5 percentage points below the standard rate. With loan amounts of $1,000 - $15,000 available, this fixed rate loan will provide a simple way for affected residents to gain fast access to funds without having to use home equity or high rate credit cards.
- Payment alternatives, including payment deferments, for existing customers with mortgages or home equity loans where their home has suffered tornado damage or where employment has been disrupted by the tornado.
Webster is talking the following steps to help affected businesses resume or continue operations:
- Webster Bank is offering conventional loans for qualified businesses that were directly and indirectly impacted by the tornadoes. Loans are available up to a maximum of $500,000 at a reduced rate of 5.49 percent for up to 5 years. The bank will charge fees only for its out-of-pocket expenses.
- Webster is offering expedited 90-day bridge loans up to a maximum of $200,000 to qualified businesses that have applied for and are awaiting disaster recovery loans from the Federal Emergency Management Agency and the SBA Disaster Office. The application for bridge loans is available immediately. A copy of the FEMA Disaster Loan Application number is required, or in the case of an SBA Disaster Loan a copy of the SBA Disaster Loan Application is required. The short-term bridge loans will be priced at one percentage point below the Bank’s conventional lending rates and the Bank will charge fees only for its out-of-pocket expenses.
- As an SBA leader in the lending industry, Webster is assisting qualified businesses seeking SBA loans on a non-disaster basis with an expedited application process. These loans are for those impacted directly or indirectly by the recent tornadoes, including vendors or other external business partners.
- Webster Bank is offering SBA loans to those business impacted by the tornado with a reduced fixed rate of 5.49 percent for up to five years. The Bank will charge fees only for its out-of-pocket expenses.
- Webster will review all requests to assist in payment deferments and modifications for existing business borrowers who have been impacted by the tornadoes.
Current and prospective customers should contact Webster at (888) 493-2783. For information regarding SBA and other small business loan products, contact Scott Frazer, vice president, business and professional banking, at (413) 782-4818.
All credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply. SBA guaranteed products may also be subject to additional terms, conditions and fees. All loans/lines of credit require a Webster business checking account which must be opened prior to loan closing and which must be used for auto-deduct of payment.
About Webster:
Webster Financial Corporation (NYSE: WBS) is the holding company for Webster Bank, National Association. With $18 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 176 banking offices, 492 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance; 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:
Brenda F. Greene
401-228-2083
bgreene@websterbank.com