Webster Bank Finances American Meteorological Society for $6 Million
BOSTON, Feb. 15, 2011 /PRNewswire/ -- Webster Bank announced today that it has provided $6 million in financing for the American Meteorological Society, headquartered at 45 Beacon Street, Boston, Mass.
"The financing provided through Webster Bank has been critical in allowing us the opportunity to provide a better working environment for our employees and better service to our members around the world," said Dr. Keith Seitter, AMS Executive Director.
The financing package includes Webster's purchase of $5.5 million in tax-exempt industrial development bonds from MassDevelopment and a $500,000 line of credit for working capital. AMS is using the financing to purchase an adjacent building on Beacon Street, which will be used for expansion. The organization is also using Webster's depository services.
"The American Meteorological Society is a highly respected, national organization that has been a part of the fabric of New England since its founding here in 1919," said Ann Meade, senior vice president, commercial banking for Webster Bank. "We're very pleased that Webster is able to provide them with the financial products and services that will help fund their growth into their centennial year and beyond."
About the American Meteorological Society:
The American Meteorological Society promotes the development and dissemination of information and education on the atmospheric and related oceanic and hydrologic sciences and the advancement of their professional applications. Founded in 1919, AMS has a membership of more than 14,000 professionals, professors, students, and weather enthusiasts. AMS publishes nine atmospheric and related oceanic and hydrologic journals — in print and online — sponsors more than 12 conferences annually, and offers numerous programs and services.
For further information regarding society activities, membership, or general inquiries please send an email to email@example.com.
About Webster Bank:
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, 497 ATMs, mobile banking, the Customer Care Center, and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, and 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 Webster's website at www.websterbank.com.
SOURCE Webster Bank