Webster Bank Adds 3 More Banking Centers, Expands To 18 Locations In Greater Boston

Jan 11, 2016, 14:04 ET from Webster Financial Corporation

WATERBURY, Conn., Jan. 11, 2016 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, a $24 billion regional bank, announced today that Webster Bank will open three additional banking centers in the greater Boston area, bringing its total network in the area to 18. The new locations are: 25 Stuart Street (Chinatown), Boston, 1 Brattle Square (Harvard Square), and 475 Hancock Street, Quincy. These newest additions to the network are expected to open in late January.

"These three additional banking centers round out our recently announced Boston expansion, giving us instant critical mass to serve families and businesses in the city and close-in suburbs," said James C. Smith, Chairman and CEO of Webster. "This is great news because we will now be able to step into each of the 17 former Citibank banking centers in the market. We also look forward to welcoming the Citibank retail bankers who have agreed to join Webster, which will minimize disruption during the transition."  

Smith continued, "Since the successful launch of our Boston flagship at 100 Franklin Street six years ago, we have sought to expand our Boston presence and serve the region in a more complete manner. Now with these new banking centers, Bostonians can experience the surprisingly good customer service that has come to define Webster elsewhere in Massachusetts and New England."

On December 11, Webster Bank announced it had negotiated the leasehold interests of 14 Citibank locations in greater Boston and would open the banking centers under the Webster brand in mid-January. The announcement followed Citibank's decision in September to exit the Boston retail banking market. As announced earlier, Webster is not acquiring any deposit or loan accounts from Citibank as part of the transaction.

Webster entered the Boston market in 2009, opening a flagship banking center in the heart of the Financial District in the space once occupied by the Boston Stock Exchange.  Initially focusing on middle market businesses, Webster has grown and expanded its scope to include a full range of commercial banking services, private banking, government and institutional banking, and small business banking.   Webster also has immersed itself in the greater Boston community through charitable contributions and its bankers who donate their time to numerous community organizations.

Now celebrating its 80th anniversary, Webster Bank traces its roots to the depths of the Great Depression when 24-year-old Harold Webster Smith borrowed $25,000 from family and friends in 1935 to found an institution that would help his neighbors in Waterbury, Conn., buy and build their homes. James C. Smith is the founder's son and only the second Chairman and CEO in Webster's history.

Over the years, Webster expanded its scope to include a full range of banking products and services for the deposit, transaction, credit, and investment needs of families and small and middle market businesses in Massachusetts, Connecticut, Rhode Island, and New York, and from commercial banking offices in the Northeast. In addition, Webster's HSA Bank division is the nation's largest custodian of health savings accounts, serving consumers and businesses in all 50 states.  Today, Webster is the 35th largest bank in the nation by asset size. Webster currently has 177 banking centers, including the Boston flagship, 16 offices in southeastern Massachusetts and four in the Springfield area.  

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $24.1 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 177 banking centers and 316 ATMs, with an additional 3 banking centers and 37 ATMs (subject to regulatory approval) scheduled to open soon in greater Boston. Webster also provides telephone banking, mobile banking, and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an 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.

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SOURCE Webster Financial Corporation