Webster Bank Announces Retail Delivery Changes

Dec 27, 2010, 16:01 ET from Webster Bank

WATERBURY, Conn., Dec. 27, 2010 /PRNewswire-FirstCall/ -- Webster Bank, a subsidiary of Webster Financial Corporation (NYSE: WBS), said that it will be closing five branches and opening three new locations in 2011 in response to changing customer usage patterns and as part of ongoing efforts to optimize its branch system to better serve customer needs.

"Our retail customers' behavior patterns are changing, and Webster's delivery of service is adapting with them in order to deliver best-in-class customer service," said James C. Smith, chairman, president, and CEO of Webster. "Increasingly, we are finding that customers are migrating to online banking, ATMs, mobile banking, and point-of-sale, and utilizing multiple branch locations to conduct their banking."

As part of the realignment, Webster plans to close on April 1, 2011 the following five of its 136 branches in Connecticut; all five are within five miles of a Webster branch offering extended hours:

  • Morris:  5 Watertown Road
  • Bridgewater: 10 Kruskyville Road
  • New Britain, South Main: 435 S. Main St.
  • New Canaan: 215 Elm Street
  • Woodbridge:  176 Amity Road

Webster will announce the opening of three new locations in Scarsdale, N.Y.; Greenwich, Conn.; and Somerset, Mass., at a later date.  "The new facilities will enable Webster to augment its presence and deepen its penetration of these markets," Smith stated.

The branch closures will not result in any non-managerial job losses, and affected branch managers will be eligible to apply for open positions within Webster.

Throughout this change, Webster remains committed to providing superior customer service.

About Webster

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, telephone banking and the Internet.  Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; Webster Capital Finance Corporation, 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:

Investor Contact:

Brenda Greene, 203-578-2287

Terry Mangan, 203-578-2318

esteadham@websterbank.com

tmangan@websterbank.com

SOURCE Webster Bank



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