BOSTON, Jan. 27 /PRNewswire-FirstCall/ -- Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE: WBS), announced today that it is providing $7.75 million in financing for Kennedy-Donovan Center (KDC), a Foxboro, Mass., based nonprofit human services agency. The financing package includes Webster's purchase of $5.75 million in tax-exempt bonds from MassDevelopment and a $2 million line of credit for working capital. Webster has also been named Kennedy-Donovan Center's primary bank.
The financing package will enable Kennedy-Donovan Center to build a new program center in Kingston, renovate its Attleboro program center, and acquire or refinance seven additional properties, mostly group homes.
"MassDevelopment, Webster Bank and KDC worked together to create financial stability for our organization," said Rick Bornstein, Kennedy-Donovan Center's chief financial officer. "By working with MassDevelopment to obtain these tax-exempt bonds, and then Webster Bank, which bought the bonds, we were able to acquire favorable interest rates and control our long-term costs."
"Our mission at Webster Bank is to help our customers achieve their financial goals," said Tom Brady, senior vice president, commercial banking. "Working hand-in-hand with MassDevelopment, we were able to do that for Kennedy-Donovan Center and ultimately for the people who rely on the critical services and care they provide."
About Kennedy-Donovan Center
Founded in 1969, Kennedy-Donovan Center (KDC), a non-profit human service agency dedicated to supporting individuals and families with developmental disabilities and similar needs to reach their maximum potential and quality of life through advocacy and individualized services. KDC offers a wide range of direct and supportive community-based services to more than 5,000 people from over 150 communities in Massachusetts.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 501 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Center Capital 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.
SOURCE Webster Financial Corporation