Webster Bank Offers Special Assistance for Homeowners and Businesses Affected by Flood

WATERBURY, Conn., April 6 /PRNewswire-FirstCall/ -- Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE: WBS), today announced special assistance, including reduced rates on new loans as well as payment deferments on existing loans, for consumers and businesses in Rhode Island, Connecticut, and Massachusetts that suffered flood damage over the past week.

James C. Smith, chairman and CEO of Webster Bank, said, "For 75 years, we have been helping people to bounce back from life's setbacks, such as the recent record-breaking floods affecting our region.  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 flooding."

Specifically, Webster is offering the following special assistance to consumers suffering flood damage in Rhode Island, Massachusetts, and Connecticut:

• Unsecured home improvement loans at an interest rate that is 2.5 percentage points below the standard rate.  In addition, Webster is offering priority processing that delivers the check to the borrowers within one week from the time of application.

• Payment alternatives, including payment deferments, for existing customers with mortgages or home equity loans where their home has suffered flood damage or where employment has been disrupted by the flood.

Webster is taking the following steps to help businesses to resume or continue operations:

• Webster will review all requests to assist in payment deferments and modifications for existing business borrowers who have been impacted by the flooding on a case-by-case basis.

• 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 flooding, including vendors or other external business partners.

• Webster Bank is offering SBA loans to those business impacted by the flooding with a reduced fixed rate of 5.5 percent for up to five years. The Bank will charge fees only for its out-of-pocket expenses.

• Webster Bank also is offering conventional loans for qualified businesses that were directly and indirectly impacted by the flooding at a reduced rate of 5.5 percent for up to 5 years. The bank will charge fees only for its out-of-pocket expenses.

Current or prospective customers should contact Webster at (888) 493-2783 with questions or requests or visit www.websterbank.com for further information.  

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