Webster Bank

Last updated
Webster Financial Corporation
Company type Public company
Industry Finance
Founded1935;89 years ago (1935) in Waterbury, Connecticut
Headquarters Stamford, Connecticut, U.S.
Key people
John R. Ciulla, President and CEO James C. Smith, Chairman
Products Banking
Revenue US$1.20 billion (2019) [1]
Number of employees
Approximately 3,400
Website websterbank.com
Webster footprint Webster footprint 2010-08.png
Webster footprint

Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; New Jersey; Westchester County, New York; and New York City. [2]

Contents

History

Webster was founded in 1935 by Harold Webster Smith as the First Federal Savings of Waterbury in Connecticut. Only 24 years old, Smith borrowed from family and friends to found the lending institution providing home loans to Connecticut citizens. He served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor. [3]

Timeline

Among milestones in Webster's history:

Company

Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Webster Capital Finance, and provides health savings account trustee and administrative services through HSA Bank of Sheboygan, Wisconsin, a division of Webster Bank.

In 2015, Webster Bank had over $24 billion in assets [7] and a market capitalization of over $3 billion. Its network included over 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.

After the $5 billion USD 2022 merger with Sterling, assets rose to $65 billion, with 202 branches, 380 ATMs, and a larger presence throughout the metropolitan New York city area, including New Jersey. [8]

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References

  1. "Webster Financial Corporation 2017 Annual Report" . Retrieved September 19, 2019.
  2. "Webster Financial Corporation Media Room". Jay Webster Financial Corporation. Retrieved January 30, 2014.
  3. "Who We Are". Webster Financial Corporation. Retrieved January 30, 2014.
  4. "WEBSTER, STERLING COMPLETE MERGER | Webster Financial Corporation". webster.gcs-web.com. Retrieved 2022-02-01.
  5. Kavaler, Bernard. "Webster Bank Completes Merger, Moves Headquarters from Waterbury to Stamford". Connecticut by the Numbers. Retrieved 2022-02-01.
  6. "Webster Signs Definitive Agreement to Acquire Ametros". Yahoo Finance. 2023-12-14. Retrieved 2023-12-15.
  7. "Webster Bank, National Association". Ibanknet. Retrieved July 7, 2015.
  8. Gosselin, Kenneth R. (2022-02-01). "Webster Bank completes deal for New York lender, adding branch banking options for customers". Hartford Courant. Retrieved 2022-08-15.