Webster Bank
 | |
 Webster Bank inHamden, Connecticut | |
| Company type | Public company |
|---|---|
| Industry | Finance |
| Founded | 1935inWaterbury, 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 |
Webster Bankis an Americancommercial bankbased inStamford, Connecticut.It has 177 branches and 316ATMslocated in Connecticut; Massachusetts; Rhode Island;New Jersey;Westchester County, New York;Orange County, New York;Ulster County, New York;Rockland County, New York;andNew York City.[2]
History[edit]
Webster was founded in 1935 by Harold Webster Smith as theFirst Federal Savings of Waterburyin 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[edit]
Among milestones in Webster's history:
- 1935: Harold Webster Smith founds a savings and loan, First Federal Savings of Waterbury.
- 1938: First Federal's assets grow to more than $1 million.
- 1986: First Federal converts to stock ownership and forms a holding company.
- 1987: James C. Smith becomes the company's second chief executive officer, succeeding his father, Harold Webster Smith, who continues as chairman.
- 1995: Harold Webster Smith retires as chairman and is succeeded by James C. Smith.
- 1997: Webster Trust Company, N.A. and Investment Services are added to the bank's offerings.
- 1998: Webster acquires Eagle Bank ofBristol,pushing its statewide branch total over 100.
- 1998: Webster becomes first bank in Connecticut to purchase an insurance agency (Damman Insurance).
- 2002: Webster becomes listed on theNew York Stock Exchangeunder the ticker symbol, “WBS”.
- 2003: Webster announces definitive agreement to acquire FIRSTFED AMERICA BANCORP, INC., the holding company for First Federal Savings Bank of America; the deal, which closed in May 2004, marks Webster's first retail expansion beyond Connecticut's borders and into the southeasternMassachusettsandRhode Islandmarkets.
- 2004: Webster announces that the Office of the Comptroller of the Currency (OCC) has accepted the company's application to be a chartered commercial bank.
- 2005: Webster acquiresHSA Bankand becomes the leading bank administrator and trustee ofhealth savings accountsin the nation.
- 2006: Webster acquires NewMil Bank.
- 2016: Webster acquires 17Citibankbranches in the Boston area and adds additional ATMs to support the network
- 2022: Webster acquiresSterling National Bankand moves its headquarters from Waterbury to Stamford.[4][5]
- 2023: Webster acquired Ametros Financial, a medical insurance settlement fund manager, for $350 million.[6]
Company[edit]
Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns theasset-based lendingfirm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Webster Capital Finance, and provides health savings account trustee and administrative services throughHSA BankofSheboygan, 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 themetropolitan New York cityarea, includingNew Jersey.[8]
References[edit]
- ^"Webster Financial Corporation 2017 Annual Report".RetrievedSeptember 19,2019.
- ^"Banking Centers and ATMs".Jay Webster Financial Corporation.RetrievedMay 14,2024.
- ^"Who We Are".Webster Financial Corporation.RetrievedJanuary 30,2014.
- ^"WEBSTER, STERLING COMPLETE MERGER | Webster Financial Corporation".webster.gcs-web.com.Retrieved2022-02-01.
- ^Kavaler, Bernard."Webster Bank Completes Merger, Moves Headquarters from Waterbury to Stamford".Connecticut by the Numbers.Retrieved2022-02-01.
- ^"Webster Signs Definitive Agreement to Acquire Ametros".Yahoo Finance.2023-12-14.Retrieved2023-12-15.
- ^"Webster Bank, National Association".Ibanknet.RetrievedJuly 7,2015.
- ^Gosselin, Kenneth R. (2022-02-01)."Webster Bank completes deal for New York lender, adding branch banking options for customers".Hartford Courant.Retrieved2022-08-15.
