WATERBURY, Conn., Dec. 11, 2015 /PRNewswire/ -- Webster
Financial Corporation (NYSE: WBS), the holding company for
Webster Bank, N.A., a $24 billion regional bank, announced today that
Webster Bank will open 14 banking
centers in mid-January in the greater Boston area.
Webster Bank has negotiated the
leasehold interests in 14 Citibank locations in greater
Boston and will open the banking
centers under the Webster brand in mid-January, subject to OCC
approval. In September, Citibank announced that it was exiting
the Boston retail banking market.
Webster is not acquiring any deposit or loan accounts from Citibank
as part of the transaction. Terms of the transaction were not
disclosed. The transaction is expected to be modestly dilutive
to earnings per share in 2016, breakeven in 2017 and accretive
thereafter.
"We are excited to bolster our Boston presence by assuming the Citibank
leases," said James C. Smith,
Chairman and CEO of Webster. "Since we opened our hugely successful
Boston flagship at 100 Franklin
Street six years ago, we have been looking for ways to expand our
Boston presence and serve
Boston in a meaningful way. With
these 14 locations, we instantly achieve critical mass, including
several premier high-traffic locations, which allows us to expand
our unique customer service that we have always been known for.
Boston has the potential to be a
billion-dollar deposit market for Webster."
Smith added, "We're motivated by our success in attracting
Boston business customers since
our 2009 entry. We know firsthand that the Boston market values the presence of a strong,
growing regional bank staffed by caring, responsive bankers who
take the time to understand customer needs and provide the right
solutions with a full menu of competitive products and services,
including our advanced online and mobile offerings. The quality of
the service that Webster bankers deliver is evident in our high
rankings in customer satisfaction surveys of consumers conducted by
J.D. Power and of businesses by Greenwich Associates."
Webster entered the Boston
market in 2009, opening a flagship banking center in the heart of
the Financial District in the space once occupied by the Boston
Stock Exchange. Initially focusing on middle market businesses,
Webster has grown and expanded its scope to include a full range of
commercial banking services, private banking, government and
institutional banking, and small business banking. Webster
also has immersed itself in the greater Boston community through charitable
contributions and its bankers who donate their time to numerous
community organizations.
The 14 banking center locations that Webster will be opening
are:
Location
|
Address
|
City
|
Copley
Square
|
491 Boylston
St.
|
Boston (Suffolk
County)
|
Government
Center
|
100 Cambridge
St.
|
Boston (Suffolk
County)
|
Downtown
Crossing
|
70 Summer
St.
|
Boston (Suffolk
County)
|
South End
|
1365 Washington
St.
|
Boston (Suffolk
County)
|
Boston
University
|
880 Commonwealth
Ave.
|
Boston (Suffolk
County)
|
Fenway
|
1375 Boylston
St.
|
Boston (Suffolk
County)
|
Porter
Square
|
1815 Massachusetts
Ave.
|
Cambridge (Middlesex
County)
|
Kendall
Square
|
200 Technology
Sq.
|
Cambridge (Middlesex
County)
|
Lexington
|
31 Waltham
St.
|
Lexington (Middlesex
County)
|
Newton
Center
|
792 Beacon
St.
|
Newton (Middlesex
County)
|
Burlington
|
6 Wayside
Rd.
|
Burlington (Middlesex
County)
|
Coolidge
Corner
|
297 Harvard
St.
|
Brookline
(Norfolk County)
|
Needham
|
1000 Highland
Ave.
|
Needham (Norfolk
County)
|
Wellesley
Center
|
84 Central
St.
|
Wellesley (Norfolk
County)
|
Now celebrating its 80th anniversary, Webster Bank traces its roots to the depths of
the Great Depression when 24-year-old Harold Webster Smith borrowed $25,000 from family and friends in 1935 to found
an institution that would help his neighbors in Waterbury, Conn., buy and build their homes.
James C. Smith is the founder's son
and only the second Chairman and CEO in Webster's history.
Over the years, Webster expanded its scope to include a full
range of banking products and services for the deposit,
transaction, credit, and investment needs of families and small and
middle market businesses in Massachusetts, Connecticut, Rhode
Island, and New York, and
from commercial banking offices in the Northeast. In addition,
Webster's HSA Bank division is the nation's largest custodian of
health savings accounts, serving consumers and businesses in all 50
states. Today, Webster is the 35th largest bank in
the nation by asset size. Webster currently has 163 banking
centers, including the Boston
flagship, 16 offices in southeastern Massachusetts and four in the Springfield area.
Webster Financial Corporation is the holding company for
Webster Bank, National Association.
With $24.1 billion in assets, Webster
provides business and consumer banking, mortgage, financial
planning, trust, and investment services through 163 banking
centers, 316 ATMs, telephone banking, mobile banking, and the
Internet. Webster Bank owns the
asset-based lending firm Webster Business Credit Corporation; the
equipment finance firm Webster Capital Finance Corporation; and HSA
Bank, a division of Webster Bank,
which provides health savings account trustee and administrative
services. Webster Bank is a member
of the FDIC and an 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
|
Bob Guenther,
203-578-2391
|
Terry Mangan,
203-578-2318
|
rguenther@websterbank.com
|
tmangan@websterbank.com
|
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SOURCE Webster Financial Corporation