Webster Bank
Encyclopedia
Webster Bank is a commercial bank based in Waterbury
, Connecticut
.
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 of Bristol
, pushing its statewide branch total over 100.
1998—Webster becomes first bank in CT to purchase an insurance agency (Damman Insurance).
2002—Webster becomes a member of the New York Stock Exchange
under 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 southeastern Massachusetts
and Rhode Island
markets.
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 acquires HSA Bank and becomes the leading bank administrator and trustee of health savings account
s in the nation.
2006—Webster acquires NewMil Bank.
firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Center Capital Corporation, a company led by President Walter F. Greenfield, is an equipment finance company headquartered in Farmington
, and provides health savings account trustee and administrative services through HSA Bank of Sheboygan, WI, a division of Webster Bank.
Webster Bank has over $17.5 billion in assets and a market capitalization of over $2.6 billion. Its network includes over 181 branches and 490 ATMs located in Connecticut, Massachusetts, Rhode Island and Westchester County, NY.
Waterbury, Connecticut
Waterbury is a city in New Haven County, Connecticut, on the Naugatuck River, 33 miles southwest of Hartford and 77 miles northeast of New York City...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
.
History
Webster was founded in 1935 by Harold Webster Smith. Only 24 years old, Smith borrowed from family and friends to found First Federal Savings of Waterbury, a 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.Timeline
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 of Bristol
Bristol, Connecticut
Bristol is a suburban city located in Hartford County, Connecticut, United States southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 61,353. Bristol is primarily known as the home of ESPN, whose central studios are in the city. Bristol is also home to...
, pushing its statewide branch total over 100.
1998—Webster becomes first bank in CT to purchase an insurance agency (Damman Insurance).
2002—Webster becomes a member of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under 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 southeastern Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
and Rhode Island
Rhode Island
The state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
markets.
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 acquires HSA Bank and becomes the leading bank administrator and trustee of health savings account
Health savings account
A health savings account is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan . The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account...
s in the nation.
2006—Webster acquires NewMil Bank.
Company
Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns the asset-based lendingAsset-based lending
In the simplest meaning, asset-based lending is any kind of lending secured by an asset. This means, if the loan is not repaid, the asset is taken. In this sense, a mortgage is an example of an asset-backed loan. More commonly however, the phrase is used to describe lending to business and large...
firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Center Capital Corporation, a company led by President Walter F. Greenfield, is an equipment finance company headquartered in Farmington
Farmington, Connecticut
Farmington is a town located in Hartford County in the Farmington Valley area of central Connecticut in the United States. The population was 25,340 at the 2010 census. It is home to the world headquarters of several large corporations including Carrier Corporation, Otis Elevator Company, and Carvel...
, and provides health savings account trustee and administrative services through HSA Bank of Sheboygan, WI, a division of Webster Bank.
Webster Bank has over $17.5 billion in assets and a market capitalization of over $2.6 billion. Its network includes over 181 branches and 490 ATMs located in Connecticut, Massachusetts, Rhode Island and Westchester County, NY.