Webster Financial

Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Retail Banking. The Commercial Banking segment provides lending, deposit, and cash management services; commercial and industrial lending and leasing, commercial real estate lending, equipment financing, and asset-based lending, as well as treasury and payment services; wealth management solutions to business owners, operators, and consumers; and trust, asset management, financial planning, insurance, retirement, and investment products. The HSA Bank segment offers health savings accounts, health reimbursement arrangements, flexible spending accounts, and commuter services that are distributed directly to employers and individual consumers, as well as through national and regional insurance carriers, consultants, and financial advisors. The Retail Banking segment provides deposit and fee-based services, residential mortgages, home equity lines, secured and unsecured loans, and credit cards to consumers. The company also offers online and mobile banking services. As of December 31, 2021, it operated 130 banking centers and 251 ATMs. The company was founded in 1935 and is headquartered in Stamford, Connecticut.

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.

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, pushing its statewide branch total over 100.

1998: Webster becomes first bank in Connecticut to purchase an insurance agency .

2002: Webster becomes listed on 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 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 accounts in the nation.

2006: Webster acquires NewMil Bank.

2016: Webster acquires 17 Citibank branches in the Boston area and adds additional ATMs to support the network

2022: Webster acquires Sterling National Bank and moves its headquarters from Waterbury to Stamford.

To help individuals, families, and businesses achieve their financial goals.