Profile: Webster Financial Corp (WBS)
3 Aug 2015
Webster Financial Corporation (Webster), incorporated on September 10, 1986, is a bank and financial holding company. At December 31, 2014, Webster Financial Corporation’s principal asset was all of the outstanding capital stock of Webster Bank, National Association (Webster Bank). Webster, through Webster Bank and non-banking financial services subsidiaries, delivers financial services to individuals, families and businesses. Webster Bank provides commercial, small business and consumer banking, mortgage lending, financial planning, and trust and investment services through 164 banking centers, 314 automatic teller machines (ATMs), telephone banking, mobile banking, and online banking through www.websterbank.com. Webster Bank also offers equipment financing, commercial real estate lending and asset-based lending across the Northeast and offers, through its HSA Bank division, health savings account trustee and administrative services on a nationwide basis. The Company operates in three segments: Commercial Banking, Community Banking and Other. The Community Banking consists of the Personal Banking and Business Banking operations. Commercial Banking provides lending, deposit, and treasury and payment solutions. Other segment activities consist of HSA Bank and the Private Banking operating segments.
The Commercial Banking segment includes Middle Market; Commercial Real Estate; Webster Business Credit Corporation (WBCC), the Company’s asset-based lending subsidiary; Webster Capital Finance, Inc. (WCF), the Company’s equipment financing subsidiary, and Treasury and Payment Solutions. Commercial Real Estate (CRE) provides variable-rate and fixed-rate financing for the acquisition, development, construction, or refinancing of commercial real estate for which the property is the primary collateral security for the loan and income generated from the property is the primary repayment source. Webster Business Credit Corporation (WBCC) is the regional asset-based lending subsidiary of Webster Bank and is an asset-based lender in the United States WBCC finances growing middle market companies’ working capital and import financing needs with revolving credit facilities using formula- driven accounts receivable and inventory advance rates. Webster Capital Finance (WCF) is the regional equipment finance subsidiary of Webster Bank and is a lender in the United States.
Community Banking segment serves consumer and business banking customers primarily throughout southern New England and into Westchester County, New York. This segment is comprised of the following: Personal Banking, Business Banking and a Distribution network. The Company operates through Banking Centers, ATMs, a Customer Care Center, and a range of on-line and mobile banking services. The Personal Bank includes consumer products, which consists of deposit and fee-based services, residential mortgages, home equity lines/loans, unsecured consumer loans, and credit cards. In addition, Webster Investment Services (WIS) offers investment and securities-related services, including brokerage and investment advice through a strategic partnership with LPL Financial (LPL). Business Banking offers credit, deposit and cash flow management products to business and professional service firms with annual revenues up to $20 million.
Other segment includes HSA Bank (HSA) and Private Banking. HSA Bank is a bank custodian of health savings accounts. HSA Bank product suite also includes health reimbursement arrangement accounts and flexible spending accounts. These accounts are provided for high deductible health plans offered by employers or directly to consumers. Private Banking provides local full relationship banking that serves high net worth clients, not-for-profit organizations, and business clients for asset management, trust, loan and deposit products and financial planning services.
Webster Financial Corp
132 Grand St
WATERBURY CT 06702-1909