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Record Earnings for Webster
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Business New Haven
10/30/2000
By: BNH
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WATERBURY - Webster Financial Corp. (NASDAQ: WBST), holding company for Webster Bank, October 18 reported a 20-percent increase in net income for the third quarter ended September 30.
Net income for the quarter rose to a record $31.6 million, or 64 cents per diluted share, compared to $26.4 million, or 57 cents per diluted share, for the quarter ended September 30, 1999. The increase in net income is due in part to the acquisition of Mechanics Savings Bank, which was completed in June, and to expanded product offerings - including insurance, trust and investment-management services - to Webster's growing customer base. Prior-period financial data have been restated to reflect last December's merger with New England Community Bancorp Inc.
“As we celebrate Webster's 65th anniversary this month, I am pleased to report record results,'' said James C. Smith, Webster chairman and CEO. “My father, Harold Webster Smith, opened the bank during the Great Depression to help people buy and build their homes. Today, we are a regional financial-services provider with $11 billion in assets and more than 2,000 employees. Our company's strong roots enhance our capacity to grow and to be our customers' trusted financial partner in the years to come.''
Webster had 48.9 million common shares outstanding on September 30.
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