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Webster To Buy Back Shares
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Business New Haven
8/5/2002
By: BNH
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WATERBURY - Directors of Webster Financial Corp. (NASDAQ: WBST), holding company for Webster Bank, have authorized the repurchase of up to approximately 2.4 million shares, or five percent of Webster's 48 million shares of outstanding common stock.
The repurchase is in addition to Webster's existing stock repurchase authorization. Last September Webster directors authorized repurchase of 2.5 million shares of which 770,000 shares remain to be purchased. With the announcement to repurchase approximately 2.4 million shares and the existing authorization to purchase 770,000 shares, the total current repurchase authorization is 3.2 million shares.
Webster will repurchase shares in the open market and unsolicited negotiated transactions, including block purchases, during the next year. With the new announcement Webster has initiated ten stock repurchases since the company went public in 1986. Six of those buybacks have taken place in the past eight years.
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