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Webster Announces Branch Expansions
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Business New Haven
9/17/2001
By: BNH
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WATERBURY - Webster Financial Corp. (NASDAQ: WBST), the holding company for Webster Bank, has contracted to establish several branches in lower Fairfield County as part of its growth strategy to expand and grow its retail franchise in Connecticut and contiguous states.
During the next three years Webster plans to establish at least 20 new branches as well as 35 ATM locations.
James C. Smith, Webster's chairman and CEO, said that the new facilities will complement the bank's existing network of more than 100 branches and 200 ATMs in Connecticut. “A more extensive branch network will enable us to expand our footprint and accelerate the development of our regional financial services franchise,'' Smith said. “Our de novo branch strategy is designed to leverage our strong, concentrated Connecticut base by expanding aggressively into attractive contiguous markets. This initiative is compatible with our plans for selective bank acquisitions over the next several years.''
Expansion will begin in 2002 in Fairfield County where Webster currently has 12 locations in eight towns: Brookfield, Danbury, Fairfield, Ridgefield, Shelton, Stratford, Westport and Wilton. Webster has identified several potential new sites in lower Fairfield County. The first site will be at 1959 Summer Street in Stamford. Subsequently, Webster will examine expansion opportunities in New London and the Hartford/Springfield corridor, as well as areas bordering Connecticut.
Webster has established a goal of generating $1 billion in core deposits by 2004.
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