Webster gives loans, credit line to government agencies

Webster Bank provided $23.8 million in direct loans to three Rhode Island municipalities and one quasi-public agency during the third quarter of 2013 More

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financial services

Webster gives loans, credit line to government agencies

Posted 10/22/13

PROVIDENCE –Webster Bank provided $23.8 million in direct loans to three Rhode Island municipalities and one quasi-public agency during the third quarter of 2013, according to bank spokeswoman Brenda Greene, who is based in Providence.

Those loans include an $8.3 million tax anticipation note to the city of Pawtucket, $5 million to the town of Coventry and a $3 million bond anticipation note to the city of East Providence.

The loans also include a $7.5 million line of credit to the R.I. Public Rail Corp., which is staffed by the RI Department of Transportation and charged with preserving and enhancing the viability of commuter rail and railroad freight operations in the state, under the authority of a three-member board of directors from DOT, the RI Department of Administration and the Rhode Island Public Transit Authority.

Waterbury, Conn.-based Webster Bank established primary banking relationships with the cities of Woonsocket and East Providence during the third quarter.

Webster Bank funded $23.1 million in mortgages in Rhode Island in the third quarter 2013, compared to $21.6 million during third quarter 2012.

Webster Financial Corp., the holding company for Webster Bank, reported commercial and commercial real estate loans grew at a 14.percent annualized rate from June 30, as well as 14 percent year-over-year, Chairman and CEO Jim Smith said in the Oct. 11 third quarter 2103 earnings report.

“Solid performance was driven by several factors - a stable net interest margin, unchanged once again linked quarter at 3.32 percent, was aided by strong commercial loan originations and resulted in a quarterly record for net interest income, which grew more than $5 million year-over-year,” said Smith.

While core non-interest income declined $1.7 million from a year ago, on a reduction of $5.8 million in mortgage banking revenue, total revenue, nonetheless, grew by 2 percent, said Smith.

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