Webster to finance Kennedy-Donovan projects

BOSTON – Webster Bank is providing $7.75 million in financing for the Foxboro-based nonprofit Kennedy-Donovan Center to build a program center in Kingston, Mass., renovate its Attleboro center and acquire or refinance several group homes.
Webster, subsidiary of Waterbury, Conn.-based Webster Financial Corp. (NYSE: WBS), agreed to purchase $5.75 million in tax-exempt bonds from MassDevelopment and provide a $2 million line of credit. Kennedy-Donovan Center (KDC), a human services agency, has named Webster its primary bank.
“Mass Development, Webster Bank and KDC worked together to create financial stability for our organization,” said Rick Bornstein, Kennedy-Donovan Center’s chief financial officer. “By working with MassDevelopment to obtain these tax-exempt bonds, and then Webster Bank, which bought the bonds, we were able to acquire favorable interest rates and control our long-term costs.”
“Our mission at Webster Bank is to help our customers achieve their financial goals,” said Tom Brady, Webster senior vice president of commercial banking. “Working hand-in-hand with Mass Development, we were able to do that for Kennedy-Donovan Center and ultimately for the people who rely on the critical services and care they provide.”
Webster Financial Corp. (NYSE: WBS) – a $17.8 billion company based in Waterbury, Conn. – is the holding company for Webster Bank N.A., a financial services company with more than 181 branches including13 branches in Rhode Island. Additional information is available at www.WebsterOnline.com.