FirstFed adopts Webster Bank name

FirstFed Bank officially converted to Webster Bank on April 5, nearly a year after Webster acquired the Swansea-based bank.

Webster CEO James C. Smith presided over the official name change ceremony at the former FirstFed headquarters on Swansea Mall Drive.

“As we unveil the Webster name, we are coming together in much more than name,” Smith said. “Our core values have connected.”

After the ceremony, Smith estimated that a dozen new Webster branches will open in the Massachusetts/Rhode Island market within the next three years.

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“Providence is a prime opportunity for us,” he said, though he couldn’t estimate when a Webster branch could appear in the capital city. Webster, which is based in Waterbury, Conn., will open branches in West Warwick and Barrington by the end of 2005, bringing the total number of Webster branches in the region to 28.

The combination of FirstFed and Webster represents an opportunity for significant growth, Smith said.

“We have to invest in our communities to grow,” he said. “Our customers will grow, and in turn, we grow.” Former FirstFed customers will benefit from the merger by having access to more capital products and services, Smith said.

Smith announced Webster’s $20 million commitment to “Home Ownership Possibilities for Everyone (HOPE),” an affordable mortgage program intended to help low- to moderate-income, first-time home buyers in Providence, Fall River, New Bedford and Brockton. The program offers a 0.25 percent discount on mortgage rates.

The mission dovetails with Webster’s history, Smith said. When the bank first opened in 1935, it was with the intention of helping people buy and build homes.

“Now, we have the ability to help people achieve their financial goals” in addition to their home ownership goals, Smith added.

A new Webster logo was unveiled at the Webster ceremony. A single “W” inside a circle, with a diamond-shaped serif pointing northeast. The logo will appear on Webster branches throughout the bank’s region in mid-July.

After some “modest” runoff after the merger announcement, Webster has gained customers in the Rhode Island/Massachusetts market. Smith said he attributes the gains to the high-performance checking accounts for individual customers and small business. According to Jeff Brown, executive vice president of marketing and communication, new accounts are up 40 percent in the former FirstFed market.

“A lot of other banks are changing too,” Smith said. “We’re from here – none of the other institutions can make that claim.”

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