PROVIDENCE – Webster Financial Corp., the holding company for Webster Bank, recently announced a $6.5 billion investment in its local communities, coupled with a new department to oversee its community engagement, according to a news release.
The Office of Corporate Responsibility comes on the heels of a $10.3 billion merger deal between the Connecticut-based bank and Sterling Bancorp of New York, which closed in February. The latest investment news seeks to capitalize on the combined companies’ resources, as well as their “long-standing records of corporate responsibility and community engagement,” the release stated.
The Office of Corporate Responsibility, to be led by Chief Corporate Responsibility Officer Melissa Weidner, will oversee community-facing activities, including philanthropy, public affairs, environmental, social and governance efforts, and compliance with the Community Reinvestment Act.
“We want to provide the opportunity for individuals in our communities to excel. This commitment represents a greater investment than the sum of the investments made by each bank on a stand-alone basis,” Weidner said in a statement.
The additional funding will be spread across several focus areas, including affordable housing, community development, small-business lending, financial literacy and workforce development.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
