Webster looks to double loans

WATERBURY, Conn. – Webster Bank, subsidiary of Webster Financial Corp., says it intends to nearly double the amount it loans to businesses this year compared with 2009 “in order to stimulate economic growth and job creation.”
Webster executives forecast that the bank will originate more than $850 million in new business loans in 2010 – $400 million more than last year – across its four-state footprint that includes Rhode Island.
“Our economy is at an inflection point and poised to resume growth,” James C. Smith, Webster chairman and chief executive officer, said in a statement. “As the largest independent commercial bank headquartered in New England, we believe we have a special responsibility to provide the credit that businesses in our region need to grow and get Americans back to work. By announcing our intent to expand our lending to small and medium-sized businesses by more than $400 million in 2010, we are reminding New England businesses that Webster Bank is here to help them to achieve their financial goals.”
“Helping customers during difficult times is part of Webster’s DNA. My father founded this bank in 1935 during the depths of the Great Depression to help hard-working families to build their own homes at a time when it was very difficult to get such loans. Today, businesses and consumers can look to Webster for all of their banking needs.”
In 2009, Webster Bank was named Connecticut’s No. 1 U.S. Small Business Administration lender, both in terms total loans and total dollar value.
In Rhode Island, Webster ranked 11th in SBA lending for 2009, originating $735,000 worth of loans through the 7(a) program. The bank is ninth in the state by deposits, according the Federal Deposit Insurance Corporation.
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.