Webster Bank is an American

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

based in

Stamford, Connecticut Stamford () is a city in the U.S. state of Connecticut, outside of Manhattan. It is Connecticut's second-most populous city, behind Bridgeport. With a population of 135,470, Stamford passed Hartford and New Haven in population as of the 2020 ...

. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and

Westchester County, New York Westchester County is located in the U.S. state of New York. It is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States Census, the county had a population o ...

History

Webster was founded in 1935 by Harold Webster Smith as the ''First Federal Savings of Waterbury'' in Connecticut. Only 24 years old, Smith borrowed from family and friends to found the lending institution providing home loans to Connecticut citizens. He served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor.

Timeline

''Among milestones in Webster's history:'' * 1935: Harold Webster Smith founds a savings and loan, First Federal Savings of Waterbury. * 1938: First Federal's assets grow to more than $1 million. * 1986: First Federal converts to stock ownership and forms a holding company. * 1987: James C. Smith becomes the company's second chief executive officer, succeeding his father, Harold Webster Smith, who continues as chairman. * 1995: Harold Webster Smith retires as chairman and is succeeded by James C. Smith. * 1997: Webster Trust Company, N.A. and Investment Services are added to the bank's offerings. * 1998: Webster acquires Eagle Bank of

Bristol Bristol () is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire to the north and Somerset to the south. Bristol is the most populous city in ...

, pushing its statewide branch total over 100. * 1998: Webster becomes first bank in Connecticut to purchase an insurance agency (Damman Insurance). * 2002: Webster becomes listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

under the ticker symbol, “WBS”. * 2003: Webster announces definitive agreement to acquire FIRSTFED AMERICA BANCORP, INC., the holding company for First Federal Savings Bank of America; the deal, which closed in May 2004, marks Webster's first retail expansion beyond Connecticut's borders and into the southeastern

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

and

Rhode Island Rhode Island (, like ''road'') is a U.S. state, state in the New England region of the Northeastern United States. It is the List of U.S. states by area, smallest U.S. state by area and the List of states and territories of the United States ...

markets. * 2004: Webster announces that the Office of the Comptroller of the Currency (OCC) has accepted the company's application to be a chartered commercial bank. * 2005: Webster acquires

HSA Bank HSA Bank is a health savings account (HSA) administrator in the United States. Based in Milwaukee and Sheboygan, Wisconsin, the company focuses on the administration, service, and support of health accounts including Health Savings Accounts, Flex ...

and becomes the leading bank administrator and trustee of

health savings account A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal inco ...

s in the nation. * 2006: Webster acquires NewMil Bank. * 2016: Webster acquires 17

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

branches in the Boston area and adds additional ATMs to support the network * 2022: Webster acquires Sterling National Bank and moves its headquarters from Waterbury to Stamford.

Company

Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. Webster Bank owns the

asset-based lending Asset-based lending is any kind of lending secured by an asset. This means, if the loan is not repaid, the asset is taken. In this sense, a mortgage is an example of an asset-based loan. More commonly however, the phrase is used to describe lending ...

firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corporation, Webster Capital Finance, and provides health savings account trustee and administrative services through

Sheboygan, Wisconsin Sheboygan () is a city in and the county seat of Sheboygan County, Wisconsin, United States. The population was 49,929 at the 2020 census. It is the principal city of the Sheboygan, Wisconsin Metropolitan Statistical Area, which has a populatio ...

, a division of Webster Bank. In 2015, Webster Bank had over $24 billion in assets and a market capitalization of over $3 billion. Its network included over 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York. After the $5 billion USD 2022 merger with Sterling, assets rose to $65 billion, with 202 branches, 380 ATMs, and a larger presence throughout the metropolitan New York city area, including

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

References

External links

Official site
{{Authority control Companies listed on the New York Stock Exchange Companies based in Stamford, Connecticut Banks based in Connecticut American companies established in 1935 Banks established in 1935 1935 establishments in Connecticut 2002 initial public offerings