Webster Financial Corporation Waterbury - WBS STOCK NEWS

Marathon Asset Management and Webster Bank have closed a senior-secured financing agreement for Sunbelt Modular to support its acquisition by Littlejohn & Co. Sunbelt, a leading modular building solutions provider with over 45 years of history and 1,300+ employees, will continue to be led by CEO Ron Procunier. This marks the second financing transaction completed by Marathon and Webster Bank's Private Credit joint venture. Marathon's Private Credit platform offers financing solutions ranging from $50 million to $250 million, while working alongside Webster Bank's middle market sponsor lending program.

Webster Bank is expanding its Finance Lab initiative by partnering with three new nonprofit organizations, providing $100,000 grants each to Boys & Girls Clubs of Providence, Boys & Girls Clubs of Dorchester, and SCO Family of Services. This expansion is part of Webster's multi-year, multi-billion-dollar Community Investment Strategy focused on financial empowerment in low- to moderate-income communities. Since its launch in June 2022, the initiative has invested $1.7 million through partnerships with nine nonprofits, establishing Finance Labs to provide financial education and economic empowerment programs for young people.

Webster Financial (NYSE: WBS) has announced a reduction in its prime lending rate from 8.00 percent to 7.75 percent. The new rate became effective on November 8, 2024. This adjustment to the prime lending rate affects Webster Bank's lending operations.

Webster Financial (NYSE: WBS), the holding company for Webster Bank, announced a quarterly cash dividend of $0.40 per share on its common stock, payable on Nov. 12, 2024, to shareholders of record as of Nov. 1, 2024.

For its Series F Preferred Stock, Webster declared a quarterly cash dividend of $328.125 per share ($0.328125 per depositary share), payable Dec. 16, 2024, to shareholders of record on Dec. 1, 2024.

For its Series G Preferred Stock, the company declared a quarterly cash dividend of $16.25 per share ($0.40625 per depositary share), payable Jan. 15, 2025, to shareholders of record on Dec. 31, 2024.

Marathon Asset Management and Webster Bank have closed a senior-secured financing deal for PK Companies Group, to facilitate its acquisition by DC Capital Partners Management, LP. PK Companies, founded in 2004, specializes in non-discretionary, regulatory-driven specialty inspections, repair, maintenance, and safety services for industrial and heavy commercial facilities across the U.S. The company also offers technology-enabled solutions for asset integrity, mechanical inspection, and on-site safety compliance.

This transaction marks the first completed financing deal for Marathon and Webster Bank since announcing their Private Credit partnership. Marathon's Private Credit platform offers corporate, asset-based, and capital solutions, including senior and junior financings ranging from $50 million to $250 million. The partnership aims to provide tailored and creative financing solutions to middle market companies and private equity sponsors.

Webster Financial (NYSE: WBS) reported net income of $188.8 million, or $1.10 per diluted share, for Q3 2024. Adjusted earnings per diluted share were $1.34. Key highlights include:

- Revenue of $647.6 million
- Loans and leases balance of $51.9 billion, up 0.7% from prior quarter
- Deposits balance of $64.5 billion, up 3.6% from prior quarter
- Provision for credit losses of $54.0 million
- Return on average assets of 1.01%; adjusted 1.22%
- Net interest margin of 3.36%, up 4 basis points from prior quarter
- Common equity tier 1 ratio of 11.23%

The company reported solid deposit and loan growth across business segments, despite a challenging environment.

Webster Financial (NYSE: WBS) has announced the details for its third quarter 2024 earnings release and conference call. The earnings release is scheduled for Thursday, October 17, 2024, at approximately 7:30 a.m. (Eastern). The conference call will follow at 9:00 a.m. (Eastern) on the same day.

Investors can access the call via toll-free number 888-330-2446 or international number +1-240-789-2732, using the passcode 8607257. A webcast will be available on Webster's Investor Relations website. For those unable to attend, a webcast replay and telephone replay will be available shortly after the call's completion.

Webster Financial (NYSE: WBS), the holding company for Webster Bank, N.A., has announced a reduction in its prime lending rate from 8.50% to 8.00%. This change will take effect on September 19, 2024. The decision to lower the prime lending rate could have significant implications for borrowers and the bank's lending operations.

The prime rate is a key benchmark used by banks to set interest rates for various loan products, including mortgages, personal loans, and credit cards. A decrease in the prime rate typically leads to lower borrowing costs for consumers and businesses, potentially stimulating economic activity and loan demand.

Webster Bank (WBS) is partnering with local nonprofits to establish Webster Finance Labs across its operational footprint. These labs aim to provide financial empowerment opportunities for students as they return to school. Key partners include YPIE, Eagle Academy Foundation, Wakeman Boys & Girls Club, YWCA Greater Hartford, and The Hispanic Coalition of Greater Waterbury.

The initiative demonstrates Webster Bank's commitment to community engagement and financial education. The bank plans to launch more Finance Labs in the coming months, expanding its reach and impact in the communities it serves. This effort aligns with Webster's broader ESG (Environmental, Social, and Governance) strategy, emphasizing social responsibility and educational support.