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Webster Financial Corporation, headquartered in Waterbury, Connecticut and traded under the symbol WBS, is a comprehensive financial services provider. Established in 1935, Webster Bank, N.A., a principal subsidiary, offers a wide range of banking solutions, including commercial and consumer banking, mortgages, investment advisory, trust, and wealth management services. This institution caters to individuals, families, and businesses across Connecticut, New York, Rhode Island, Massachusetts, and Pennsylvania.
Webster operates through three key segments: Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment is the largest revenue generator, offering tailored financial solutions to businesses of all sizes. The HSA Bank segment offers health savings accounts to individuals and businesses, while the Consumer Banking segment provides a broad spectrum of financial products to everyday consumers, including personal loans, credit cards, and deposit products.
The company prides itself on living up to its promise of understanding and addressing what matters most to its customers and communities. Webster Financial Corporation emphasizes values such as responsibility, respect, ethical behavior, citizenship, and teamwork, collectively known as the Webster Way. These guiding principles ensure that the company consistently puts people first, helping them achieve their financial goals and build fulfilling lives.
In recent years, Webster has achieved notable milestones, including strategic partnerships and technological advancements that enhance customer experience. The company's robust financial condition is reflected in its continual growth and the trust it has built within the community.
For the latest updates and relevant information about Webster Financial Corporation's performance and developments, visit our news section regularly.
Webster Bank has initiated a three-year Community Investment Strategy with a commitment of $6.5 billion. This strategy focuses on enhancing community support through philanthropy, community development lending, and small business lending, with an emphasis on minority and women-owned businesses. Additionally, the bank's investments will also include Finance Labs aimed at promoting affordable housing investments. This initiative demonstrates Webster Bank's commitment to positively impacting the communities where it operates.
StoneCastle Partners has sold its subsidiary, interLINK, to Webster Bank, a subsidiary of Webster Financial Corporation (NYSE: WBS). interLINK is a technology-enabled platform focused on cash administration solutions for broker-dealers. This acquisition aligns with Webster's strategy to enhance deposit funding channels, potentially increasing profitability. George Shilowitz, co-CEO of StoneCastle Partners, highlighted the scalability and low acquisition costs of interLINK as key benefits. The sale was advised by Keefe, Bruyette & Woods and BofA Securities.
Webster Financial Corporation (NYSE: WBS) has successfully completed the acquisition of StoneCastle Insured Sweep, LLC, operating as interLINK. This technology-enabled deposit management platform manages over $9 billion in FDIC-insured deposits. The acquisition enhances Webster's deposit gathering capabilities, integrating interLINK's operations fully in Q1 2023. The interLINK brand will continue its service for broker/dealer clients, providing scalable technology and liquidity at low operating costs. Webster, with over $65 billion in assets, aims to leverage this acquisition for future growth.
Webster Financial Corporation (NYSE: WBS) will release its fourth quarter 2022 earnings on January 26, 2023, at 7:30 a.m. Eastern. A conference call will follow the release at 9:00 a.m. on the same day. Investors can join the call via toll-free number 888-330-2446 or internationally at 240-789-2732, using passcode 8607257. A webcast will be available through Webster's Investor Relations website, with a replay accessible shortly after the call. The company, headquartered in Stamford, CT, has over $65 billion in assets and operates across the Northeast U.S.
Republic First Bancorp, Inc. has appointed Thomas X. Geisel as CEO and Michael W. Harrington as CFO, effective immediately. Geisel brings over 20 years of banking experience from roles at Webster Bank, while Harrington has over 30 years in community banking, most recently at Bryn Mawr Trust. The new leadership aims to evaluate capital alternatives, restructure the balance sheet, and enhance customer experience through technology. Founder Harry Madonna will step down as Interim CEO but remain Chairman during this transition.
Webster Financial Corporation (NYSE: WBS) announced an increase in its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. The company, headquartered in Stamford, CT, is a significant player in the Northeast banking sector, offering a variety of financial services through its banking and HSA divisions. With $69.1 billion in assets, the institution focuses on Commercial and Consumer Banking, as well as employee benefits solutions. This rate hike reflects the current economic landscape and may impact lending dynamics for customers.
Webster Financial Corporation (NYSE: WBS) announced on December 5, 2022, a definitive agreement to acquire StoneCastle Insured Sweep, LLC (interLINK). This technology-enabled deposit management platform oversees over $9 billion in deposits through cash sweep programs. The acquisition aims to enhance Webster's funding capabilities and improve its deposit gathering through technology. The deal is expected to close in Q1 2023. Financial terms were not disclosed, but the acquisition is positioned as a strategic move to increase liquidity and diversify funding sources.
Webster Financial Corporation (NYSE: WBS) has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This decision reflects the company's strategic adjustments in response to market conditions. Webster, headquartered in Stamford, CT, operates with $69.1 billion in assets and offers a range of financial solutions through its Commercial Banking, Consumer Banking, and HSA Bank divisions. The increase in the prime rate indicates a potential shift in borrowing costs for consumers and businesses at a time of economic fluctuations.
Webster Financial Corporation (NYSE: WBS) announced a quarterly cash dividend of $0.40 per share on its common stock, payable on November 14, 2022, to shareholders of record as of November 4, 2022. Additionally, it declared dividends on Series F Preferred Stock of $328.125 per share, payable on December 15, 2022, and on Series G Preferred Stock of $16.25 per share, payable on January 15, 2023. The company manages $69.1 billion in assets and operates across the northeastern U.S.
Webster Financial Corporation (NYSE: WBS) reported net income of $229.8 million, or $1.31 per diluted share, for Q3 2022, surpassing $93.7 million, or $1.03 per diluted share, from Q3 2021. Excluding merger-related expenses of $36.8 million, earnings per diluted share would have been $1.46. Total revenue reached $664.6 million, with a loan balance of $47.8 billion and deposits of $54.0 billion. The bank emphasized ongoing integration post-merger with Sterling Bancorp, resulting in significant revenue growth across its divisions.
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