Webster Bank Announces Funding for First Connecticut-based Finance Lab

Rhea-AI Summary

Webster Bank has announced the launch of Connecticut's first Webster Finance Lab in collaboration with the Wakeman Boys & Girls Club, funded by a $100,000 grant from the Webster Bank Charitable Foundation. This initiative aims to provide students with essential financial skills and economic empowerment opportunities. Located in Bridgeport, the lab will serve over 1,000 children from nine local schools, focusing on those from low-to-moderate income backgrounds. This marks the third Finance Lab following successful launches in Yonkers and the Bronx, as Webster seeks to enhance youth financial education and workforce development.

Positive

• Investment of $100,000 grants for youth financial education.
• Partnership with Wakeman BGC expands outreach in LMI communities.
• Ability to serve over 1,000 children annually, focusing on underserved demographics.

Negative

• None.

STAMFORD, CT / ACCESSWIRE / February 8, 2023 / Webster Bank, together with the Wakeman Boys & Girls Club (BGC), today announced the funding for Connecticut's first Webster Finance Lab, which will be housed in Wakeman's planned Madison Avenue, Bridgeport location.

The Connecticut location is the third of several planned Finance Lab collaborations Webster is implementing throughout its footprint. Earlier this year, Webster launched programs in Yonkers and the Bronx, New York.

The Webster/Wakeman BGC Finance Lab will provide students in Wakeman's service area with opportunities to gain the skills needed for economic empowerment and financial success.

The program is funded by a $100,000 Webster Bank Charitable Foundation (WBCF) grant.

Webster's signature initiative is designed to help its nonprofit partners in low-to-moderate income (LMI) communities expand financial empowerment opportunities for youth. The Madison Avenue Clubhouse will have the capacity to serve more than 1,000 children each year coming from nine area schools of which 98% of students are eligible for free lunch, 54% of students live in single-parent homes and 89% of students are a minority. The new facility will provide youth services in the North End/Hollow area of Bridgeport to support these children and their families.

"Following the successful launch of our first two Finance Labs in Yonkers and the Bronx earlier this year, Webster is proud to expand its signature Finance Lab program into Connecticut with an investment of $100,000 in the Wakeman Boys & Girls Club," said Marissa Weidner, Chief Corporate Responsibility Officer. "Our partnership is the first of several Webster will fund in New England, furthering our commitment to providing students a unique opportunity to learn about finance, foster youth leadership and build our future workforce."

"We are incredibly grateful to have Wakeman Boys & Girls Club's Madison Avenue Community Clubhouse selected as the site of Connecticut's first Webster Finance Lab. The Finance Lab will provide Bridgeport's children and teens with insight into careers in finance, allow them to connect with finance professionals, and learn the critical skills necessary to be fiscally responsible. This partnership with Webster truly supports our goal to ‘Build Great Futures,'" said Sabrina Smeltz, Wakeman BGC CEO.

Webster's partnership with the Wakeman BGC reflects its continuing support of programs that address financial empowerment, workforce development, community development and human services and basic needs. Webster's volunteerism initiatives also will play a key role in the partnership.

About Webster

Webster Bank ("Webster") is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $68 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including our latest annual report, please visit our About page. To find our latest press releases, visit the Webster Newsroom.

About Wakeman Boys & Girls Club

Since 1913, Wakeman Boys & Girls Club has provided a safe place for youth and teens after school, evenings, and weekends. Focused on Academics, Character & Leadership Development, and Healthy Lifestyles with nationally acclaimed programming, the Club continues its mission "to guide and inspire young people, especially those who need us most, to reach their full potential as productive, caring, and responsible citizens." The organization serves 3,300 youth annually through its Smilow-Burroughs Clubhouse in Bridgeport and its three locations in Fairfield: the Southport Clubhouse and McKinley and Holland Hill School-Based Sites. For more information about Wakeman Boys & Girls Club, visit www.wakemanclub.org

Contact Information

Media Contact:
Elaine K. Ficarra
eficarra@websterbank.com
​203-913-2716

Investor Contact:
Emlen Harmon
eharmon@websterbank.com
212-309-7646

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SOURCE: Webster Bank

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FAQ

What is the purpose of the Webster Finance Lab in Connecticut?

The Webster Finance Lab aims to provide students with financial skills and opportunities for economic empowerment.

How much funding did Webster Bank provide for the Finance Lab?

Webster Bank provided a funding grant of $100,000 for the Finance Lab.

Where is the first Webster Finance Lab in Connecticut located?

The first Webster Finance Lab in Connecticut is located in Bridgeport at the Wakeman Boys & Girls Club.

How many children will benefit from the Finance Lab?

The Finance Lab will serve over 1,000 children each year from nine local schools.

What previous locations have Webster Finance Labs been established?

Previous Finance Labs have been established in Yonkers and the Bronx, New York.