Webster Bank Expands Finance Lab Initiative in Connecticut and Massachusetts

Rhea-AI Summary

Webster Bank announces new Finance Lab collaborations with three partners to provide financial empowerment programs to students in low- to moderate-income areas. Each partner has been granted $100,000. The Finance Labs are part of Webster's $6.5B Community Investment Strategy and have committed $600,000 to date.

STAMFORD, CT / ACCESSWIRE / July 10, 2023 / Webster Bank today announced its next Finance Lab collaborations with three partners that will provide financial empowerment programs to hundreds of students in low- to moderate-income (LMI) areas. The Hispanic Coalition of Greater Waterbury Inc. and the YWCA Hartford Region, both in Connecticut, and Taunton Area School to Career (TASC) in Massachusetts have each been granted $100,000 from Webster Bank.

The Finance Labs are part of Webster's $6.5B Community Investment Strategy and are designed to help nonprofit partners in LMI communities create opportunities for youth to gain skills needed for economic empowerment and financial success. The initiative launched in June 2022, and has committed $600,000 to date, with partnerships extended to six nonprofit organizations.

"It's exciting to see the expansion of our Finance Labs initiative, furthering our goal to broaden financial empowerment opportunities for youth," said Chief Corporate Responsibility Officer Marissa Weidner. She added, "We're incredibly proud to be able to partner with three local organizations that are aligned with our shared values of integrity, collaboration, accountability, agility, respect and excellence."

"Our innovative partnership to establish a Webster Finance Lab will provide our children a community-guided and life-altering opportunity to learn that future financial success starts today," said Victor Lopez Jr., Executive Director of The Hispanic Coalition of Greater Waterbury Inc. He added, "We thank Webster Bank for their continued commitment to placing the community first and leading efforts to genuinely be responsive to their needs." The Hispanic Coalition of Greater Waterbury is working with Webster to reach its goal of delivering programming to support its clients with financial education on topics including financing small businesses, how to manage a bank account, and how to increase credit scores.

"We are grateful to be selected as Webster Bank's Finance Lab Partner," said Adrienne Cochrane, CEO of YWCA Hartford Region. She added, "The Webster Bank/YWCA Hartford Region partnership allows us to expand our financial empowerment programs to help address economic inequities experienced by women and girls in our community.

This Finance Lab will emphasize the importance of financial management, as well as saving and investing money." The YWCA Hartford Region, will create its program to specifically support its goal to empower women on their path to achieve job and career goals. The YWCA is dedicated to eliminating racism, empowering women and promoting peace, justice, freedom and dignity for all its community members.

"We, at Associates for Human Services' Taunton Area School To Career (TASC), want to extend our deepest appreciation to Webster Bank for providing us with this invaluable grant award. This support will empower TASC to expand and strengthen our services by lifting the lives of our youth," said Zulmira Allcock, President and CEO of TASC, adding, "Together, we create a brighter future, which enables us to make a positive and lasting impact in our community, one young life at a time." Taunton Area School To Career (TASC) is a subsidiary of Associates for Human Services, Inc. and runs their Business and Education Partnership, connecting Taunton-area employers and local school systems. Each year, TASC's programs serve 350-550 youth focusing on the emerging workforce.

Learn more about Webster Bank's Finance Labs and the impact of our work and about our Office of Corporate Responsibility.

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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 $75 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.

Contact Information

Media Contact:
Elaine K. Ficarra
eficarra@websterbank.com
203.913.2716

Investor Contact:
Emlen Harmon
harmon@websterbank.com
212.309.7646

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Contact Info:
Spokesperson: Webster Bank
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Email: info@3blmedia.com

SOURCE: Webster Bank

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FAQ

What is the purpose of Webster Bank's Finance Lab collaborations?

The purpose of Webster Bank's Finance Lab collaborations is to provide financial empowerment programs to students in low- to moderate-income areas.

Which organizations have been granted funds from Webster Bank?

The Hispanic Coalition of Greater Waterbury Inc., the YWCA Hartford Region, and Taunton Area School to Career (TASC) have each been granted $100,000 from Webster Bank.

How much has Webster Bank committed to the Finance Labs initiative?

Webster Bank has committed $600,000 to date for the Finance Labs initiative.

What is the goal of the Finance Lab partnership between Webster Bank and The Hispanic Coalition of Greater Waterbury Inc.?

The goal of the partnership is to deliver programming to support clients with financial education on topics including financing small businesses, managing a bank account, and increasing credit scores.

What is the focus of the Finance Lab partnership between Webster Bank and the YWCA Hartford Region?

The focus of the partnership is to empower women on their path to achieve job and career goals through financial management, saving, and investing money.

What is the role of Taunton Area School to Career (TASC) in the Finance Lab collaborations?

TASC, a subsidiary of Associates for Human Services, Inc., runs the Business and Education Partnership, connecting Taunton-area employers and local school systems to serve the emerging workforce.