Webster Bank Extends Support for Low-to-Moderate Income and Minority Borrowers With Community Liaison Officers

Rhea-AI Summary

Webster Bank has launched a network of Community Liaison Officers (CLOs) to enhance support for low-to-moderate income and minority borrowers. Operating in areas including Connecticut, New York, and Massachusetts, these CLOs will collaborate with local banking centers and will be instrumental in Webster's $6.5 billion community investment. Their efforts include conducting financial literacy workshops and improving lending opportunities. The initiative reinforces Webster's longstanding commitment to community support and aims to facilitate homeownership through programs like the Down Payment Assistance Program.

Positive

• Launch of Community Liaison Officers enhances support for low-to-moderate income and minority borrowers.
• Targeted financial education initiatives and workshops to increase community engagement.
• Part of a $6.5 billion community investment commitment.
• Introduction of the Down Payment Assistance Program to aid first-time homebuyers.

Negative

• None.

STAMFORD, CT / ACCESSWIRE / March 15, 2023 / Webster Bank, a leading commercial bank with a long-standing commitment to corporate responsibility, is pleased to announce it has established a network of Community Liaison Officers (CLOs) to further support communities within its expanded footprint. The CLOs will work in partnership with Webster's new Office of Corporate Responsibility (OCR) to provide support and financial education to low-to-moderate income (LMI) and minority borrowers.

The CLOs will cover territory surrounding their base locations in Bridgeport, Hartford, and Waterbury, Connecticut, White Plains and Queens, New York, and Boston, Massachusetts. Each CLO will partner with existing banking centers in their respective territory to provide additional support, and will jointly report to Amy Jakobeit, Senior Vice President and Director of Mortgage & Consumer Lending and Gary Moukhtarian, Senior Vice President, Regional Manager. The Community Liaison Officers partner with the bank's Office of Corporate Responsibility, headed by Marissa Weidner, Chief Corporate Responsibility Officer.

"With the merger of Webster and Sterling, we have not only increased our scale and capabilities, but also our commitment to supporting our communities," said Weidner. "The contributions of the CLO team will be an important part of our $6.5 billion community investment as we deepen and amplify our corporate responsibility efforts."

In addition to working directly with borrowers, the CLOs will build and maintain relationships with community-based, charitable and non-profit organizations; conduct financial literacy workshops and classes on topics such as first-time homebuying; and work with Webster's consumer lending team to increase lending opportunities within these regions to meet local credit needs.

"Educating our clients on financial tools and supporting them through the loan process on their pathway to homeownership has been important to Webster since the bank's founding in 1935" said Jakobeit. "We continue this longstanding tradition by developing products and services that meet the needs of our clients - both current and future. Our Community Liaison Officers play a key role in the continuous improvement of our portfolio of lending offerings and offer a critical link to the communities we serve."

Among those lending offerings is Webster's Down Payment Assistance Program. The program, which is effective with applications taken on or after March 21, 2022, is intended for first-time homebuyers in eligible states offering assistance to be used for down payment and closing costs.

Webster's new CLOs include Kadie Ortiz (Bridgeport, Connecticut), Claudia Riley (Hartford, Connecticut), Robert Jaekle (Waterbury, Connecticut), Yangchen Chadotsang (Queens, New York), and Steve Roussel (Boston, Massachusetts).

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About Webster

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. 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 including: 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 more than $65 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 past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

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Alice Ferreira
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203-578-2610

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SOURCE: Webster Bank

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https://www.accesswire.com/743861/Webster-Bank-Extends-Support-for-Low-to-Moderate-Income-and-Minority-Borrowers-With-Community-Liaison-Officers

FAQ

What is the purpose of Webster Bank's Community Liaison Officers?

The Community Liaison Officers aim to support low-to-moderate income and minority borrowers by providing financial education and assistance.

When did Webster Bank announce the establishment of Community Liaison Officers?

Webster Bank announced the launch of Community Liaison Officers on March 15, 2023.

How much is Webster Bank investing in community support?

Webster Bank is committing $6.5 billion to community investment as part of its corporate responsibility efforts.

What regions will the Community Liaison Officers serve?

The CLOs will serve areas in Connecticut, New York, and Massachusetts.

What is the Down Payment Assistance Program offered by Webster Bank?

The Down Payment Assistance Program provides financial support for down payment and closing costs to first-time homebuyers.