Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association (Webster Bank). The company, through Webster Bank and non-banking financial services subsidiaries, delivers financial services to individuals, families, and businesses primarily from New York, N.Y. to Boston, Mass. The company provides commercial, small business, and consumer banking, mortgage lending, financial planning, and trust and investment services through banking centers, ATMs, telephone banking, mobile banking and its Internet Website (www.websterbank.com). The company offers equipment financing, commercial real estate lending, and asset-based lending across the Northeast and offers, through its HSA Bank division, health savings account trustee and administrative services on a nationwide basis. Segments The company’s operations are managed along three segments that represent its core businesses: Commercial Banking, Community Banking, and Other. Community Banking consists of the Personal Banking and Business Banking operating segments. Other consists of HSA Bank and the Private Banking operating segments. Commercial Banking The Commercial Banking segment includes middle market, asset-based lending, commercial real estate, equipment finance, and treasury and payment services, which includes government and institutional banking. Additionally, it serves as a referral source to Private Banking and Community Banking segments. Community Banking Community Banking serves consumer and business banking customers primarily throughout southern New England and into Westchester County, New York. This segment consists of Personal Banking and Business Banking supported by a distribution network consisting of 164 banking centers and 314 ATMs, a Customer Care Center, telephone banking, and a range of Web and mobile-based banking services. Personal Banking includes various consumer products: deposit and fee-based services, residential mortgages, home equity lines/loans, unsecured consumer loans, and credit cards. In addition, Webster Investment Services offers investment and securities-related services, including brokerage and investment advice through a strategic partnership with LPL Financial (LPL). Webster has employees who are LPL registered representatives located throughout its branch network, offering customers insurance and investment products, including stocks and bonds, mutual funds, annuities, and managed accounts. Brokerage and online investing services are available for customers. Business Banking offers credit, deposit, and cash flow management products to businesses and professional service firms. This unit works to build full customer relationships through business bankers and business certified banking center managers supported by a team of customer care center bankers and industry and product specialists. Other Other includes HSA Bank and Private Banking. HSA Bank, a division of Webster Bank, is a bank custodian of health savings accounts. These accounts are used in conjunction with high deductible health plans and are offered through employers or directly to consumers. Additionally, during the second quarter of 2014, HSA Bank expanded its product suite to include health reimbursement arrangement accounts and flexible spending accounts. In January 2015, Webster Bank completed its acquisition of JPMorgan Chase Bank, N.A.'s health savings account business. Private Banking provides local full relationship banking that serves high net worth clients, not-for-profit organizations, and business clients for asset management, trust, loan, and deposit products and financial planning services. Investment Portfolio As of December 31, 2014, the company’s investment portfolio included U.S. treasury bills; agency collateralized mortgage obligations; agency mortgage-backed securities; agency commercial mortgage-backed securities; non-agency commercial mortgage-backed securities; collateralized loan obligations; pooled trust preferred securities; single issuer trust preferred securities; corporate debt securities; and equity securities - financial institutions. Deposits Webster Bank offers various deposit products for checking and savings (including ATM and debit card use, direct deposit, ACH payments, combined statements, mobile banking services, Internet-based banking, bank by mail, as well as overdraft protection via line of credit or transfer from another deposit account) designed to meet the transactional, savings, and investment needs of the company’s consumer and business customers. Regulations As a bank holding company and a financial holding company, the company is regulated under the Bank Holding Company Act of 1956, as amended, and is subject to inspection, examination, and supervision by the Federal Reserve Board. The company is also under the jurisdiction of the United States Securities and Exchange Commission (SEC) and is subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. Webster Bank is organized as a national banking association under the National Bank Act. It is subject to regulation and examination by the Office of the Comptroller of the Currency as its primary supervisory agency, as well as by the Federal Deposit Insurance Corporation. History Webster Financial Corporation was founded in 1935. The company was incorporated under the laws of Delaware in 1986.
webster financial corp
(WBS:New York Consolidated)
Waterbury, CT 06702
|Associated Banc-Corp||$19.61 USD||-0.42|
|BankUnited Inc||$35.75 USD||-0.48|
|FirstMerit Corp||$20.17 USD||-0.22|
|PrivateBancorp Inc||$41.28 USD||-0.34|
|Prosperity Bancshares Inc||$53.53 USD||-1.05|
|View Industry Companies|
Sponsored Financial Commentaries
To contact WEBSTER FINANCIAL CORP, please visit www.websteronline.com. Company data is provided by Capital IQ. Please use this form to report any data issues.