Webster to Offer True 'Single Close' Construction - Permanent Loans

    Business Editors

    WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 12, 2005--Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS), announced today the formation of its National Construction Lending Center (NCLC) within its National Wholesale Lending division. NCLC offers a number of construction loan products, including "single close" residential construction loans for new home construction and major rehabilitation.
    To lead the NCLC, Webster appointed Robert M. Imperato vice president, national residential construction manager; Adela Bernard vice president, construction operations manager; and Craig Peterson vice president, national sales manager. This team of experienced construction lenders has successfully originated, serviced and supported national construction lending programs for fifteen years.
    "Webster Bank was founded to help people buy and build their homes. In that tradition, we are enhancing a construction lending product that has been available only through our retail business by forming the NCLC. This enhancement will expand our market and lower the cost of financing homebuilding for our customers," said Denis St. Marie, executive vice president of consumer finance.
    "We are pleased to bring a national residential construction platform to Webster Bank. Our team will provide Webster with dedicated, seasoned construction specialists to develop and support construction products," said Imperato. "Our product requires only one loan qualification and one closing. The consumer is not affected by rate changes during the construction period, and the builder does not have to worry about the availability of funds through project completion."
    Webster's National Construction Lending Center will offer 30 and 15-year term, fixed rate and ARM products for conforming and jumbo loan amounts. Interest only, NIV and no-ratio programs are also part of the initial product mix offered. For additional information, Webster NCLC can be reached at 866-404-7040.

    Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.8 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 151 banking offices, 287 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., and Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut.
    For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websteronline.com.

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CONTACT: Webster Financial Corporation Media Contact: Meghan Thompson, 203-578-2287 mthompson@websterbank.com or Investor Contact: Terry Mangan, 203-578-2318 tmangan@websterbank.com

KEYWORD: CONNECTICUT INDUSTRY KEYWORD: BANKING REAL ESTATE BUILDING/CONSTRUCTION PRODUCT SOURCE: Webster Financial Corporation

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