Webster Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1935 |
| Founder | Harold Webster Smith |
| Headquarters | Stamford, Connecticut , United States |
Area served | Connecticut, Massachusetts, Rhode Island, New Jersey, New York (select counties including Westchester, Orange, Ulster, Rockland, and New York City) |
Key people | John Ciulla (Chairman and CEO) |
| Products | Commercial banking, health savings account administration, asset-based lending, insurance premium finance |
| Parent | Webster Financial Corporation |
Overview
Webster Bank is a U.S.-based commercial banking institution with its main office located in Stamford, Connecticut. The bank operates a network of 177 branches and 316 ATMs throughout Connecticut, Massachusetts, Rhode Island, New Jersey, and select counties in New York, including Westchester, Orange, Ulster, Rockland, as well as New York City.
Historical Background
Established in 1935 by Harold Webster Smith under the name First Federal Savings of Waterbury, the company initially focused on providing home loans within Connecticut. Smith held the role of CEO until 1987 and continued as chairman until 1995. That year marked the rebranding to Webster Bank, commemorating its founder.
Key Milestones
- 1935: Launch of First Federal Savings of Waterbury by Harold Webster Smith.
- 1938: Company assets surpassed the $1 million mark.
- 1986: Transitioned to stock ownership and created a holding company structure.
- 1987: Leadership passed to James C. Smith as CEO.
- 1995: James C. Smith assumed the chairman position.
- 1997: Service offerings broadened with the introduction of Webster Trust Company and Investment Services.
- 1998: Acquisition of Eagle Bank of Bristol expanded branch count statewide beyond 100; became the first Connecticut bank to acquire an insurance agency (Damman Insurance).
- 2002: Listed on the New York Stock Exchange under the ticker symbol “WBS.”
- 2004: Shifted to a chartered commercial bank following approval from the Office of the Comptroller of the Currency.
- 2005: Purchased HSA Bank, establishing itself as a national leader in health savings account administration.
- 2006: Acquisition of NewMil Bank completed.
- 2016: Enhanced Boston-area footprint through acquisition of 17 Citibank branches and additional ATMs.
- 2022: Finalized $10 billion acquisition of Sterling National Bank; headquarters relocated from Waterbury to Stamford. At that time, deposits in Connecticut were approximately $25.9 billion.
- 2023: Acquired Ametros Financial, specializing in medical insurance settlement fund management, for $350 million.
Corporate Structure
Webster Financial Corporation functions as the parent company for Webster Bank, N.A., and Webster Insurance. Subsidiaries include Webster Business Credit Corporation, which focuses on asset-based lending; Budget Installment Corporation, an insurance premium finance company; Webster Capital Finance; and HSA Bank based in Sheboygan, Wisconsin—a division providing trustee and administrative services for health savings accounts.
In 2015, Webster Bank reported assets exceeding $24 billion and maintained a market capitalization above $3 billion. Its branch network spanned 177 locations with 316 ATMs across Connecticut, Massachusetts, Rhode Island, and Westchester County in New York.
Following the $5 billion merger with Sterling National Bank in 2022, total assets rose to $65 billion. The combined entity operated 202 branches and 380 ATMs, significantly increasing its footprint throughout the New York metropolitan area including parts of New Jersey. By 2024, it ranked as Connecticut’s largest bank by deposit volume at $33 billion within the state. John Ciulla held the positions of chairman and CEO during this period.