With $17 billion in total assets, and extensive branch and ATM networks across Connecticut, Massachusetts, New York and Rhode Island, Webster Bank is one of the largest regional financial institutions in the United States.
Webster Bank, N.A., likes to think of itself as New England's bank. And it may have a point. By the second quarter of 2010, it had total assets in excess of $17 billion, along with over 180 offices and nearly 500 ATMs across four states: Connecticut, Massachusetts, New York and Rhode Island.
It's hard to believe that -- even in his wildest dreams -- founder Harold Webster Smith ever imagined that his enterprise would achieve such size. After all, he set up the bank in 1935, in the midst of the Great Depression, and at that time his ambition was to help local people buy and build homes.
By 2010, Webster Bank's portfolio of products and services had grown to encompass the areas of personal, small business, commercial, and government banking.
Webster Bank has three checking accounts:
The bank offers a variety of savings products, including Premier Savings, which is a high yield savings account. Totally Free Savings has no monthly fees or minimum balances. CD offerings include a Six-Month Liquidity CD, which provides a guaranteed rate alongside the freedom to access deposits. The bank's money market account is another Premium-branded product.
Webster Bank provides home mortgages, second mortgages, home equity loans and home equity lines of credit. The bank offers brokerage services and investment products as well as financial planning services for high net worth individuals.
The bank provides retail and commercial banking services, asset-based lending services, residential mortgage origination, mezzanine financing for small and medium-sized enterprises (SMEs), trust and investment services. Also available through the bank are insurance plans and employee benefit plans including retirement and health savings accounts.
Deposits at Webster Bank are FDIC insured up to at least $250,000 per depositor.