Webster Receives U.S. Small Business Administration's 2007 Excellence in Lending Award

May 4, 2007; 03:29 AM
Webster Bank, a subsidiary of Webster Financial Corporation , has received the U.S. Small Business Administration's (SBA) 2007 Excellence in Lending Award for its outstanding overall record with SBA's 7(a) and 504 lending programs. The SBA held its "Small Business Week 2007" event on April 23-24 in Washington, D.C. where it honored Webster and other institutions for their lending performance and commitment to assisting small businesses with their financial needs.

"Webster has a strong record of supporting the growth of our region's small businesses," stated Robert Polito, Webster senior vice president, Business & Professional Lending. "At Webster, we know that the ability of entrepreneurs to access capital in a timely and reliable manner is a critical challenge. Our relationship with the SBA and its excellent loan programs has been a valuable asset in helping us meet our customers' financial needs."

With the completion of Webster's acquisition of NewMil Bancorp in the 2006 fourth quarter, Webster's portfolio of SBA loans surpassed $100 million and now accounts for more than 10 percent of Webster's Business and Professional Banking loan portfolio.

Last year, for the fourth year in a row, Webster was named the most active lender in the SBA's loan program in Connecticut. Webster was also named the most active lender for the SBA's 504 loan program in Rhode Island for 2007.

Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $16.9 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 177 banking offices, 334 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., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank.