Webster Bank, National Association, a subsidiary of Webster Financial Corporation (NYSE: WBS) announced today plans to reorganize and streamline its Mortgage Banking Group to maximize support for Webster's direct and retail banking activities.
Webster will discontinue wholesale and correspondent loan originations, reflecting its strategic focus on direct banking activities in its core New England franchise. Webster expects continuing growth in its retail mortgage banking activities.
The reorganization will result in a reduction of staffing levels, mostly in Connecticut. The review and reductions will be completed by the end of February 2008.
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $16.8 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 179 banking offices, 339 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, Member FDIC and equal housing lender. -- Webster Bank
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