WBS » Topics » Government Finance

This excerpt taken from the WBS 10-K filed Mar 2, 2009.

Government Finance

Webster’s Government Finance division provides a full range of banking, cash management, investment, and credit-related services to public entities across Webster’s four-state footprint. The group offers customized products that are delivered locally through single points of contact through offices located in Connecticut and Massachusetts. By acquiring and developing relationships that consider Webster to be their “primary bank”, Government Finance has become a reliable source of funding for the Bank. This business effort has been enhanced by the significant investment the Bank has made in recent years in both the depth and breadth of cash management services and overall infrastructure. Government Finance division’s deposits were $828.7 million at December 31, 2008, a decrease of 14.2%, compared to $965.7 million December 31, 2007.

These excerpts taken from the WBS 10-K filed Feb 28, 2008.

Government Finance

Webster’s Government Finance Group provides a full range of banking, cash management, investment, and credit-related services to public entities across Webster’s four-state footprint. The group offers customized products that are delivered locally through single points of contact through our offices located in Connecticut and Massachusetts. By acquiring and developing relationships that consider Webster to be their “primary bank”, the Group has become a reliable source of funding for the Bank. This business effort has been enhanced by the significant investment the Bank has made in recent years in both the depth and breadth of cash management services and overall infrastructure. Government Finance group deposits were $965.7 million at December 31, 2007, an increase of 52.0%, compared to $635.2 million December 31, 2006.

Government Finance

STYLE="margin-top:6px;margin-bottom:0px">Webster’s Government Finance Group provides a full range of banking, cash management, investment, and credit-related services to public entities across
Webster’s four-state footprint. The group offers customized products that are delivered locally through single points of contact through our offices located in Connecticut and Massachusetts. By acquiring and developing relationships that
consider Webster to be their “primary bank”, the Group has become a reliable source of funding for the Bank. This business effort has been enhanced by the significant investment the Bank has made in recent years in both the depth and
breadth of cash management services and overall infrastructure. Government Finance group deposits were $965.7 million at December 31, 2007, an increase of 52.0%, compared to $635.2 million December 31, 2006.

STYLE="margin-top:18px;margin-bottom:0px">Equipment Financing

Center Capital Corporation (“Center
Capital”), a nationwide equipment financing subsidiary of Webster Bank, transacts business with end users of equipment, either by soliciting this business on a direct basis or through referrals from various equipment manufacturers, dealers and
distributors with whom it has relationships. The equipment financing portfolio was $985.3 million at December 31, 2007, an increase of 10.7% compared to $889.8 million at December 31, 2006.

STYLE="margin-top:12px;margin-bottom:0px">Center Capital markets its products nationally through a direct sales force of equipment financing professionals who are grouped by customer type or collateral-specific
business line. During 2007, financing initiatives encompassed four distinct industry/equipment niches, each operating as a division: Construction and Transportation, Environmental, Manufacturing and General Aviation.

STYLE="margin-top:12px;margin-bottom:0px">Within each division, Center Capital seeks to finance equipment that retains value throughout the term of the underlying transaction. Little, if any, residual value risk
is taken and, in all cases, financing terms are for less than financed equipment’s projected useful life. As such, and in exceptional instances where it is forced to repossess its collateral, that equipment may have value equal to or in excess
of the defaulted contract’s remaining balance. All credit underwriting, contract preparation and closings, as well as servicing (including collections) are performed centrally at Center Capital’s headquarters in Farmington, Connecticut.

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