This excerpt taken from the WBS 8-K filed Jun 5, 2007.
WEBSTER ANNOUNCES NEW SHARE REPURCHASE PROGRAM
WATERBURY, Conn., June 5, 2007 Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., announced today that its Board of Directors has authorized repurchase of up to 5 percent of Websters 55.8 million shares of outstanding common stock, approximately 2.8 million shares.
Websters stock repurchase program approved in July 2003 authorized repurchase of 2.3 million shares. During the second quarter of 2007 Webster repurchased 971,000 shares, completing the authorization.
Our Board considers Webster shares an attractive investment opportunity at current market valuations, stated Webster Chairman and Chief Executive Officer James C. Smith. Our strengthened tangible capital level provides flexibility to manage our capital position. We plan to enhance shareholder return by growing our franchise and through selective repurchase of our shares.
Webster plans to continue to repurchase shares from time-to-time in the open market and unsolicited negotiated transactions, including block purchases.