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WIKI ANALYSIS
Webster Financial Corporation (NYSE: WBS) is a modern day commercial bank that specializes in residential mortgage, consumer, business, and commercial real estate loans. The Company operates over 180 branches in Connecticut, Massachusetts, Rhode Island, and New York, and manages a portfolio of approximately $17 billion.
The performance of Webster Financial's investments has been largely affected by the sub-prime credit meltdown. Webster holds a number of home equity and residential construction loans, and as such has experienced steep declines in valuation. [1] Nevertheless, the Company has no mortgage-backed collateralized debt obligations (CDOs) in its portfolio, and has announced plans to re-focus its business in pure commercial banking. [2] Due to its strong capital position, enhanced risk management, and favorable level of reserves, Webster is well equipped to weather the further deteriorating credit markets moving forward. [3]
Company Overview
Since 2006 Webster Financial has taken a number of initiatives to redefine its business. They completed a branding agreement with Walgreens, for example, which increased their existing ATM network by almost 50 percent to more than 500 ATMs. [4] More recently, WBS announced a program called OneWebster, an employee led earnings optimization plan designed to increase revenue and eliminate expenses in order to bring the bank's operating efficiency ratio down. The target goal is to spend less than $.60 per dollar of revenue by the end of 2008, down from about $.65 last quarter. [5]
and our his
Moving forward, Webster is we. However, we were in the businesses of indirect, out-of-market home equity and residential construction lending, and we have suffered the consequences. is a modern day commercial bank. They offer commercial, consumer, and mortgage banking, as well as insurance and investment services to individuals, families and small and middle-market businesses in and around their primary markets. The company's franchise extends from the suburbs of Boston through southeastern Massachusetts and Rhode Island to Connecticuit, their flagship state, and into Westchester County, New York.
References
- ↑ Webster Financial Annual Report, page 0
- ↑ Webster Financial Annual Report, page 0
- ↑ Webster Financial Annual Report, page 0
- ↑ Webster Financial Annual Report, page 0
- ↑ Webster Financial Annual Report, page 0
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