Welcome to our dedicated page for Webster Financial Corporation news (Ticker: WBS), a resource for investors and traders seeking the latest updates and insights on Webster Financial Corporation stock.
Webster Financial Corporation, headquartered in Waterbury, Connecticut and traded under the symbol WBS, is a comprehensive financial services provider. Established in 1935, Webster Bank, N.A., a principal subsidiary, offers a wide range of banking solutions, including commercial and consumer banking, mortgages, investment advisory, trust, and wealth management services. This institution caters to individuals, families, and businesses across Connecticut, New York, Rhode Island, Massachusetts, and Pennsylvania.
Webster operates through three key segments: Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment is the largest revenue generator, offering tailored financial solutions to businesses of all sizes. The HSA Bank segment offers health savings accounts to individuals and businesses, while the Consumer Banking segment provides a broad spectrum of financial products to everyday consumers, including personal loans, credit cards, and deposit products.
The company prides itself on living up to its promise of understanding and addressing what matters most to its customers and communities. Webster Financial Corporation emphasizes values such as responsibility, respect, ethical behavior, citizenship, and teamwork, collectively known as the Webster Way. These guiding principles ensure that the company consistently puts people first, helping them achieve their financial goals and build fulfilling lives.
In recent years, Webster has achieved notable milestones, including strategic partnerships and technological advancements that enhance customer experience. The company's robust financial condition is reflected in its continual growth and the trust it has built within the community.
For the latest updates and relevant information about Webster Financial Corporation's performance and developments, visit our news section regularly.
Webster Financial (NYSE: WBS) reported net income of $177.5 million, or $1.03 per diluted share, for Q2 2024. Adjusted EPS was $1.26, excluding $49.9 million pre-tax of net securities repositioning losses. Key highlights include:
- Revenue of $614.6 million
- Loan balance of $51.6 billion, up 0.9% from prior quarter
- Deposit balance of $62.3 billion, up 2.5% from prior quarter
- Net interest margin of 3.32%, down 3 basis points
- Common equity tier 1 ratio of 10.62%
The company reported steady balance sheet growth despite challenging conditions, with increases in loans, deposits, and interest income driven by diverse asset generation and funding sources.
Webster Financial (NYSE: WBS) has declared dividends for its common and preferred stocks. The quarterly cash dividend for common stock is $0.40 per share, payable on Aug. 8, 2024, to shareholders of record as of July 29, 2024. For Series F Preferred Stock, a quarterly cash dividend of $328.125 per share ($0.328125 per depositary share) will be paid on Sept. 16, 2024, to shareholders of record on Sept. 1, 2024. The Series G Preferred Stock will receive a quarterly cash dividend of $16.25 per share ($0.40625 per depositary share), payable on Oct. 15, 2024, to shareholders of record on Sept. 30, 2024.
Webster Financial (NYSE: WBS) has announced two significant appointments. Neal Holland will become the new Executive Vice President of Finance and will succeed Glenn MacInnes as Chief Financial Officer (CFO) in August 2024. Holland brings over 20 years of strategic and financial experience, having previously served as CFO at First Republic Bank and MUFG Union Bank.
Additionally, Bill Haas, a former Deputy Comptroller at the Office of the Comptroller of the Currency (OCC), has been elected as a new non-management member of the Board of Directors. Haas has 38 years of experience in banking regulation and risk management.
These appointments are expected to strengthen Webster's leadership team and market position, leveraging Holland's financial expertise and Haas's regulatory background.
Webster Financial (NYSE: WBS) announced its second quarter 2024 earnings release will be on July 23, 2024, at 7:30 a.m. Eastern Time. The company will hold a conference call to discuss the earnings on the same day at 9:00 a.m. Eastern Time.
Interested parties can join the conference call toll-free at 888-330-2446 or via international dial-in at 1-240-789-2732 using passcode 8607257.
The call will be webcast live on Webster's Investor Relations website, with replays available shortly after the call ends. Telephone replays will also be accessible for one week starting at 12:00 noon Eastern Time on July 23, 2024, via toll-free number 800-770-2030 or international number 1-609-800-9909 using replay conference ID 8607257.
Webster Financial and Marathon Asset Management have announced a joint venture to finance middle market companies backed by private equity sponsors. Webster Bank, with $76 billion in assets, and Marathon, managing $23 billion, will offer senior secured loans. The partnership leverages both firms' credit expertise and relationships, with over 100 employees collaborating. This venture aims to diversify Webster's revenue and provide larger financing solutions. Key executives from both firms expressed optimism about the benefits of the combined strengths and the potential to enhance client services and generate asset management income.
Webster Bank has welcomed 31 summer interns from 23 universities to support 29 departments, including HSA Bank. The program, which lasts 10 weeks, features volunteering, teambuilding, career development classes, and a final presentation by each intern. This initiative builds on last year's program that hosted 25 interns across eight business lines. Webster Bank, headquartered in Stamford, CT, is a major commercial bank in the Northeast with $76 billion in assets, offering both digital and traditional financial services. The bank emphasizes its values-driven approach and dedication to talent development.
Webster Bank is celebrating its third annual Community Impact Month, recognizing the volunteer efforts of its employees. The initiative underscores Webster's commitment to community service, granting employees 16 hours of paid volunteer time to support local organizations. With $76 billion in assets, Webster operates three main lines of business: Commercial Banking, Consumer Banking, and Healthcare Financial Services. Headquartered in Stamford, CT, the bank emphasizes a values-based culture, focusing on the prosperity of local communities. Webster Bank’s core operational area spans from New York to Massachusetts, and it is an FDIC member and equal housing lender.
Webster Bank's Pan Asian Collective commemorated AAPI Month with the 'Passport to Pan Asia' events. The activities aimed to honor and raise awareness about various Pan Asian cultures. The celebrations offered employees opportunities to learn and engage with different cultural aspects, thanks to the efforts of the Business Resource Group Co-Chairs.
Webster Bank is committed to supporting the financial well-being of the communities it serves by providing financial education and resources to individuals and small businesses in low- to moderate-income areas. Through its Community Investment Strategy, the bank aims to address the need for improved financial literacy skills.
Webster Bank and YWCA Hartford Region celebrated the opening of the Webster/YWCA Hartford Region Finance Lab in Hartford, Connecticut, with a $100,000 grant from Webster. The program aims to provide financial skills and literacy to women and girls in YW programs, emphasizing economic security and self-sufficiency. The initiative highlights Webster Bank's commitment to corporate social responsibility and community empowerment. The Finance Lab is part of a broader effort to enhance financial empowerment and literacy in low- to moderate-income communities.
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