Webster Bank Finances Kennedy-Donovan Center for $7.75 Million
28 January 2010 - 4:02AM
PR Newswire (US)
BOSTON, Jan. 27 /PRNewswire-FirstCall/ -- Webster Bank, the main
subsidiary of Webster Financial Corporation (NYSE:WBS), announced
today that it is providing $7.75 million in financing for
Kennedy-Donovan Center (KDC), a Foxboro, Mass., based nonprofit
human services agency. The financing package includes Webster's
purchase of $5.75 million in tax-exempt bonds from MassDevelopment
and a $2 million line of credit for working capital. Webster has
also been named Kennedy-Donovan Center's primary bank. The
financing package will enable Kennedy-Donovan Center to build a new
program center in Kingston, renovate its Attleboro program center,
and acquire or refinance seven additional properties, mostly group
homes. "MassDevelopment, Webster Bank and KDC worked together to
create financial stability for our organization," said Rick
Bornstein, Kennedy-Donovan Center's chief financial officer. "By
working with MassDevelopment to obtain these tax-exempt bonds, and
then Webster Bank, which bought the bonds, we were able to acquire
favorable interest rates and control our long-term costs." "Our
mission at Webster Bank is to help our customers achieve their
financial goals," said Tom Brady, senior vice president, commercial
banking. "Working hand-in-hand with MassDevelopment, we were able
to do that for Kennedy-Donovan Center and ultimately for the people
who rely on the critical services and care they provide." About
Kennedy-Donovan Center Founded in 1969, Kennedy-Donovan Center
(KDC), a non-profit human service agency dedicated to supporting
individuals and families with developmental disabilities and
similar needs to reach their maximum potential and quality of life
through advocacy and individualized services. KDC offers a wide
range of direct and supportive community-based services to more
than 5,000 people from over 150 communities in Massachusetts. About
Webster Webster Financial Corporation is the holding company for
Webster Bank, National Association. With $17.7 billion in assets,
Webster provides business and consumer banking, mortgage, financial
planning, trust and investment services through 181 banking
offices, 501 ATMs, telephone banking and the Internet. Webster Bank
owns the asset-based lending firm Webster Business Credit
Corporation, Center Capital Corporation, an equipment finance
company headquartered in Farmington, Conn., and provides health
savings account trustee and administrative services through HSA
Bank, a division of Webster Bank. Member FDIC and equal housing
lender. For more information about Webster, including past press
releases and the latest annual report, visit the Webster website at
http://www.websterbank.com/. Webster Media Contact: Brenda F.
Greene (401) 228-2083 Webster Investor Contact: Terry Mangan (203)
578-2318 KDC Media Contact: Ann Buono 508-543-2542, ext. 115
DATASOURCE: Webster Financial Corporation CONTACT: Webster Media
Contact: Brenda F. Greene, +1-401-228-2083, , or Webster Investor
Contact: Terry Mangan, +1-203-578-2318, , or KDC Media Contact: Ann
Buono, +1-508-543-2542, ext. 115, Web Site:
http://www.websterbank.com/
Copyright