Establishes Office of Corporate Responsibility; Investment includes affordable housing, community development and small business lending across the Northeast
STAMFORD, CT June 14, 2022 – Webster Financial Corporation (NYSE: WBS) (“Webster”), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced a $6.5 billion commitment to invest in the communities it serves and established a new Office of Corporate Responsibility (OCR) to oversee its expanded community engagement efforts.
The larger scale and greater resources created by Webster’s recently completed merger with Sterling Bancorp allow the combined company to expand on both banks’ long-standing records of corporate responsibility and community engagement. Integral to the way Webster does business, this increase in investments will create even greater opportunities and value for clients and communities across the bank’s footprint.
“We are excited to announce this investment in our communities, as we continue to build on Webster’s established record of citizenship, sustainability and responsibility,” said John R. Ciulla, President and CEO. “We look forward to continuing our active involvement across our newly expanded footprint as we build even stronger relationships with our clients and deliver growth and value creation for our shareholders.”
Webster’s Office of Corporate Responsibility is led by Marissa Weidner, Chief Corporate Responsibility Officer. The OCR will manage all community-facing activities across the organization, with an emphasis on Webster’s values of integrity, collaboration, accountability, agility, respect and excellence. These activities include Community Reinvestment Act (CRA)/Fair and Responsible Banking, Community Investment, Engagement and Philanthropy, Government Relations and Public Affairs, Supplier Diversity and Environmental, Social and Governance (ESG) efforts. While these individual activities had been successful in both legacy companies, bringing them together in the Office of Corporate Responsibility allows a more strategic approach and more effectively leverages resources.
“We want to provide the opportunity for individuals in our communities to excel. This commitment represents a greater investment than the sum of the investments made by each bank on a stand-alone basis,” said Weidner, adding, “Webster worked with a number of community groups to develop this program. We appreciate the shared time and feedback from all of these organizations.”
The program will include investments across several key focus areas:
- Affordable housing – Access to affordable housing and homeownership for low- and moderate-income (LMI) communities across our footprint, including $1.35B in LMI residential lending and $1.00B in multifamily lending
- Community development – Making critical community services more accessible for LMI communities with $2.10B in community development lending and investments over three years
- Small business lending – Making capital more accessible to entrepreneurs and small businesses with $2.10B in small business lending over three years with focus on minority and women owned businesses
- Community support – Webster also will continue supporting programs that address food scarcity, workforce development and financial literacy for youth and aging populations, as well as a wide range of programs to support community needs with a focus on equity, economic inclusion and financial empowerment.
For information about the Office of Corporate Responsibility click here.
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business including: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.