Webster Bank history spans nearly eight decades, but was first introduced to the financial district five years ago. Since that time, their efforts to gain traction in commercial banking by targeting business owners have been quite successful and, although the bank hasn’t successfully expanded into the retail sector just yet, plans have been put in place to establish a greater presence in the retail community.
- Webster’s current focus on commercial lending efforts originated from the sale of Shawmut Bank in 1995. The bank initially specialized in handling deposits and making home loans. Their interests in commercial banking started in the 1990’s.
- The commercial lending business has been a major growth factor. The bank experienced an 8 percent growth rate compared to the previous year. For the commercial and business portions, the bank realized a 13 percent gain during that same period.
- The model will be transported to New York and Philadelphia. Consolidating multiple lending teams together to handle all business loan services has benefited the institution.
- Wealth management is expected to be the very next addition to the Webster Boston fold in 2015. Retirement planning is a market that is expected to really pay off for the institution since the company favors a broader asset allocation approach to investing.
- The bank still has plans to extend its network. Webster was first opened over a decade ago are a result of the acquisition of First Federal. After several years, it was finally able to open its location in Boston. The goal is to have 10 locations in the Boston area.
Webster Bank has made tremendous strides in several areas, and continues to eye opportunities for expanding its offerings.