PR Newswire
WATERBURY, Conn., Jan, 4, 2018
WATERBURY, Conn., Jan, 4, 2018 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the
holding company for Webster Bank, N.A. and its HSA Bank division, today announced an acceleration
of investment in its employees and the communities it serves following the passage of new federal tax reform legislation.
These investments include:
- Payment of a one-time $1,000 cash bonus in the first quarter of 2018 to full-time employees
who are below the vice president level. This payment will benefit approximately 70 percent of all Webster full-time
employees;
- Increasing Webster's minimum wage to $15 per hour by the end of 2018;
- Beginning in 2018, augmenting Webster's annual philanthropic and community investment by $1
million; and,
- Enhancing Webster's investment in strategic employee development initiatives and early career programs, creating new job
opportunities in our markets.
"Investing in our employees and our communities has been an integral part of Webster's 82-year history as a
values-guided, community-minded organization," said John Ciulla, president and chief executive officer. "These
investments demonstrate our commitment to our employees and to the markets that we serve."
Webster continues to assess the financial impact of the new federal tax reform legislation and intends to disclose the impact
on or before its earnings release for the fourth quarter of 2017.
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.4
billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment
services through 167 banking centers and 338 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns
the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance
Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative
services. 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.
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SOURCE Webster Financial Corporation