WATERBURY, Conn., Jan. 28, 2021 /PRNewswire/ -- Webster Bank is pleased to announce it received an overall rating of "Outstanding" from its primary regulator, the federal Office of the Comptroller of the Currency (OCC), for its Community Reinvestment Act (CRA) Performance Evaluation.
The OCC previously rated Webster as "Outstanding" in 2018; this is the second time the Bank has received the highest rating on its evaluation. See the full rating list here.
In addition, Webster achieved individual "Outstanding" ratings in each of the three specific test categories: lending, investment and community development service to low- and moderate-income (LMI) communities in Connecticut, Massachusetts, Rhode Island and New York. The evaluation covered transactions from 2017 to 2019.
"We are proud to have once again received an Outstanding rating from the OCC for the work our Webster bankers do every day to serve low- and moderate-income communities throughout our footprint," said Chairman, President and CEO John R. Ciulla. "This rating is a reflection of the way we manage our business, and an integral part of our efforts to promote community reinvestment and ensure fair and responsible banking."
Specifically, the OCC acknowledged Webster Bank's high performance in these key areas:
- Excellent overall lending activity in all rating areas, reflecting responsiveness and penetration given the highly competitive markets
- Very good distribution of home mortgage lending to customers of varied income levels and businesses of all sizes
- Webster Bank originated a significant number of loans using innovative and flexible lending products, mainly through government programs, for consumers and small businesses
- Overall outstanding performance in community development investments and grants that were responsive to affordable housing needs, and demonstrated good responsiveness to credit and community economic development
The OCC evaluates banks' performance in helping customers, businesses and local communities meet their credit needs, which include LMI individuals, LMI neighborhoods, and small businesses, consistent with safe and sound operation and banking practices.
Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $32.6 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 155 banking centers and 297 ATMs. Webster also provides mobile and online 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.
Elaine K. Ficarra, 203-913-2716
Terry Mangan, 203-578-2318
Kristen Manginelli, 203-623-9364
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SOURCE Webster Bank