Webster Bank Makes $6.5B Community Support Commitment
Webster Financial Corporation is investing $6.5 billion in the communities Webster Bank serves.
The investment comes with the creation of an office of corporate responsibility to oversee community engagement efforts.
“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,” president and CEO John Ciulla said.
“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.”
Affordable housing, community development, and small business lending are among the focus areas for the company’s philanthropic initiatives.
Corporate Responsibility Office
Chief corporate responsibility officer Marissa Weidner will manage the community-facing activities across the organization, according to a release.
The creation of her office is intended to help Webster take a strategic approach to more effectively leverage resources.
“We want to provide the opportunity for individuals in our communities to excel,” Weidner said.
“This commitment represents a greater investment than the sum of the investments made by each bank on a stand-alone basis.”
Key Investments include:
- $1.35 in low- and moderate-income residential lending
- $1 billion in multifamily lending
- $2.1 billion in community development lending and investments over three years
The company said it will also continue to support food scarcity, workforce development, and financial literacy programs in communities across the state.
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