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June 14, 2022

Webster Bank plans $6.5B community investment 

PHOTO | CONTRIBUTED A Webster Bank branch.
By Andrew Larson

Webster Bank’s parent company, Webster Financial Corp., announced Tuesday it’s investing $6.5 billion in the communities it serves and is establishing an office of corporate responsibility to oversee community engagement.

The company says the recent merger between Sterling Bancorp and Webster Bank gives it greater scale and resources for philanthropic efforts.

The newly formed office will be led by Chief Corporate Responsibility Officer Marissa Weidner. 

“This commitment represents a greater investment than the sum of the investments made by each bank on a standalone basis,” Weidner said.

The program will include $1.3 billion in affordable housing for low- and moderate-income communities; $2.1 billion in community development lending and investments over three years; and $2.1 billion in small business lending over three years with focus on minority and women owned businesses.

Webster will continue supporting programs that address food scarcity, workforce development and financial literacy for youth and aging populations, focusing on equity, economic inclusion and financial empowerment, the company said.
 

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