WATERBURY, Conn., Feb. 2 /PRNewswire-FirstCall/ -- Webster Financial Corporation today said that its internal controls had detected and halted an elaborate embezzlement scheme at a subcontractor that provides bulk cash processing on behalf of a major vendor of Webster.
The company said that the subcontractor had made partial restitution. In addition, the subcontractor maintains an insurance policy in an amount in excess of the maximum potential exposure of $11 million with Webster identified as a loss payee. No customer accounts were affected by the scheme.
Webster is pursuing all available avenues for recovery.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 501 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Center Capital Corporation, an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.websterbank.com/.
Webster Financial Corporation
CONTACT: Media, Ed Steadham, +1-203-578-2287, esteadham@websterbank.com,
or Investors, Terry Mangan, +1-203-578-2318, tmangan@websterbank.com
Web Site: http://www.websterbank.com/
