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WEBSTER FINANCIAL CORPORATION ELECTS THREE DIRECTORS AT ANNUAL MEETING; ANNOUNCES DIVIDEND REINVESTMENT PLAN

 WATERBURY, Conn., May 25 /PRNewswire/ -- Walter R. Griffin and Richard G. Morgan were reelected as directors and C. Michael Jacobi was elected as a director of Webster Financial Corporation (NASDAQ: WBST) for three-year terms at the corporation's annual meeting of shareholders held today in Waterbury. The appointment of KPMG Peat Marwick as independent auditors of the corporation for the fiscal year ending Dec. 31, 1993 was ratified at the meeting. Webster Financial Corporation is the holding company for First Federal Bank, a Waterbury, Conn.-based federal savings bank with $2.1 billion in assets.
 Walter R. Griffin is an employee of Griffin, Griffin & O'Brien, P.C. in Waterbury, Conn. Griffin, Griffin & O'Brien, P.C. serves as the corporation's and the bank's general counsel.
 Richard G. Morgan is president of McGuire Manufacturing Company, Prospect, Conn., a manufacturer of specification cast brass plumbing supplies.
 C. Michael Jacobi is president, chief operating officer and a director of Timex Corporation, Middlebury, Conn., a manufacturer of timepieces.
 At the annual meeting of shareholders, President and Chief Executive Officer James C. Smith reviewed the corporation's results and highlights of 1992, the results for the first quarter of 1993 and the outlook for the year. Smith announced that the corporation will establish an automatic Dividend Reinvestment program for registered shareholders of common stock. Shareholders will be invited to enroll in the Plan in July 1993. Webster previously reported earnings of $7.3 million, or $1.49 per fully diluted share for the first quarter of 1993, compared to $1.1 million or $.33 per share for the same period a year ago. Earnings for the 1993 quarter include $4.3 million or $.93 per fully diluted share from the implementation of Financial Accounting Standards Board Statement 109 relating to the cumulative effect of a change in the method of accounting for income taxes effective Jan. 1, 1993. Webster reported yesterday that the board of directors declared a 10 percent common stock dividend payable June 30, 1993 to shareholders of record on June 4, 1993.
 -0- 5/25/93
 /CONTACT: Mark S. Mitchell of Webster Financial, 203-578-2336/
 (WBST)


CO: Webster Financial Corporation ST: Massachusetts IN: FIN SU: DIV

DD -- NE009 -- 2320 05/25/93 16:43 EDT
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Publication:PR Newswire
Date:May 25, 1993
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