Webster Announces Repurchase of Remaining Balance of Preferred Stock from U.S. Treasury
Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., announced that it has repurchased today the remaining $200 million of preferred stock that was issued to the U.S. Department of the Treasury under its Capital Purchase Program ("CPP"). The repurchase follows Webster's recent public offering and private placement of a total of 8.7 million shares of its common stock.
Webster originally received a $400 million investment through the Capital Purchase Program in November 2008 and repurchased $100 million in each of March 2010 and October 2010. Webster paid the U.S. Treasury Department a total of $36.9 million in dividends on the preferred stock over the course of the investment.
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