Webster Announces Sale of People’s Mortgage Corporation Offices
Webster Financial Corporation (NYSE:WBS) , the holding company for Webster Bank, N.A., announced today the sale of its People’s Mortgage Corporation (PMC) branch offices in Severna Park and Rockville, Maryland, and Hamden CT to 1st Mariner Mortgage, a division of 1st Mariner Bank of Baltimore, MD. Terms of the transaction were not disclosed.
The following is the 1st Mariner Mortgage press release that was distributed earlier this afternoon:
1st Mortgage Announces Acquisition Of People’s Mortgage Corporation Offices
BALTIMORE, Md., March 30 – 1st Mariner Bank, serving communities within the greater Baltimore metropolitan area, Maryland’s Eastern Shore and southeastern Pennsylvania, today announced the 1st Mariner Mortgage, a division of 1st Mariner Bank, has acquired People’s Mortgage Corporation (PMC) branch offices in Severna Park and Rockville, MD, and Hamden, CT, from Webster Financial Corporation (NYSE:WBS) , the holding company for Webster Bank, N.A.
“The acquisition of PMC’s Maryland and Connecticut branch operations is a perfect fit for us,” stated Ned Perry, senior vice president and director of retail production for 1st Mariner Mortgage. “The employees of PMC have developed an outstanding reputation for exceptional customer service to the real estate community — something that we stand for at 1st Mariner Mortgage. We are pleased that they will be joining 1st Mariner. Together our companies will serve the real estate community at an even higher level.”
PMC’s 40 employees provided over $1.5 billion in mortgages to their customers in Maryland and Connecticut since 1995.
The Severna Park branch office, located at 838 Ritchie Highway; the Rockville branch office, located at 15722 Crabbs Branch Way, Suite 2-D; and the Hamden branch office, located at 2337 Whitney Avenue, 2nd Floor, Building 7, Hamden, CT will all be converted to 1st Mariner Mortgage branch offices on April 1, 2007.
“Our team is looking forward to becoming part of 1st Mariner Mortgage,” said Michael Schneck, vice president and branch manager of PMC’s Severna Park office. “We have experienced a great deal of success in this region and we believe this opportunity will allow us to continue to grow our business.”
1st Mariner Bank is a community bank with 27 retail branches, more than 200 ATM locations, and 17 mortgage branch offices focused on meeting the needs of the greater Baltimore metropolitan area, Maryland’s Eastern Shore, and southeastern Pennsylvania. The Bank has assets in excess of $1.3 billion, deposits in excess of $880 million, loans in excess of $790 million, and employs more than 800 people. For more information, please visit www.1stmarinerbank.com.
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.1 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 177 banking offices, 334 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank.
For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websteronline.com.