Webster Bank history

By 1938, the thrift's assets had reached $1 million.

The bank didn't open its first branch until 1959 when it had $50 million in assets.

In 1986, he and his father realized First Federal needed to place itself in an optimum capital position to take advantage of any expansion opportunities the state's rapidly changing banking landscape might yield in the future.

A year later, in 1987, Harold Smith retired as CEO, after having managed the bank's day-to-day operations for 52 years.

After having operated as a thrift for its first 55 years, First Federal converted its charter to that of a commercial bank in 1990.

In 1991, First Federal made its initial acquisition when it purchased the failed Suffield Savings Bank out of receivership from the Federal Deposit Insurance Corp.

The bank changed its name to Webster in 1995, a nod to Smith's father.

In 1998 Webster became the first Connecticut bank to buy an insurance agency, acquiring Damman Associates of Westport and Wallingford.

Webster crossed state lines for the first time in late 2003 when it announced the $465 million acquisition of Swansea, Mass.-based First Federal Savings Bank of America, which had 19 branches in Massachusetts and seven in Rhode Island.

A few months later, in May 2004, it opened a new branch in Scarsdale, N.Y., it's first foray into neighboring Westchester County.

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Smith retired as Webster Bank’s chief executive in 2018, part of a succession plan that installed John Ciulla as CEO. Ciulla also will now take on the duties of chairman.

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