Webster looks to expand in R.I.

WATERBURY, Conn. – Webster Bank is looking for ways to expand its franchise in Rhode Island in both commercial and consumer banking, Chairman and CEO James C. Smith told Providence Business News following the release of the bank’s second quarter 2014 earnings report on July 17.
That’s not with an eye to adding to Webster’s 13 banking centers in Rhode Island, but to increase operations and market share, said Smith.
“There’s more opportunity in Rhode Island now than there has been in a long time,” said Smith.
“Construction and manufacturing jobs are increasing. That’s bread-and-butter for our commercial middle market. In business banking housing, construction lending and housing prices are on the rise – there are so many positive signals for economic improvement in Rhode Island.
“We’re very bullish on Rhode Island,” said Smith.
In its earnings report for second quarter 2014, Webster Bank reported a 3.2 percent increase in net incomeyear-over-year to $48 million.
“Loans grew across all categories , with especially strong performance once again by commercial banking,” Smith said.
Overall loan balances grew 2 percent linked-quarter and 8 percent year-over-year, the bank reported.
Total loan origination were up 22 percent from first quarter 2014, but down 19 percent from a year ago, with the decrease primarily reflecting the changed environment in refinancing, with residential mortgage originations 53 percent lower year-over-year, the bank reported.

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