Webster Bank, the main subsidiary of Webster Financial Corporation announced today that it is providing $26 million in financing for Providence-based Capco Steel, LLC. The financing package includes a $20 million revolving line of credit and a $6 million term loan. Webster trades on the “New York Stock Exchange” under the stock symbol “WBS”. For More information regarding the "WBS", make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE:WBS), announced today that it is providing $26 million in financing for Providence-based Capco Steel, LLC. The financing package includes a $20 million revolving line of credit and a $6 million term loan. The $6 million term loan includes a $5 million bond Webster will purchase from the Rhode Island Industrial and Recreational Bond Authority. The loan funds will be used to refinance Capco's existing debt and to fund future growth. Webster has also been named Capco Steel's primary bank.
"Webster Bank is pleased to be part of this significant initiative, which is bringing much-needed jobs to our state," said Anthony Capuano, senior vice president, commercial banking. "Earlier this year, our company announced our intent to nearly double our lending to small and medium-sized businesses to $850 million in 2010. This financing package for Capco Steel is evidence of our commitment to helping Rhode Island businesses achieve their financial goals."
About Webster Financial Corp:
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 501 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Center Capital Corporation, an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.websterbank.com/
About Capco Steel, LLC:
Based in Providence, R.I., Capco Steel is engaged in the fabrication and erection of structural, miscellaneous and ornamental steel. The company was founded in 1990 by Michael and Patricia Caparco and has become the dominant steel fabrication and erection company in New England. Capco has constructed many landmark structures around New England, including Gillette Stadium, the Boston Convention Center, Connecticut Convention Center, Pfizer World Headquarters, Reebok Headquarters and the Mystic River Power Plant.
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