EXHIBIT 21
                                  Subsidiaries
                                  ------------

Webster Bank, a federally  chartered  savings  bank,  is a direct  subsidiary of
Webster. Webster also owns all of the common securities of Webster Capital Trust
I and Webster Capital Trust II, which are Delaware  business trusts,  and all of
the common stock of Damman Associates, Inc., a Connecticut corporation.  Webster
Bank  has six  wholly-owned  subsidiaries:  Webster  Trust  Company,  N.A.,  FCB
Properties,  Inc.,  Webster  Investment  Services,  Inc.,  and  Access  National
Mortgage,  Inc. Access National Mortgage, Inc. holds 80% of the equity interests
of  Nowlending,  LLC.  Webster Bank also  directly  owns all of the  outstanding
common stock of Webster  Preferred Capital  Corporation,  a publicly traded real
estate investment trust and Webster Mortgage Investment  Corporation,  a passive
investment subsidiary.  Damman Associates, Inc. has one subsidiary,  LLIA, Inc.,
which has one  subsidiary,  the Louis Levine Agency,  Inc. (the  "Agency").  The
Agency has four  subsidiaries,  Retirement  Planning  Associates,  Inc.,  Levine
Financial Services,  Inc.,  Religious Benefit Services,  Inc. and Levine Surety,
Inc.




                                                 WEBSTER SUBSIDIARIES
- ---------------------------------------- -------------------------------------- --------------------------------------
                                                                                         NAMES UNDER WHICH
NAME OF SUBSIDIARY                           JURISDICTION OF ORGANIZATION                  THE SUBSIDIARY
                                                                                           DOES BUSINESS
- ---------------------------------------- -------------------------------------- --------------------------------------
                                                                          
Webster Bank                             United States                          same
Webster Capital Trust I                  Delaware                               same
Webster Capital Trust II                 Delaware                               same
Damman Associates, Inc.                  Connecticut                            Damman Insurance Associates;
                                                                                Webster Insurance
- ---------------------------------------- -------------------------------------- --------------------------------------