Exhibit 99
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                      WEBSTER BANK ANNOUNCES DEBT OFFERING

         WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 9, 2003--Webster Bank, a
subsidiary of Webster Financial Corporation (NYSE: WBS), announced today an
offering of $200 million of subordinated notes.

         The notes will have an interest rate of 5.875% and will mature on
January 15, 2013. The securities are offered through a firm commitment
underwriting in minimum denominations of $250,000 to institutional investors.
The subordinated notes are listed as investment grade by the major rating
agencies and were offered to institutional investors.

         The subordinated notes constitute new funding and supplement Webster
Bank's existing capital, including regulatory capital. Webster Bank is a
well-capitalized institution by regulatory standards.

         The underwriters for the transaction were Lehman Brothers Inc., Keefe,
Bruyette & Woods, Inc. and Sandler O'Neill & Partners, L.P.

         Webster Financial Corporation is the holding company for Webster Bank
and Webster Insurance. With $13 billion in assets, Connecticut-based Webster
Bank provides business and consumer banking, mortgage, insurance, trust and
investment services through more than 110 banking offices, 214 ATMs and the
Internet (www.websteronline.com). Webster Financial Corporation is majority
owner of Chicago-based Duff & Phelps, LLC, a leader in financial advisory
services. Webster Bank owns the asset-based lending firm, Whitehall Business
Credit Corporation, Center Capital Corporation, an equipment financing company
headquartered in Farmington, Connecticut and Webster Trust Company, N.A.

         For more information about Webster, including past press releases and
the latest Annual Report, visit the Webster Bank web site at
www.websteronline.com.

         This press release does not constitute an offer to buy or a
solicitation to sell the subordinated notes. Such offer or solicitation is only
made through Webster Bank's Offering Circular related to the subordinated notes.

Contact:

     Webster Bank
     Media Contacts:

     Clark Finley, 203/578-2429
     cfinley@websterbank.com
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     or
     Arthur House, 203/578-2391
     ahouse@websterbank.com
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     or
     Investor Contacts:
     Gregory Madar, 203/578-2271
     gmadar@websterbank.com
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