EXHIBIT 99


               WEBSTER ACQUIRES INSURANCE PREMIUM FINANCING COMPANY


WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 24, 2003--Webster Bank, the wholly owned
subsidiary of Webster Financial Corporation (NYSE: WBS), announced today the
acquisition of Budget Installment Corp., an insurance premium financing company
based in Rockville Centre, New York.

Budget Installment Corp. finances commercial property and casualty premiums for
businesses that pay their premiums on a monthly basis. The thirty year-old
company currently has approximately 8,000 active borrower accounts located in
New York and New Jersey.

"This acquisition is a good fit for Webster and Budget given the natural synergy
in our businesses," stated Webster chairman and chief executive officer, James
C. Smith. "The acquisition meets the needs of our existing insurance customers
and gives us an entry into the attractive premium financing marketplace.
Budget's knowledge and expertise in the premium financing arena will benefit
Webster's small and mid-sized business customers."

This announcement marks the second insurance-related acquisition for Webster in
2003. On January 6, Webster reported the acquisition of The Mathog & Moniello
Companies, an East Haven, Connecticut-based commercial property and casualty
company that specializes in providing risk management products and services to
self-insured businesses and groups.

"The acquisitions completed thus far in 2003 underscore our strategy for
profitable growth," stated Webster executive vice president, corporate
development, Nathaniel C. Brinn "Both deals broaden Webster's product array for
our commercial customers. Webster views premium finance as a growth sector with
attractive risk and return characteristics."

Terms of the acquisition were not disclosed.

Webster Financial Corporation is the holding company for Webster Bank and
Webster Insurance. With more than $13 billion in assets, Connecticut-based
Webster Bank provides business and consumer banking, mortgage, insurance, trust
and investment services through more than 109 banking offices, 219 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.