Media     Brent S. Di Giorgio           Investor                 John V. Brennan
Contact:  (203) 578-2561                Contact:                 (203) 578-2335

        WEBSTER FINANCIAL CORPORATION ANNOUNCES DATE FOR ANNUAL MEETING

WATERBURY,  CONNECTICUT,  February  29,  1996 -- Webster  Financial  Corporation
(NASDAQ:  WBST) announced today that its annual meeting of shareholders  will be
held  Thursday,  April  25,  1996  at  4:00  p.m.  in  Waterbury,   Connecticut.
Shareholders  of  record  at the close of  business  on March  15,  1996 will be
entitled to vote at the annual meeting.

In accordance with Webster's  bylaws,  shareholders who wish to present business
at the annual  meeting or to nominate  directors  are  required to give  written
notice,  containing the information specified in the bylaws, to Webster not less
than 30 days prior to the date of the annual meeting.

Webster Financial Corporation,  headquartered in Waterbury,  Connecticut, is the
holding  company  for  Webster  Bank.  Webster  has assets of $4 billion  and 64
offices extending from the Massachusetts  border through central  Connecticut to
Long Island Sound.  Webster provides  consumer,  commercial and mortgage banking
services to retail and business customers in Connecticut.

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