Exhibit 99

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,  Conn., Feb. 20, 1997 -- Webster Financial Corporation (NASDAQ: WBST)
announced today that its annual meeting of  shareholders  will be held Thursday,
April 17,  1997,  at 4 p.m.  in  Waterbury,  Connecticut,  at the  Courtyard  by
Marriott at 63 Grand Street.  Shareholders of record at the close of business on
March 7, 1997, 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 $5.2  billion and 79
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.