Exhibit 21

                                  Subsidiaries

     The Registrant operates one subsidiary, Webster Bank. Webster Bank has four
wholly owned subsidiaries,  Webster Investment  Services,  Inc., FCB Properties,
Inc., Bristol Financial  Services,  Inc. ("BFSI"),  and Omni Financial Services,
Inc.  In  addition,  BFSI has one wholly  owned  subsidiary,  Pequabuck  Capital
Corporation.












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