EXHIBIT 99


[WEBSTER FINANCIAL CORPORATION LOGO]                Webster Plaza
                                                    Waterbury, Connecticut 06702

Media Contacts: Michael Bazinet                 Investor Contact: James M. Sitro
                203-578-2391                                      203-578-2399

                Christopher Capot
                203-578-2461



                    WEBSTER ANNOUNCES TWO-FOR-ONE STOCK SPLIT

     WATERBURY,  Conn., March 17, 1998 -- Webster Financial Corporation (NASDAQ:
WBST),  holding  company for  Webster  Bank,  announced  today that its Board of
Directors  has  declared  a  two-for-one  stock  split  in the  form  of a stock
dividend.

     The record date for the stock split will be April 6, 1998.  Shareholders of
record at the market  close on that date will  receive one  additional  share of
Webster stock for each share held.  Distribution  of the additional  shares will
take place on April 14, 1998.

     "We are extremely  pleased to announce this two-for-one stock split," James
C. Smith,  Webster  chairman and chief executive  officer,  said.  "This action,
which will help widen the distribution and enhance the  marketability of Webster
stock,  underscores  the momentum we have gained from dynamic  growth and steady
earnings  improvement.  The two-for-one  split will bring the price per share of
Webster  stock and  number  of  shares  outstanding  into a range  which  should
generate increased interest from current and new shareholders."

     Webster  expects to close on its pending merger with Eagle  Financial Corp.
in mid-April.  The total number of shares outstanding after the split and merger
with Eagle will be approximately 38 million.  Pro forma for the merger,  Webster
will  have  a  market  capitalization  of  approximately  $1.2  billion.   Eagle
shareholders  will receive 1.68 shares of Webster  stock for each share of Eagle
upon  the  stock  distribution   following  merger.   Any  Webster   shareholder
contemplating  a sale from the record date to the payable date should  consult a
broker as to entitlement to split shares.

                                      * * *

     Webster Financial  Corporation,  headquartered in Waterbury,  Conn., is the
holding  company  for Webster  Bank,  which was founded in 1935 and is a leading
Connecticut-based  financial  institution.  Webster delivers  consumer  banking,
commercial banking,  mortgage,  and trust and investment  management services to
individuals, families and businesses.



                                   -- more --





     Webster  Bank  currently  has the  second-largest  deposit  market share in
Hartford and New Haven  counties.  Following  its pending  merger with  Bristol,
Conn.-based Eagle Bank,  Webster also will have the leading deposit market share
in Litchfield County.  Following the merger,  Webster will have approximately $9
billion in assets and operate  through a network of 110 banking  offices,  three
commercial  banking  centers,  six trust  offices  and more  than 160  ATMs,  in
addition to telephone banking, video banking and PC banking.

     Webster is also the  second-largest  mortgage  lender in Connecticut  and a
leading,  full-service  commercial  lender.  Webster Trust, the bank's trust and
investment management subsidiary, is the second-largest bank trust company based
in Connecticut.



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