Exhibit 21
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                                  Subsidiaries
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     The Registrant operates one subsidiary, Webster Bank, a federally chartered
savings  Bank.  Webster is the  sponsor of Webster  Capital  Trust I, a Delaware
business  trust.  Webster  Bank  has five  wholly  owned  subsidiaries,  Webster
Investment  Services,  Inc., Webster Trust Company,  National  Association,  FCB
Properties,  Inc., Bristol Financial Services, Inc. ("BFSI"), and Omni Financial
Services,  Inc.  Webster Bank also owns all of the  outstanding  common stock of
Webster Preferred Capital  Corporation.  In addition,  BFSI has one wholly owned
subsidiary, Pequabuck Capital Corporation.