EXHIBIT 99.1

             WEBSTER ANNOUNCES ACQUISITION OF MARITIME BANK & TRUST

WATERBURY,  NOV. 4, 1998 -- Webster Financial  Corporation (Nasdaq:  WBST) today
announced that it has reached a definitive  agreement to acquire Maritime Bank &
Trust  (Nasdaq:  MTMB)  for  $26.67  per  share in a  tax-free,  stock-for-stock
exchange  valued at  approximately  $21 million.  Maritime is a  state-chartered
commercial bank  headquartered in Essex with one branch each in the towns of Old
Lyme and Old Saybrook. It has total assets of $100 million. With the addition of
Maritime, Webster will have $9.3 billion in assets.

The acquisition is expected to contribute  positively to Webster's  earnings per
share  in the  first  year.  The  purchase  price  is  approximately  2.7  times
Maritime's book value and 21 times Maritime's earnings per share for the last 12
months. Webster expects to account for the transaction as a purchase.

The definitive  agreement,  which has been approved by both companies' boards of
directors,  is subject to approval by  Maritime's  shareholders  and  regulatory
authorities.  Webster  expects the  transaction to close in the first quarter of
1999.

"Our  partnership with Maritime will strengthen  Webster's  franchise and extend
our presence into attractive communities along the Connecticut  shoreline," said
James C. Smith,  Webster  chairman and chief  executive  officer.  "Customers of
Webster and Maritime  will benefit from having  greater  access and  convenience
through our  extensive  network of branches and ATMs.  Maritime  customers  will
enjoy a broader selection of products and services."

Based on the terms of the agreement,  Maritime  shareholders will receive $26.67
per Maritime  common  share if  Webster's  stock price is at or below $24.45 per
share during the pricing  period.  Above the ceiling  price,  the exchange ratio
fixes  at 1.091  Webster  shares.  Webster  intends  to buy back in open  market
transactions  the equivalent  number of Webster common shares issued to Maritime
shareholders.

William R. Attridge,  Maritime president, said, "Our board of directors believes
that the best long-term  interests of our shareholders,  customers and employees
are served by our merger with Webster.  Our  institutions  share common business
philosophies  and a strong  commitment to the Connecticut  communities we serve.
The  merger  increases  our  capacity  to  provide  financial  services  to  our
customers,  including  expanded  business  banking services as well as trust and
investment management services,  insurance services,  and PC banking.  Following
the merger,  Maritime customers will be able to transact business to all Webster
Bank locations and will benefit form Webster's broad product offerings."

      



"Maritime  customers  should continue to banks as they normally do," Smith said.
"The   transition  to  Webster  will  be  seamless,  and  customers  should  not
experience any inconvenience."

"Our  combination with Maritime  represents an important growth  opportunity for
Webster.  Maritime's  three  branches  offices will remain open and will support
further expansion along Connecticut's shoreline," Smith said.

Webster  has  guaranteed  positions  in  the  combined  branch  network  to  all
non-management Maritime branch employees.  As in previous acquisitions,  Webster
has  pledged to keep the number of  positions  eliminated  to a minimum and will
give  consideration to Maritime employees whose positions are eliminated or open
spots elsewhere at Webster.

                                    *  *  *


Webster  Bank was founded in 1935 and is a leading  Connecticut-based  financial
institution.  Webster delivers consumer banking,  commercial banking,  mortgage,
insurance, and trust and investment management services to individuals, families
and businesses.

Webster Bank has $9.2  billion in assets and operates  through a network of more
than 100 banking offices,  three commercial  banking centers,  and more than 174
ATMs, in addition to telephone  banking,  video banking and PC banking.  Webster
has the number one or number two deposit market share in its primary  markets of
Hartford, New Haven and Litchfield counties.

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. Webster's insurance subsidiary, Damman Insurance Associates, is one
of the largest agencies in the state.