Exhibit 99

FOR IMMEDIATE RELEASE

Media Contact: Mike Bazinet                          Investor Contact: Jim Sitro
               203-578-2391                                         203-578-2399

               WEBSTER SHAREHOLDERS MEETING WILL BE APRIL 22, 1999

WATERBURY,  Conn., Jan. 29, 1999 - Webster Financial Corporation (Nasdaq:  WBST)
announced  today that its Board of Directors  has  scheduled  the  corporation's
annual meeting of shareholders  for 4 p.m.  (eastern time)  Thursday,  April 22,
1999 at the Courtyard by Marriott, 63 Grand St., Waterbury, Connecticut.

The record date for shareholders to vote at the meeting is March 3, 1999.

                                      * * *


Webster Financial Corporation, headquartered in Waterbury, Conn., is the holding
company  for Webster  Bank,  which was founded in 1935.  Webster  Bank  delivers
consumer,  commercial,  mortgage, insurance, and trust and investment management
services to individuals,  families and businesses through a network of more than
100 banking offices,  three commercial  banking centers,  two insurance offices,
and more than 170 ATMs, in addition to telephone  banking,  video banking and PC
banking.

Webster  Bank 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.