UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported). October 26, 1997
WEBSTER FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-15213 06-1187536
- --------------------------------------------------------------------------------
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
Webster Plaza, Waterbury, Connecticut 06702
---------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (203) 753-2921
---------------
Not Applicable
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
-------------
On October 26, 1997, Webster Financial Corporation ("Webster") entered into
an Agreement and Plan of Merger (the "Agreement") by which Webster will acquire
Eagle Financial Corp. ("Eagle") in a tax-free stock-for-stock exchange (the
"Merger"). The Merger must be approved by the stockholders of Webster and Eagle
and by regulatory authorities and is subject to various customary closing
conditions. In connection with the Agreement, Webster and Eagle entered into an
Option Agreement pursuant to which Eagle granted Webster an option, exercisable
under certain circumstances, to purchase an aggregate of 1,256,991 newly issued
shares of common stock, par value $.01 per share, of Eagle at an exercise price
of $41.25.
Webster issued a press release on October 27, 1997 relating to the signing
of the Agreement with Eagle. Such press release is filed as Exhibit 99.1 hereto
and is incorporated by reference herein. On October 27, 1997 management of
Webster and Eagle held a discussion with securities analysts relating to the
proposed Merger. The related analyst presentation is filed at Exhibit 99.2
hereto and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
----------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Press Release of Webster Financial
Corporation dated October 27, 1997.
99.2 Analyst Presentation of Webster Financial
Corporation dated October 27, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEBSTER FINANCIAL CORPORATION
-----------------------------
(Registrant)
/s/ John V. Brennan
-------------------------
John V. Brennan
Executive Vice President,
Chief Financial Officer
and Treasurer
Date: November 7, 1997
<TABLE>
<CAPTION>
<S> <C>
Webster Contacts Eagle Contacts
Media: Christopher Capot, 203-578-2461 Media: Robert J. Britton, 860-314-6411
Investors: John V. Brennan, 203-578-2335 Investors: Mark J. Blum, 860-314-6410
</TABLE>
WEBSTER FINANCIAL CORP. TO JOIN FORCES
WITH EAGLE FINANCIAL CORP. IN MERGER
WATERBURY, Conn., Oct. 27, 1997 -- Webster Financial Corporation (Nasdaq: WBST)
today announced a definitive agreement to acquire Eagle Financial Corp. (Nasdaq:
EGFC) on a stock-for-stock basis in a tax-free exchange fixed at 0.84 shares of
Webster common stock for each share of Eagle common stock. Eagle, the fourth
largest Connecticut-based bank with total assets of $2.1 billion, operates 30
branches in Hartford and Litchfield counties. With the addition of Eagle,
Webster will have $8.9 billion in assets and more than 110 branches.
The definitive agreement, which has been approved by both companies' boards of
directors, is subject to the approval of Webster's and Eagle's shareholders and
the appropriate regulatory agencies. Webster expects the transaction to close in
the first quarter of 1998.
"We are extremely pleased to be joining forces with one of Connecticut's leading
banks," said James C. Smith, Webster's chairman and chief executive officer.
"This is a natural alliance between two like-minded, customer-and
community-oriented banks. Both banks' employees are dedicated to providing
excellent customer service, and both companies have strong commitments to the
communities they serve. This merger will allow our combined organization to
offer more convenient and accessible banking services to our customers."
Under terms of the agreement, Eagle shareholders will receive a fixed exchange
of 0.84 shares of Webster common stock for each share of Eagle common stock. To
illustrate the value of this transaction at a given point in time, using
Webster's closing stock price on Friday, Oct. 24, of $66.00 per share, the
transaction would have a value of $55.44 per share to Eagle shareholders and an
approximate transaction value of $362 million.
The acquisition, which is expected to have a positive impact on Webster's
earnings per share beginning in the first year, will be accounted for as a
pooling of interests. The purchase price is approximately 2.50 times Eagle's
book value and 18.97 times Eagles' estimated 1998 earnings and 16.43 times
Eagle's estimated 1998 cash earnings per share. Webster currently anticipates
recognizing acquisition related charges of approximately $18.9 million before
taxes.
Robert J. Britton, Eagle's president and chief executive officer, said, "Webster
and Eagle fit well together because of our common understanding of our customers
and our markets. Eagle has sought to be a good corporate citizen in the
communities where our customers live. We are pleased that Webster has
demonstrated the same commitment. The merger increases our capacity to provide
financial services, including expanded business banking, as well as new services
such as trust and investment management and PC banking, to our growing numbers
of customers."
<PAGE>
The merger will increase Webster's assets to $8.9 billion and its deposits to
$5.6 billion, representing 10.8 percent of total deposits in Connecticut.
"Webster will strengthen its position as number two in deposit market share in
Hartford and New Haven counties, and will immediately gain the top deposit
market share in Litchfield County," said John V. Brennan, Webster's executive
vice president and chief financial officer. Webster will have more than 110
branches and more than 130 ATMs.
"Webster guarantees positions in our combined branch network to all Eagle
non-management branch employees. When two similar companies combine to form a
stronger bank, there will inevitably be duplication of duties, resulting in some
job eliminations," Brennan said. "While we have not yet finalized the number of
overlapping positions, we will do all we can to keep the number of position
eliminations to a minimum, as in past mergers. Employees whose positions are
eliminated at Eagle will be given preference for open positions at Webster. Our
history demonstrates a pattern of successfully placing most employees affected
by our mergers."
Regarding potential branch consolidation, Brennan said that some branches,
because of geographic proximity, will be consolidated. "We have not determined
the number and locations. Usually where branches are on opposite corners of the
street or within a mile of each other, we can consolidate the offices without
disruption to customers," Brennan said. It is important to note that both Eagle
and Webster customers will have more branches and more ATMs following this
merger."
* * *
Webster Financial Corporation, headquartered in Waterbury, Conn., is the holding
company for Webster Bank, which was founded in 1935 and is a leading financial
institution in Connecticut. Webster Bank, its primary subsidiary, delivers
consumer, commercial, mortgage, and trust and investment management services to
individuals, families and businesses in Connecticut. Webster operates through a
network of 84 banking offices, three commercial banking centers, six trust
offices and more than 100 ATMs, in addition to telephone banking, video banking
and PC banking.
Webster Bank, with $6.8 billion in assets, is the second-largest bank based in
Connecticut and has the second largest deposit market share in Hartford and New
Haven counties. Webster is also the second-largest mortgage lender in
Connecticut and a leading commercial lender with an extensive line of business
services, including international and cash management. Webster Trust, the bank's
new trust and investment management subsidiary, is the second-largest bank trust
company based in Connecticut.
Eagle Bank offers a full array of innovative products and services for the
retail and commercial market, including 24-hour telephone banking, loans by
phone, cash management services, debit cards, alternative investment products
and a full line of deposit and loan products. Eagle operates 26 traditional
branch offices and four supermarket branch offices in Hartford and Licthfield
counties.
<PAGE>
WEBSTER BANK/EAGLE BANK - FACTS
STRATEGIC BENEFITS
In-market acquisition with positive impact on earnings per share beginning in
year one
Strengthens franchise in Hartford and Litchfield countties
Increases branches to more than 110, ATMs to 130, creating greater convenience
for combined customer base.
Provides cross-sell opportunities for Webster's commercial, trust, and
investment management services
TRANSACTION SUMMARY
TERMS
Fixed Exchange Ratio: 0.84 shares of Webster for each share of Eagle
Payment: Tax-free exchange of stock
Implied Price Per Share: $55.44 (based on Webster's closing price of $66 on
10/24)
Estimated Transaction Value: Approx. $362 million
Price to Eagle Book Value: 2.50 times
Price to Eagle 1998 Estimated Fully Diluted Earnings: 18.97 times
Price to Eagle 1998 Estimated Cash Earnings: 16.43 times
Eagle can terminate the agreement should Webster's stock price decline by more
than 20 percent and more than 15 percent relative to a peer index
FINANCIAL SUMMARY
Webster Bank Eagle Bank Combined
------------ ---------- --------
Total Assets: $6.8 billion $2.1 billion $8.9 billion
Loans, Net: $3.7 billion $1.1 billion $4.9 billion
Deposits: $4.3 billion $1.4 billion $5.6 billion
<PAGE>
EAGLE BRANCH LISTING
- --------------------
Avon Big Y Supermarket, West Main St.
Berlin (Kensington) One Webster Square
346 Main St.
51 Chamberland Highway
Bloomfield Stop & Shop, 20-22 Mountain Road
782 Park Ave.
Bristol 222 Main St.
Bristol Commons, 99 Farmington Ave.
Bristol Farms, 1235 Farmington Ave.
Pine Plaza, 785 Pine St.
Canton Canton Village, Route 44
East Hartford Big Y Supermarket, 295 Ellington Road
Glastonbury Stop & Shop, Naubuc Ave.
Hartford 108 Farmington Ave.
324 Franklin Ave.
50 State House Square
Litchfield West Street
Manchester 1147 Tolland Turnpike
New Britain One Liberty Square
747 Farmington Ave.
Newington 1120 Main St.
Plainville 63 East Main St.
Rocky Hill 53 New Britain Ave.
Simsbury Farmington Valley Mall
Terryville 115 Main St.
Torrington 50 Litchfield St.
1180 East Main St.
West Hartford 75 Park Road
Bishops Corner, 774 North Main St.
Winsted Shops at Ledgebrook Plaza, Route 44
TOTAL: 30
WEBSTER FINANCIAL
CORPORATION
[GRAPHIC OMITTED]
ACQUISITION OF EAGLE FINANCIAL CORP.
OCTOBER 27, 1997
1:15 PM (EST)
CONFERENCE CALL: (800) 289-0495
ACCESS CODE: 394366
TAPED RE-BROADCAST: (888) 567-0738 (AVAIL. UNTIL 10/30/97)
<PAGE>
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DISCLAIMER
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This presentation contains forward looking statements with respect to the
financial condition, results of operations and business of Webster Financial
Corporation and, assuming the consummation of the merger, a combined
Webster/Eagle including statements relating to: (a) the cost savings and
accretion to reported earnings that will be realized from the merger; (b) the
impact on revenues of the merger; and (c) the restructuring charges expected to
be incurred in connection with the merger. These forward looking statements
involve certain risks and uncertainties. Factors that may cause actual results
to differ materially from those contemplated by such foward looking statements
include, among others, the following possibilities: (1) expected cost savings
from the merger cannot be fully realized or realized within the expected time
frame; (2) revenues following the merger are lower than expected; (3)
competitive pressure among depository institutions increases significantly; (4)
costs or difficulties related to the integration of the business of Webster
Financial Corporation and Eagle Financial Corporation are greater than expected;
(5) changes in the interest rate environment reduce interest margins; (6)
general economic conditions, either nationally or in Connecticut, are less
favorable than expected; or (7) legislation or regulatory changes adversely
affect the businesses in which the combined company would engage.
1
<PAGE>
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TRANSACTION SUMMARY
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TRANSACTION TYPE: Stock-for-stock exchange
FIXED EXCHANGE RATIO: 0.840
ACCOUNTING TREATMENT: Pooling-of-interests
IMPLIED TRANSACTION PRICE: $55.44 PER SHARE ($54.44(a))
IMPLIED AGGREGATE TRANSACTION VALUE: $362 million(a)
TRANSACTION MULTIPLES:
PRICE/BOOK VALUE 2.50x
PRICE/1998 EPS 18.97x
PRICE/1998 CASH EPS 16.43x
PRICE/1998 ADJUSTED CASH EPS(b) 11.67x
- ----------
(a) Calculated using Webster closing stock price of $66.00 on October 24, 1997
and adjusted to reflect cost of 222,970 Eagle shares already owned by
Webster.
(b) Adjusted to reflect transaction synergies equal to 45% of Eagle's 1998
estimated G&A expense base.
2
<PAGE>
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TRANSACTION SUMMARY
- --------------------------------------------------------------------------------
WALKAWAY: Eagle has the right to terminate the transaction
if Webster's stock price falls both by more than
20% on an absolute basis and 15% compared to an
index unless Webster exercises its right to "top
up"
OPTION AGREEMENT: Eagle has granted Webster a 19.9% option at $41.25
per share exercisable under certain conditions
BOARD REPRESENTATION: Webster's Board expanded to add three existing
Eagle board members
EXPECTED CLOSING: First quarter 1998
PRE-TAX COST SAVINGS: $14.3 million, or 45% of Eagle's estimated 1998
G&A expenses, with 75% achieved in 1998
IMPACT ON PROJECTED EPS:
1998 Accretion 3.6%
1999 Accretion 5.3%
ACQUISITION CHARGE: $18.9 million pre-tax, $13.3 after-tax
3
<PAGE>
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TRANSACTION HIGHLIGHTS
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o In-market transaction offering significant cost savings
o Strong EPS accretion in 1998 and beyond
o Marginally dilutive to stated and tangible book value
o Significantly enhances banking franchise:
o Meaningful market share gains in Hartford and Litchfield Counties
o Leading Connecticut based bank with $5.6 billion in deposits in 114
branch offices (before consolidation)
o Improves projected returns on assets and equity
o Improves capital ratios
o Compatible strategies and operations
4
<PAGE>
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CONNECTICUT BRANCH NETWORK
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[GRAPHIC OMITTED]
5
<PAGE>
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CREATES LEADING CONNECTICUT BASED BANK
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<TABLE>
<CAPTION>
TOTAL MARKET NUMBER OF
RANK COMPANY TYPE DEPOSITS SHARE BRANCHES
- ----- ---------------------- ------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
1 Fleet Financial Group Bank $13,043,362 23.75% 175
------------------------------------------------------------------------------------
WEBSTER/EAGLE PRO FORMA THRIFT 5,918,294 10.78 114
------------------------------------------------------------------------------------
2 Peoples Bank, MHC Thrift 5,702,947 10.38 105
3 First Union Corp Bank 4,707,682 8.57 108
4 Webster Financial Corp Thrift 4,534,248 8.26 83
5 BankBoston Corporation Bank 3,123,764 5.69 62
6 Chase Manhattan Corporation Bank 1,695,309 3.09 49
7 News Haven SB Thrift 1,591,000 2.90 31
8 Citizens Financial Group Thrift 1,468,581 2.67 38
9 Eagle Financial Corporation Thrift 1,384,046 2.52 28
10 Hubco, Inc. Bank 1,180,781 2.15 31
Total (83 Institutions) 54,925,085 1,138
</TABLE>
- ----------
Source: SNL Securities. Deposits as of June 30, 1996, pro forma for pending
acquisitions.
6
<PAGE>
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PROVIDES ADDITIONAL STRENGTH IN HARTFORD COUNTY
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<TABLE>
<CAPTION>
TOTAL MARKET NUMBER OF
RANK COMPANY TYPE DEPOSITS SHARE BRANCHES
- ----- ---------------------- ------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
1 Fleet Financial Group Bank $6,767,884 38.06% 53
------------------------------------------------------------------------------------
WEBSTER/EAGLE PRO FORMA THRIFT 3,084,001 17.35 70
------------------------------------------------------------------------------------
2 Webster Financial Corp Thrift 1,969,808 11.08 48
3 BankBoston Corporation Bank 1,893,960 10.65 31
4 Eagle Financial Corporation Thrift 1,114,193 6.27 22
5 American SB Thrift 1,014,573 5.71 11
6 Mechanics SB Thrift 644,483 3.62 14
7 Connecticut Bancshares, MHC Thrift 627,735 3.53 13
8 Peoples Bank, MHC Thrift 589,439 3.31 19
9 N.E. Community Bancorp Bank 486,530 2.74 13
10 First FS&LA, East Hartford Thrift 440,618 2.48 9
Total (33 Institutions) $17,783,085 288
</TABLE>
- ----------
Source: SNL Securities. Deposits as of June 30, 1996, pro forma for pending
acquisitions.
7
<PAGE>
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OBTAIN NUMBER ONE POSITION IN LITCHFIELD COUNTY
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<TABLE>
<CAPTION>
TOTAL MARKET NUMBER OF
RANK COMPANY TYPE DEPOSITS SHARE BRANCHES
- ----- ------------------------ ------------- -------------- ------------ ------------
--------------------------------------------------------------------------------------
WEBSTER/EAGLE PRO FORMA THRIFT 401,410 14.12% 8
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 Torrington SB Thrift 376,283 13.24 4
2 Eagle Financial Corporation Thrift 261,777 9.21 5
3 Thomaston SB Thrift 238,144 8.38 5
4 Fleet Financial Group Bank 208,928 7.35 6
5 First Union Corp. Bank 206,776 7.27 4
6 BankBoston Corporation Bank 194,187 6.83 6
7 Newmil Bancorp Thrift 179,206 6.30 10
8 New Milford B&T Co. Bank 176,213 6.20 5
9 First Litchfield Financial
Corp. Bank 150,519 5.30 5
10 Salisbury B&T Co. Bank 141,401 4.97 2
11 Webster Financial Corp. Thrift 139,633 4.91 3
Total (24 Institutions) $2,842,539 83
- ----------
Source: SNL Securities. Deposits as of June 30, 1996, pro forma for pending acquisitions.
</TABLE>
8
<PAGE>
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SUMMARY PRO FORMA BALANCE SHEET
- --------------------------------------------------------------------------------
(dollars in thousands)
<TABLE>
<CAPTION>
WEBSTER EAGLE
-------------------------------- -----------------------------
At 9/30/97 Adjustments(a) At 9/30/97 Adjustments(b)
Webster
Pro Forma
------------- --------------- ----------- --------------- -----------
<S> <C> <C> <C> <C> <C>
Cash & Securities $2,833,670 $ 16,373 $ 895,429 ($7,760) $3,737,712
Loans, Net 3,732,498 -- 1,128,381 -- 4,860,879
Intangibles 50,525 -- 29,574 -- 80,099
Other Assets 194,321 -- 43,795 -- 238,116
---------- --------- ---------- --------- -----------
Total Assets $6,811,014 16,373 2,097,179 ($7,760) $8,916,806
---------- --------- ---------- --------- -----------
Total Deposits $4,265,011 -- $1,353,274 -- $5,618,285
Borrowings 2,011,466 -- 521,423 -- 2,532,889
Other Liabilities 70,953 -- 29,154 -- 100,107
---------- --------- ---------- --------- -----------
Total Liabilities 6,347,430 -- 1,903,851 -- 8,251,281
Capital Securities 100,000 -- 48,627 -- 148,627
Total Equity 363,584 16,373 144,701 (7,760) 516,898
---------- --------- ---------- --------- -----------
Total Liabilities
& Equity $6,811,014 $ 16,373 $2,097,179 ($7,760) $8,916,806
========== ========= ========== ======= ==========
</TABLE>
- ----------
(a) Webster's current ownership in Eagle ($5.7MM) retired as treasury stock and
earnings to close.
(b) Additional costs related to the acquisition net of taxes and earnings to
close.
9
<PAGE>
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KEY RATIOS (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEBSTER(b) EAGLE PRO FORMA(c)
---------- ------- ------------
<S> <C> <C> <C>
CAPITAL ADEQUACY
Total Equity / Assets 5.57% 6.55% 5.80%
Tang. Common Equity / Tang. Assets 4.86 5.21 4.94
Intangibles / Equity 13.30 21.60 15.50
ASSETS QUALITY
NPL's / Loans 1.01% 0.39% 0.87%
NPA's / Assets 0.72 0.39 0.64
Reserves / NPL's 136.60 218.07 145.14
Reserves / NPA's 106.07 118.62 107.93
Reserves / Loans 1.38 0.86 1.26
</TABLE>
- ----------
(a) Webster and Eagle are adjusted for projected earnings to close. Earnings
are based on First Call mean estimates
(b) Webster's current ownership in Eagle retired as treasury stock and earnings
to close.
(c) Adjusted for pre-tax restructuring charge of $18.9 million.
10
<PAGE>
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PROJECTED COST SAVINGS
- --------------------------------------------------------------------------------
(dollars in thousands)
PROJECTED SAVINGS
----------------------
1998 1999
------ ------
OPERATING EXPENSES
- -----------------------
Compensation & Benefits $ 4.2 $ 5.6
Occupancy & Equipment 1.0 1.4
Other Operating Expenses 5.5 7.3
------- ------
Total $10.7 $14.3
- ---------------------------------------------------------
Costs Savings as a % of Eagle's
Projected Operating Expenses 33.75% 45.0%
- ----------------------------------------------------------
11
<PAGE>
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SOURCES OF REVENEUE GROWTH
- --------------------------------------------------------------------------------
o Numerous opportunities exist to increase revenue:
\
/ COMMERCIAL BANKING
\
/ INVESTMENT PRODUCTS
\
/ GOVERNMENT FINANCE
\
/ CASH MANAGEMENT
\
/ TRUST
\
/ CREDIT / DEBIT CARDS
12
<PAGE>
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SUMMARY EPS IMPACT(a)
- --------------------------------------------------------------------------------
(dollars in millions, except per share amounts)
1998 1999
------------------- -------------------
TOTAL PER SHARE TOTAL PER SHARE
----- --------- ----- ---------
Webster Adjusted Net Income(b) $58.9 $4.22 $64.7 $4.64
Projected Eagle Net Income(c) 18.9 2.87 20.8 3.16
Projected After Tax Synergies 6.7 - 9.0 -
----- --------- ----- ---------
Pro Forma Net Income $84.5 $4.37 $94.5 $4.89
===== ========= ===== =========
- --------------------------------------------------------------------------------
Accretion 3.6% 5.3%
- --------------------------------------------------------------------------------
- ----------
(a) The following analysis reflects Webster's fully-diluted shares outstanding
of 13,945,630 and Eagle's fully-diluted shares outstanding of 6,593,642
(assuming an exchange ratio of 0.840) and Webster Pro Forma fully-diluted
shares outstanding of 19,339,043.
(b) Webster's earnings estimates are based on First Call estimates for 1998 and
grown at 10% for 1999. Earnings have been adjusted to reflect the
elimination of dividend income received from Webster's pre-acquisition
ownership in Eagle.
(c) Eagle's earnings estimates are based on First Call estimates for 1998 and
grown at 10% for 1999.
13
<PAGE>
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IMPROVES PROFITABILITY
- --------------------------------------------------------------------------------
LASTEST QUARTER ENDED 9/30/97
-----------------------------
WEBSTER EAGLE PRO FORMA(a)
------- ----- ---------
Efficiency Ratio 51.86% 49.32% 46.56%
Return on Equity (annualized) 16.72% 12.18% 17.71%
Return on Assets (annualized) 0.90% 0.84% 0.99%
- ----------
(a) Pro Forma income ratios reflect the combined results plus the full effect
of transaction synergies and restructuring charge.
14
<PAGE>
- --------------------------------------------------------------------------------
ESTIMATED COSTS RELATED TO ACQUISITION
- --------------------------------------------------------------------------------
(dollars in millions)
PRE-TAX AFTER TAX
------- ---------
CREDIT RELATED $ 1.5 $ 0.9
MERGER RELATED COSTS:
Employee Related 8.7 5.5
Property, Furniture & Fixtures 2.0 1.3
Fees and Other Conversion Costs 6.7 5.6
------- ---------
TOTAL COSTS RELATED TO ACQUISITION $18.9 $13.3
======= =========
15
<PAGE>
- --------------------------------------------------------------------------------
EXTENSIVE ACQUISITION EXPERIENCE
- --------------------------------------------------------------------------------
o Since 1991, Webster has completed nine acquisitions:
ASSETS
DATE ACQUIRED
-------- -------------------
1991 Suffield Bank $ 264 million
1992 First Constitution Bank 1,100
1993 Bristol Savings Bank 504
1994 Shoreline Bank & Trust Co. 51
1995 Shelton Bancorp 295
1996 Shawmut Branch Purchase 850
1997 DS Bancor 1,260
1997 People's Savings Financial 464
1997 Sachem Trust National Association NM
o Webster expects to fully consolidated Eagle within 30 days of closing
16
<PAGE>
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SUMMARY
- --------------------------------------------------------------------------------
o In-market transaction offering significant cost savings
o Highly accretive to earnings
o Significantly improves profitability
o Strengthens retail banking franchise
17
<PAGE>
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EXHIBITS
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
PRO FORMA LOAN BREAKDOWN
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- ----------
Source: Company financial reports as of September 30, 1997.
<PAGE>
- --------------------------------------------------------------------------------
PRO FORMA DEPOSIT MIX
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- ----------
Source: Company financial reports as of September 30, 1997.