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Warburg Pincus Prices Offering Of Shares Of Webster And Webster Authorizes $100 Million Share Repurchase Program

WATERBURY, Conn., Dec. 7, 2012 /PRNewswire/ -- Webster Financial Corporation ("Webster") (NYSE:WBS), the holding company for Webster Bank, N.A., announced today the pricing of the previously announced underwritten secondary offering by Warburg Pincus Private Equity X, L.P. and one of its affiliates ("Warburg Pincus") of 10,000,000 shares of Webster common stock at a price to the public of $20.10 per share.  Immediately following completion of the offering, Warburg Pincus will beneficially own approximately 13.6% of Webster's outstanding common stock.  All of the shares are being sold by Warburg Pincus, and Warburg Pincus will receive all of the net proceeds from the offering. 

Barclays is acting as sole underwriter for the common stock offering. 

Additionally, Webster announced that its Board of Directors has authorized a $100 million common stock repurchase program under which shares may be repurchased from time to time in open market or privately negotiated transactions, subject to market conditions and other factors.

In connection with the common stock repurchase program, Webster will purchase approximately 2,500,000 shares of its common stock in the offering at a price per share equal to the price per share being paid by the underwriter to Warburg Pincus in the offering. 

The offering is expected to close on or about December 12, 2012, subject to customary closing conditions.

A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Webster with the SEC and became effective on December 20, 2011.  A preliminary prospectus relating to the offering has been filed with the SEC.  The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained without charge from Barclays Capital Inc. c/o, Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (888) 603-5847 or by emailing barclaysprospectus@broadridge.com.  A copy of the prospectus supplement and accompanying base prospectus may also be obtained without charge by visiting the SEC website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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