Webster Financial Corporation (NYSE: WBS), parent of Webster Bank, announced today that Executive Vice Chairman Joseph J. Savage will retire effective June 30 following a distinguished 40-year career in banking, culminating in 15 years of outstanding service to Webster.

Savage joined Webster in April 2002 as executive vice president, Commercial Banking. He was promoted to president in 2014 and to the board of directors of Webster Bank. He was appointed executive vice chairman in October 2015. He has overseen Private Banking and Human Resources, and has developed and guided the bank's programs for leadership development and employee engagement in recent years.

"Joe has been a cornerstone of Webster Bank's growth and progress, having made significant contributions on many fronts during his distinguished career, at first in Commercial Banking and then ever more broadly across Webster. Joe is a steward and champion of our values, known as the Webster Way, and our differentiated culture, and has continually brought them to life for customers and the bankers he leads," said James C. Smith, chairman and chief executive officer. "Joe's ceaseless focus on relationship value and his dedication to mentoring future leaders will help keep us 'strong at the core,' as Joe would say, for years to come."

Savage was instrumental in the early growth of Webster's Commercial Banking business. He guided Webster's successful entries into Fairfield County in 2002, the Boston market in 2009, and the metro New York City area in 2013. "Under Joe's leadership, Commercial Banking has grown five-fold in footings and revenue and is today Webster's most profitable business," Smith said.

Savage also has spent considerable time living up to the communities we serve. He is chairman of the MetroHartford Alliance, director of the Connecticut Bankers Association, and director emeritus for the Connecticut Business and Industry Association. He is a director of the Travelers Championship Committee, a member of the board of the Bushnell and a previous campaign chair for United Way of Central and Northeastern Connecticut.

Prior to joining Webster, Savage was executive vice president of the Communications and Energy banking group for CoBank in Denver from 1996 to 2002. Earlier in his career, he worked at the Bank of New York. He earned a bachelor's degree from Manhattan College and an MBA at Seton Hall University.

About Webster

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 168 banking centers and 349 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.