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Webster Financial Corporation (NYSE:WBS), a $10 billion market cap financial institution with a "GREAT" financial health rating according to InvestingPro, announced on Friday that Albert J. Wang, Executive Vice President and Chief Accounting Officer, informed the company and Webster Bank, National Association of his decision to resign to pursue another professional opportunity. The bank, which has maintained dividend payments for 39 consecutive years and trades at a P/E ratio of 12.3, has shown strong performance with a 27% return over the past year. Mr. Wang will remain in his current roles through September 2 to assist with the transition.
Effective September 3, Gregory S. Madar, Senior Managing Director and Corporate Controller, will serve as Interim Chief Accounting Officer while the company conducts an internal and external search for Mr. Wang’s successor. Mr. Madar has been Corporate Controller of the bank since November 2023. He previously served as Chief Financial Officer of HSA Bank, a division of Webster Bank, from 2017 to 2023, and as Chief Accounting Officer from 2011 to 2017.
The company stated that the compensatory arrangement for Mr. Madar in his interim role has not been determined as of the date of the report.
This information is based on a press release statement included in a recent SEC filing.
In other recent news, Webster Financial reported stronger-than-expected earnings for the second quarter of 2025, with earnings per share (EPS) reaching $1.52, surpassing the forecast of $1.43. The company also reported revenues of $715.8 million, slightly above the expected $715.12 million. Jefferies responded to these results by raising its price target for Webster Financial to $72, while maintaining a Buy rating, noting the bank’s strong core pre-provision net revenue and improved credit quality. Similarly, Citi increased its price target to $71, emphasizing the bank’s stronger-than-expected credit results and potential for loan growth through a new joint venture.
Webster Financial’s quarterly performance was marked by an increase in total assets to $82 billion, a rise of $1.6 billion from the previous quarter, and a net income increase of $31 million. The company authorized an additional $700 million in share repurchases, indicating confidence in future performance. Additionally, the company launched a joint venture with Marathon Asset Management, which is expected to enhance loan growth and fee income potential in 2026. Recent federal legislation expanding Health Savings Account (HSA) eligibility is anticipated to significantly increase the addressable market for Webster’s HSA Bank business, which currently holds $9 billion in HSA deposits.
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