Mechanics Savings Bank NA

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• Webster Completes Acquisition of Mechanics Savings Bank

  - 2000-06-26

  Business Editors WATERBURY, Conn.--BUSINESS WIRE--June 26, 2000 Webster Financial Corporation (Nasdaq:WBST) today announced that it has completed its acquisition of Hartford-based MECH Financial, Inc., the holding company for Mechanics Savings Bank. The merger agreement was approved recently by MECH shareholders. The merger was announced in December and...

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• Webster 1999 Net Operating Earnings Top $100 Million

  - 2000-01-19

  Business Editors WATERBURY, Conn.--BUSINESS WIRE--Jan. 19, 2000 Webster Financial Corporation (Nasdaq: WBST), holding company for Webster Bank, today reported net operating earnings of $102.2 million, or $2.25 per diluted share, for 1999, compared to $97 million or $2.10 per diluted share for 1998. Excluding the estimated effects of...

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• Webster Bank to Acquire Mechanics Savings Bank

  - 1999-12-02

  WATERBURY, Conn.--BUSINESS WIRE--Dec. 2, 1999-- Webster Financial Corporation (Nasdaq: WBST) today announced that it has reached a definitive agreement to acquire MECH Financial, Inc. (Nasdaq: MECH), the holding company for Mechanics Savings Bank, in a tax-free, stock-for-stock exchange valued at approximately $210 million. Mechanics Savings Bank is a...

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• Mechanics Savings Bank to Form Mortgage Company

  - 1998-12-07

  HARTFORD, Conn.--BUSINESS WIRE--Dec. 7, 1998--Mechanics Savings Bank, a subsidiary of MECH Financial, Inc. (NASDAQ:MECH), announced plans to form a passive investment company called Mechanics Mortgage Company, to take advantage of recent changes in the Connecticut tax statutes. Connecticut enacted a law which, effective January 1, 1999, allows state-chartered banks and...

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• Mechanics Savings Bank Receives Approval to Purchase Two Branches From the Chase Manhattan Bank

  - 1998-06-11

  HARTFORD, Conn.--BUSINESS WIRE--June 11, 1998--Mechanics Savings Bank (NASDAQ:MECH) announced today receipt of approvals from regulatory authorities to purchase two local branches of The Chase Manhattan Bank. The purchase was announced in March of this year. "Both the Federal Deposit Insurance Corporation FDIC and the Connecticut State...

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• Mechanics Savings Bank Reports Third Quarter Earnings

  - 1997-10-15

  HARTFORD, Conn.--BUSINESS WIRE--Oct. 15, 1997--Mechanics Savings Bank (NASDAQ:MECH) today reported net income of $1.9 million fully taxed or $.36 per share for the third quarter of 1997. On a pre-tax basis, the company earned $3.1 million or $.58 per share compared to $2.6 million or $.50 per share for the...

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• Mechanics Savings Bank Announces Formation of a Bank Holding Company

  - 1997-10-08

  HARTFORD, Conn.--BUSINESS WIRE--Oct. 8, 1997--Mechanics Savings Bank (NASDAQ:MECH) announced today that the Board of Directors is proposing the formation of a bank holding company to be called MECH Financial, Inc. Shareholders of the Bank will receive detailed information concerning the formation in the next few weeks, and will be asked...

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• Booth Elected To Mechanics Savings Bank Board

  - 1997-09-16

  HARTFORD, Conn.--BUSINESS WIRE--Sept. 16, 1997--Edgar C. Gerwig, Chairman and President of Mechanics Savings Bank, announced that Richard H. Booth has been elected a Director of the Bank. Mr. Booth is Executive Vice President of Phoenix Home Life Mutual Insurance Company. He is responsible for the strategic...

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• Mechanics Savings Bank to take $10.2 million deferred tax gain in second quarter

  - 1997-06-17

  HARTFORD, Conn.--BUSINESS WIRE--June 17, 1997-- Mechanics Savings Bank (NASDAQ:MECH) announced that it plans to recognize its full deferred tax asset in the second quarter. The gain will approximate $10.2 million or approximately $2.00 per share for the quarter ending June 30, 1997. Projections for the...

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• Mechanics Savings Bank reports earnings for first quarter

  - 1997-04-23

  HARTFORD, Conn.--BUSINESS WIRE--April 23, 1997--Mechanics Savings Bank NASDAQ MECH today reported net income of $2,040,000 or $0.39 per share for the first quarter of 1997 compared to net income of $1,310,000 for the first quarter 1996. Return on average assets and return on average equity were 1.10% and 10.86%...

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