Webster financial corporation wbs is a publicly

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Webster Financial Corporation (WBS) is a publicly traded commercial bank hold- ing company headquartered in Waterbury, Connecticut. In 2007, it had $16.86 billion in assets (the 44th largest bank in the United States). Webster Financial Corp. offers products in both consumer and business banking, including mortgage loans, insur- ance, financial planning, and trust and investment services in Connecticut, New York, Massachusetts, and Rhode Island through over 175 banking offices, over 300 ATMs, telephone banking, and the Internet. The bank owns an asset-based lend- ing firm (Webster Business Credit Corporation), an insurance premium finance company (Budget Installment Corp.), and an equipment finance company (Center Capital Corporation), and provides health savings account trustee and administra- tive services through HSA Bank, a division of Webster Bank. WBS, by emphasizing retail banking, has been an efficient and profitable bank. Retail banks focus on indi- vidual consumer banking relationships, such as residential mortgages and consumer loans on the asset side of the portfolio, and individual demand, NOW, savings, and time deposits on the liability side. In contrast, wholesale banks focus their busi- ness activities on business banking relationships; they hold more business loans and fewer mortgages and consumer loans and use fewer consumer deposits and more purchased funds than retail banks do. Most large banks have both a retail side and a wholesale side of business—these two strategies are not mutually exclusive. Bank of America Corporation (BOA), headquartered in Charlotte, North Carolina, is the nation’s second largest bank, with assets of $1,582 billion as of 2007. The merger of Bank of America and FleetBoston Financial in 2004 brought the bank’s asset value to above $1 trillion. Bank of America operates nationally and interna- tionally with more than 5,700 offices in the United States and offices in 35 countries supporting clients across 175 countries. The bank offers products in many business lines, including retail and wholesale banking, investment and trust management, and credit card company business. Bank of America has created the nation’s largest ATM network with 17,000 ATMs serving more than 20 million active users is one of the nation’s largest debit card issuers with nearly 20 million cards outstanding, is the nation’s leading small business lender, and is the number one institution in number of relationships, investment banking, treasury management, syndications, secured and unsecured credit, and leasing to middle-market U.S. companies. Balance Sheet Structure Table 2B–1 presents 2007 balance sheet information for the two commercial bank holding companies (hereafter called banks ). As stated in the body of the chapter, many banks are owned by parent bank holding companies. One-bank holding companies control only one subsidiary commercial bank; multiple-bank holding companies control two or more subsidiary commercial banks (see Chapter 20). The financial statements reported in this chapter are for the consolidated multiple-bank 3 The U.S. Congress passed the Financial Services Modernization Act of 1999, which opened the door for
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