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Press Release: Chief Financial Officer Named for HSA Bank

 

FOR IMMEDIATE RELEASE
Media Contact: Sarah Barr, (203) 578-2287
sbarr@websterbank.com

WATERBURY, Conn., April 10, 2017 — Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., today announced that Gregory S. Madar has been named chief financial officer of HSA Bank effective May 2017. HSA Bank, a division of Webster Bank, is a leading provider of consumer-directed health savings accounts.

Madar, 55, has more than 30 years of financial services industry experience. He currently serves as chief accounting officer of Webster Bank and Webster Financial Corporation where he oversees corporate accounting functions including corporate tax, regulatory reporting, and accounting policy.

"Greg brings to HSA Bank more than two decades of corporate financial management experience at Webster in corporate tax, merger and acquisitions, regulatory reporting, and accounting policy, along with a deep understanding of Webster's strategic and financial priorities," said Chad Wilkins, head of HSA Bank. "We are excited to have him join our executive management team, especially as the consumer-directed health industry is experiencing tremendous growth."

Madar will directly report to Wilkins and will continue to have a reporting relationship to Glenn MacInnes, executive vice president and chief financial officer of Webster Financial Corporation and Webster Bank.

In his newly created role, Madar will oversee financial performance analysis, budget and planning, controllership and financial management for HSA Bank. HSA Bank, which became a division of Webster Bank in 2005, has become one of the nation's largest providers of health savings accounts (HSAs). Managing more than $5 billion in assets, HSA Bank is trusted by more than 35,000 employer groups and more than 2 million members. The addition of Madar to HSA Bank positions the firm well to achieve its mission of inspiring every individual to own their health by making it easy to access, understand, and afford healthcare.

"HSA Bank is one of our highest strategic investment opportunities and Greg's financial acumen and depth of experience will ensure that this specialized financial services business continues to be well positioned to capitalize on industry growth," MacInnes said.

Madar, a resident of Wallingford, Connecticut, received his bachelor's degree in accounting from Fairfield University and is a Certified Public Accountant.

About Webster Bank

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.1 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 175 banking centers and 350 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.

About HSA Bank

HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires over 2 million members and more than 35,000 employer groups to own their health by making it easy to access, understand, and afford healthcare. HSA Bank has over $5 billion in total assets, and is a division of Webster Bank, N.A., Member FDIC.