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mental757

Webster Bank to relocate/consolidate in Providence

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Their CEO was on channel 10 this morning and admitted there is an RFP out regarding facilities. The mayor declared yesterday "Webster Bank Day," so something imminent must be in the works for the city. I don't know if this will be the HQ, but the bank is looking at consolidating and streamilining it's operating center and the CEO says more specifics regarding their Providence plans will come out over the next few months.

if you look on page 13 in this presentation, it hints at their plan.

http://library.corporate-ir.net/library/73...icorgupdate.pdf

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It would be nice for us to land another HQ or at least large office. I hope the mayor/governor are working on making this happen. I wonder if Webster is large enough that they'd be looking at new construction, or if they are looking for existing space. If new, I assume we wouldn't be seeing another Citizens tower from Webster, I assume they are quite a bit smaller than that, but I don't really know. Don't they just have the one branch here in the Textron Building? I was looking at them when I was switching banks (ended up at BankRI). I don't know why I took branch locations into account, I never ever go into a branch.

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they have 177 branches in the NY/NE region and are growing. They bough FirstFed a few years ago and have steadily grown at a moderate rate since. I have been a customer of them for many years now. I like that they don't sell their mortgages to other lenders.

My opinion would be that they are looking at existing office space - assuming there is something in the city that meets their needs/size. A HQ would be awesome, but even the consolidated operations center and related admin functions would be around 100 workers by my best guess. A HQ would be give the best shot at new construction. I wish I could find the RFP they put out to see what they are seeking...

the interview is on the channel 10 page:

http://www.turnto10.com/northeast/jar/home.html

"lowering the interest rate"

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It would be nice for us to land another HQ or at least large office. I hope the mayor/governor are working on making this happen. I wonder if Webster is large enough that they'd be looking at new construction, or if they are looking for existing space. If new, I assume we wouldn't be seeing another Citizens tower from Webster, I assume they are quite a bit smaller than that, but I don't really know. Don't they just have the one branch here in the Textron Building? I was looking at them when I was switching banks (ended up at BankRI). I don't know why I took branch locations into account, I never ever go into a branch.

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They could take BCBS space, but if they are looking to do this soon, the timing may not be right. There's also the Dyer Street proposal which I heard a rumor about being on-again.

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Judging from their website which was provided by Mental757, I kind of get the impression that they are looking to open up regional offices in Hartford, Stamford, Waterbury and Providence, but not a new HQ. This is from their site:

We are adopting a regional hub approach with a plan to consolidate facilities into the following cities:

Hartford

Providence

Waterbury

Stamford

:dontknow:

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this is some great news. i wonder if they're planning an expansion in RI to more than just a few sporadic branches.

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this is some great news. i wonder if they're planning an expansion in RI to more than just a few sporadic branches.

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Their CEO was on channel 10 this morning and admitted there is an RFP out regarding facilities.

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Their CEO was on channel 10 this morning and admitted there is an RFP out regarding facilities. The mayor declared yesterday "Webster Bank Day," so something imminent must be in the works for the city. I don't know if this will be the HQ, but the bank is looking at consolidating and streamilining it's operating center and the CEO says more specifics regarding their Providence plans will come out over the next few months.

if you look on page 13 in this presentation, it hints at their plan.

http://library.corporate-ir.net/library/73...icorgupdate.pdf

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This clearly suggests that they are looking for an existing facility. Who sends out an RFP for new construction? I wonder if they are just looking for a building just to house a call center.

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I hope its not just another call center. That certain wouldn't be placed in the city, or at least nowhere near downtown.. If we find out that's the case, I vote we remove this thread as officially non news worthy!

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i think anything bringing new jobs to the state and/or the city is news worthy. while it's not as great news as bringing in administrative offices, it's not bad news either. and why wouldn't it be placed in the city?

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call centers are a good starting point, but they're pretty low pay and don't bring much room to grow w/ the company. and if you can't move up in the company to a better position without leaving providence for say, hartford, then i don't think its gonna bring much new fortune to the city. sure, it would be good for some individuals who need the jobs to make ends meet. but that's about it...and won't bring locals much room to build a little fortune..particularly since the RI cost of living is not going down anytime soon..

i def don't think a company would put a call center anywhere near downtown and the high office rents. they generally get placed in cheaper space of office parks in warwick or east prov... if anywhere in the city, maybe some industrial areas off route 10 perhaps..

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They have become very involved with the local community. Waterfire and other charities have benefited. This is more than a Webster, Ma. bank would normally be doing. Could there also be a new name coming? Sorry, "Navigant" is already taken.

BTW, Citizens tower? Their new construction in Stamford puts their "Doctor, Doctor" building to shame.

Mark

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Webster is actually headquartered in Waterbury, CT. Not sure where the name comes from but not Webster, MA.

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Webster is actually headquartered in Waterbury, CT. Not sure where the name comes from but not Webster, MA.

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