NewMil Bancorp Announces Results of Special Shareholder Meeting
September 21 2006 - 1:02PM
Business Wire
NewMil Bancorp, Inc. (NASDAQ/NM:NMIL) announced that its
shareholders approved the agreement and plan of merger with Webster
Financial Corporation (NYSE: WBS), Waterbury, Connecticut at the
Special Meeting of Shareholders held today. NewMil anticipates
completion of the merger on October 6, 2006. NewMil Bancorp, Inc,
headquartered in New Milford, Connecticut, is the holding company
for NewMil Bank, a state-chartered savings bank with $873 million
in assets at December 31, 2005. The Bank has 20 full-service
branches serving western Connecticut. Webster Financial Corporation
is the holding company for Webster Bank, National Association and
Webster Insurance. With $18.0 billion in assets, Webster provides
business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 160 banking
offices, 308 ATMs, telephone banking and the Internet. This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding the benefits of the merger of Webster and
NewMil, including future business opportunities and financial
results, and the companies' intentions with respect to the combined
company. These forward-looking statements are based upon current
beliefs and expectations and are subject to business, economic and
other uncertainties and contingencies, many of which are beyond our
control. Actual results may differ materially from the anticipated
results as a result of various factors, including among others: (1)
the failure to successfully integrate the two companies'
businesses, or to integrate them in a timely manner; (2) the
failure to achieve anticipated cost savings, or to achieve such
savings in a timely manner; (3) costs, customer loss and business
disruption in connection with the acquisition or the integration of
our companies may be greater than expected; and (4) difficulties
associated with achieving expected future financial results.
Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including those relating to the businesses of Webster and NewMil
generally, are discussed in Webster's and NewMil's reports filed
with the SEC (accessible on the SEC website at http://www.sec.gov,
on Webster's website at http://websteronline.com and on NewMil's
website at http://www.newmil.com). Webster and NewMil do not
undertake any obligation to update any forward-looking statements
to reflect changes in beliefs, expectations or events.
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