Webster Bank, People’s United Climb in Forbes Ranking of Nation’s Best Banks

Webster Bank has earned a place on Forbes’ America’s Best Banks 2019, ranked as number 68 and the highest-ranked bank based in Connecticut. Forbes’ 10th annual list of America’s Best Banks ranks the 100 largest publicly-traded banks and thrifts based on their growth, credit quality and profitability. The data is courtesy of S&P, but the rankings are done by Forbes.  Webster Bank was ranked at number 80 a year ago.

“Webster is proud to be continuously recognized as one of the highest performing banks in the country,” said President & CEO John R. Ciulla. “This ranking is a direct result of the quality and dedication of our bankers who are committed to delivering great service to our customers and achieving outstanding results.”

Over the years, Webster Bank has expanded to become a leading mid-sized bank in the Northeast with more than $27 billion in assets and 157 banking centers from greater New York City to Boston. Webster Bank has close to 3,400 employees.

Bridgeport-headquartered People’s United ranked number 82 on the Forbes list, up from number 92 on last year’s list.  The company’s more than 5,000 employees continue servicing customers through nearly 400 retail locations in Connecticut and throughout the Northeast in New York, Massachusetts, Vermont, New Hampshire and Maine.

Among other banks with a presence in Connecticut, Citigroup was #80, Wells Fargo ranked at #85, Bank of America was #89, and Key Bank placed in the top 100 at number 92.

The Forbes reported noted that there were zero bank failures last year for the first time since 2006. There are more than 5,000 banks and savings institutions in the U.S., but assets are concentrated at the top. The 100 largest have $13.8 trillion in assets, representing 78% of total U.S. bank assets, the publication reported.

Home BancShares is the top-rated bank for the second-straight year. Muncie, Indiana-based First Merchants moved up two spots this year to second among the best banks. Rounding out the top five were Community Bank System, CVB Financial and SVB Financial. In addition to CVB and SVB, fellow California-based banks Axos Financial, East West Bancorp and Cathay General Bancorp also landed in the top ten overall, according to Forbes announcement of this year’s annual ranking.  JPMorgan is the leader of the big four (JPMorgan Chase, Bank of America, Citigroup and Wells Fargo) for the third-straight year, but its rank of 52nd is down 12 places.

Webster offers the full range of financial services, including business and consumer banking, mortgage, financial planning, trust, and investment services. Most recently, Webster Bank has been recognized as New England’s top U.S. Small Business Administration (SBA) lender, by dollar volume and best overall bank in the Northeast in Bank Director's annual Ranking Banking study released in January 2019.