BOSTON, Aug. 5 /PRNewswire-FirstCall/ -- Webster Bank, the main subsidiary of Webster Financial Corporation (NYSE: WBS), announced today that it has provided $13.5 million in financing for Diesel Direct, Inc., of Stoughton, Mass. Webster has also been named Diesel Direct's primary bank.
"Our company required a bank large enough to handle our mid-market sized banking requirements, yet small enough to provide the level of service from management and staff that would satisfy our needs," said Dan Abrams, founder and president of Diesel Direct. "Webster has 'the goods' on all counts and we are thrilled that we chose them."
The financing package includes a $12 loan for working capital and a $1.5 for equipment financing. Diesel Direct is also using Webster's cash management services.
"Diesel Direct is a very successful and respected Massachusetts company, which I have been following for many years," said Debra Drapalla, senior vice president, commercial banking for Webster Bank. "I'm very pleased that they chose Webster to help fund their next phase of growth."
About Diesel Direct, Inc.
Diesel Direct was founded in 1998 with the specific purpose of fueling truck fleets when they were not in use. The concept was simple: reduce operational costs by bringing the fuel to the truck instead of the truck to the fuel. Today, using the basic concept that the business was founded upon 12 years ago, the business has grown throughout New England, New York, the Mid-Atlantic States and California.
Nightly, thousands of trucks are refueled from Diesel Directs fleet of customized tank trucks. Professional regional managers ensure a safe and dependable delivery executed by carefully trained drivers. Employees are not only "fuel company employees" but, rather are "truck people" with vast experience in running truck fleets and managing truck fuel programs. For more information, visit the website www.dieseldirect.com.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 500 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Webster Capital Finance, Inc., an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websteronline.com.
Webster Media Contact: Brenda F. Greene (401) 644-6707, firstname.lastname@example.org
Webster Investor Contact: Terry Mangan: (203) 578-2318, email@example.com
SOURCE Webster Bank; Webster Financial Corporation