Warburg-Backed Bank Working to Repay Tarp

Warburg Pincus has agreed to purchase another 2.07 million shares of common stock in Webster Financial (NYSE: WBS), the holding company for Webster Bank. Warburg invested $115 million in Webster last year. This time, the firm will pay $18 per share versus the $10 per share it paid last October. Concurrently, Webster is selling 6.63 million shares for $18 apiece in a public offering, the proceeds from which will be used to redeem $200 million of preferred shares held by the U.S. Treasury. Barclays Capital is serving as the book-running manager.