Webster Financial : Bank Arranges $7 Million Financing for New England Brewing Facility

Media Contact:

Sarah Barr, 203-578-2287 sbarr@websterbank.com

Webster Bank Arranges $7 Million Financing for New England Brewing Facility

PROVIDENCE, R.I., April 6, 2017 - Webster Bank has closed on a $7.2 million portfolio financing deal for Isle Brewers Guild, LLC, a craft beer cooperative in Pawtucket, Rhode Island, co-founded by Devin Kelly and Jeremy Duffy. The Guild is designed to deliver additional capacity, efficiency, and control to its brewing partners.

Webster Bank provided $4 million of financing to the Rhode Island Industrial Facilities Corporation in conjunction with a guarantee from the Rhode Island Industrial Recreational Building Authority by purchasing two bonds, one 25-year series and real estate for about $1.4 million and a 15-year series of approximately $2.6 million for machinery and equipment to establish a brewing operation.

Webster also partnered with the U. S. Small Business Administration, in conjunction with their 504 Program, to provide an additional $3.1MM of financing consisting of $2.8MM of bridging bridge financing which will be subsequently taken out by a 20-year fixed rate U. S. Government debenture and a $0.35M working capital line of credit enhanced with an SBA Express Guarantee.

"Isle Brewers Guild capital deal was very complex in nature as it involved the State of Rhode Island and the Small Business Administration. Webster led the charge to assist us in developing a pathway to get the brewery up and running. We look forward to continuing to work with Webster to build a successful enterprise," said Jeremy Duffy, Managing Partner, Isle Brewers Guild.

"Webster provided the company with a consultative approach, coupled with a creative deal structure, that allowed them to move forward with their vision," said Doug Scala, regional president for Rhode Island at Webster. "What matters most however, is their commitment to core values and focus on community initiatives."

Anthony Capuano, Jr., senior vice president, Commercial Banking at Webster, led the transaction.

"We are looking forward to continuing to partner with home-grown, emerging, entrepreneurial business, like the Guild, in support of the expansion of local initiatives, by helping to empower them with products and services that will help their businesses grow and prosper," said Capuano.

"Our commitment to creating innovative and proactive financial solutions, partnering with State and Federal Agencies when necessary, has ensured we are responsive to our clients' needs, which has been clearly showcased through the bank's partnership with the Guild. At the end of the day, we have been successful in assisting them in completing the renovation and build out of their manufacturing operation and will continue to support them with their future goals," added Capuano.

About Webster

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $26.1 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 175 banking centers and 350 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.