A Webster Bank branch in downtown Boston. Photo by James Sanna | Banker & Tradesman Staff

Following its merger this year with Sterling Bancorp, the parent company of Connecticut-based Webster Bank has established a $6.5 billion community benefits plan that will invest in the communities within the bank’s footprint.

“The larger scale and greater resources created by Webster’s recently completed merger with Sterling Bancorp allow the combined company to expand on both banks’ long-standing records of corporate responsibility and community engagement,” Webster said in a statement. “Integral to the way Webster does business, this increase in investments will create even greater opportunities and value for clients and communities across the bank’s footprint.”

The $65 billion-asset Webster Bank now has about 200 locations in Connecticut, Massachusetts, New York and Rhode Island, including 19 branches in Eastern Massachusetts. Webster also has its HSA Bank division.

The statement said the community benefits program would focus on:

• Increasing access to affordable housing and homeownership for low- and moderate-income communities in Webster’s footprint, including $1.35 billion in LMI residential lending and $1 billion in multifamily lending.
• Making community services more accessible for LMI communities with $2.1 billion in community development lending and investments over three years.
• Making capital more accessible to entrepreneurs and small businesses with $2.1 billion in small business lending over three years, focusing on minority- and women-owned businesses.
• Supporting community programs that address food scarcity, workforce development and financial literacy for youth and aging populations, and community programs that focus on equity, economic inclusion and financial empowerment.

“We are excited to announce this investment in our communities, as we continue to build on Webster’s established record of citizenship, sustainability and responsibility,” John R. Ciulla, Webster president and CEO, said in the statement. “We look forward to continuing our active involvement across our newly expanded footprint as we build even stronger relationships with our clients and deliver growth and value creation for our shareholders.”

The bank has also established a new office of corporate responsibility to oversee its community engagement efforts.

“While these individual activities had been successful in both legacy companies, bringing them together in the Office of Corporate Responsibility allows a more strategic approach and more effectively leverages resources,” the statement said.

Marissa Weidner, Webster’s chief corporate responsibility officer, will lead the new office. Weidner will manage all community-facing activities across the organization, the statement said, including Community Reinvestment Act and fair and responsible banking, community investment, engagement and philanthropy, government relations and public affairs, supplier diversity, and environmental, social and governance efforts.

“We want to provide the opportunity for individuals in our communities to excel. This commitment represents a greater investment than the sum of the investments made by each bank on a stand-alone basis,” Weidner said in the statement. She added: “Webster worked with a number of community groups to develop this program. We appreciate the shared time and feedback from all of these organizations.”