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Well it's that time a year -- you remember George Jimmy Stewart's character George Bailey in it's wonderful life.
The selfless banker who help the people of Bedford falls.
Our -- Thompson promised to put it you don't you give us a lot about how to how much you won't happen -- get along with Leo right.
And -- -- -- you don't have to sign and I think I know you pay when you can't that's okay.
Completely -- was writing -- what is lending well at a time when bags are being vilified one bank CEO is being praised.
As a real -- George -- -- F is the CEO of Webster bank company started by his dad during the great depression and their key to success.
Profiting by helping others and he joins us today CEO of great to have you here well thank you I'm delighted to be here and -- -- -- -- in the northeast yes we're located in Connecticut our main offices three blocks from where the bank was -- about my dad in 1935 it -- that's fantastic -- it in the movie.
From the thirties.
George Bailey did everything he could keep people in their houses and that's actually what you guys have done -- with your -- it Webster.
Because you've got a remarkable loan modification program rather than thrown people out you try to keep on the.
You know my dad founded the bank in 1935 to help people buy and build their homes in there we were in 2008.
And clearly something was happening and it turned out to be not only a financial crisis but an economic downturn and we decided that we should put it.
Moratorium on any kind of foreclosures until we worked out a loan modification program.
So 9220 days later we did.
The bankers of Webster figured out how they wanted to approach the problem and we're happy to say we've had no adversarial foreclosures -- clients since.
We've kept over 12100 families in their homes where they otherwise might have been threatened.
Well Jim you that you did take TARP money right yes actually we did that was such a hard decision for us because we were strong institution has plenty of capital but.
Encouraged us as they did other healthy banks to take the capital so at the very end of 2008 after hemming and hawing for -- while we decided that we would -- -- paid it back in 2010.
We -- very handsome returns to the which is.
Where did you do with what we don't know the banks would do you did it to lend money to -- -- going that didn't happen elsewhere well actually we did designate exactly how we would invest those funds your record and it made a difference and I like the fact that you publish your company bonuses on the number of loan modifications rather than foreclosures it's all about at Webster -- -- people.
Yes it is right.
Thank you very sincere thanks to make her my -- I'm gonna happen and I have a drive -- great to -- That's the case I would drive through ATF on -- idea.
How come we haven't been until deposit automated so -- got a couple hundred of them will be looking for you that's fantastic.
Connecticut is right around the corner -- Westchester County also New York right that's right all right very good Jim thank you very much thank you.
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