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BOSTON — Webster Bank executive R. David Rosato has
been appointed to a vacant seat on the board of directors
of the Federal Home Loan Bank of Boston (the Bank). Mr. Rosato’s
term will expire on December 31, 2009. He previously served
on the Bank’s board of directors from April 20, 2006,
through December 31, 2006.
Mr. Rosato serves as senior vice president and treasurer
of Webster Bank, N.A., of Waterbury, Connecticut, a position
he has held since 1999. In addition, Mr. Rosato serves
as senior vice president and treasurer of Webster Financial
Corporation (NYSE:WBS).
The vacant seat was created when the Bank’s regulator,
the Federal Housing Finance Board (Finance Board), approved
a new elective seat for the State of Connecticut on March 19,
2007, at the request of the Bank. In doing so, the Finance
Board exercised its authority to create additional elective
seats in those Federal Home Loan Bank districts with five or
more states and fewer than 13 elective directorships. Connecticut
had for many years held two seats on the Bank’s board
of directors, but lost one of those seats effective January
1, 2007, due to a formula used by the Finance Board in allocating
directorships.
The Federal Home Loan Bank of Boston
is a cooperatively owned wholesale bank for the six New England
states. Its mission is to support the residential-mortgage
and community-development lending activities of its members,
which include over 460 financial institutions across New
England. To accomplish its mission, the Bank utilizes private-sector
capital to provide members and other qualified customers
with reliable access to low-cost wholesale funds, liquidity,
a competitive outlet for the sale of loans, special lending
programs, technical assistance, and other products and services.
For more information, see the Bank's backgrounder.
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