Waterbury banker James C. Smith often credits his father for the lessons guiding him through today’s economic headwinds. Harold Webster Smith opened a small savings and loan during the Great Depression with $75,000 from the federal government. Harold Smith repaid the loan in five years.
Jim Smith, chairman and CEO of Webster Bank, said his dad would be proud of the deal struck last week with New York equity investor Warburg Pincus to pay a premium $115 million for a 15.2 percent stake in the bank.
Smith had accepted a $400 million infusion from the feds. With Warburg Pincus aboard he plans to settle his government obligation in 2010.
