Cardtronics, Inc. (Nasdaq:CATM) announced today that it has entered into an agreement with Webster Financial Corporation's wholly-owned subsidiary, Webster Bank, National Association, to place its brand on 158 Cardtronics-owned and operated ATMs located in select Walgreens drugstore locations in Massachusetts, Rhode Island and Connecticut.
Approximately 150 of the new ATMs will be located in Webster's Massachusetts and Rhode Island region. Branding of these 158 ATMs will start in January and be completed before the end of the first quarter of 2008.
ebster will not charge its account-holding customers fee withdrawals for using these new ATMs.
"Webster continues to find a way to provide our customers better convenience and access to our services," stated Webster Chairman and Chief Executive Officer James C. Smith. "This branding agreement is an excellent complement to Webster's de novo branch expansion program and establishes another distribution platform for our future growth throughout Rhode Island and into the Boston market."
With the completion of this ATM branding program coupled with the bank's plans for continuing de novo strategies, Webster expects to have more than 500 ATMs operating in its footprint by the 2008 second quarter.
"This branding agreement is tremendous benefit to Webster and its customers," stated Keith Myers, EVP Financial Services at Cardtronics. "Webster can solidify its position in these markets while providing even greater convenience and access to more of its customers, all without the capital outlays and operational challenges of more traditional ATM placements. It's a win-win situation."