In the nearly 50 years since it was founded, Webster Business Credit has grown into a premier provider of customized asset-based lending and cash management services for middle market companies. We are now one of the top 25 asset based lending providers for the United States.
The story begins in 1968, when the organization that eventually became Webster Business Credit started out as a small division of J. Henry Schroder Bank and Trust Co. (JHSB&T). That division was formed to support the working capital and long-term financing needs of middle market companies.
When, in 1987, the Industrial Bank of Japan (IBJ) acquired a majority stake in JHSB&T, our organization became part of the newly renamed IBJ Schroder Bank and Trust Co. Nine years later, in 1996, we became a stand-alone subsidiary of the bank, with the name IBJ Schroder Business Credit Corporation.
Three important developments in our organization’s life occurred in 1999. Our current president, Warren Mino – who already had a strong asset-based lending background -- joined the firm as Chief Credit Officer. In that same year, we established our Retail Finance Group. Finally, the organization changed its name to IBJ Whitehall Business Credit Corp. in conjunction with IBJ’s purchase of the last remaining shares held by Schroders, Inc.
In 2001, Mr. Mino was appointed president of IBJ Whitehall Business Credit Corp.
The following year, in 2002, IBJ Whitehall Business Credit Corp. was acquired by Webster Bank, N.A. And in 2003, our group’s name was officially changed to Webster Business Credit Corp.
Over these 48 years, and in particular, since becoming part of the Webster Bank family, we have grown substantially -- in terms of transactions volume, revenues, and staff size. But just as important, we have also increased our depth of coverage, and continued to add products and services for our middle market clients, so that today – we are a leading provider of a full range of asset-based financing to middle market companies in the United States.