Webster Bank, a leading bank serving businesses and consumers from Westchester County, N.Y. to Boston, Mass., has been selected as the primary bank for Transportation Technology, Inc., (TTI) a locomotive engine company based in Yonkers, N.Y. TTI is the nation’s premier manufacturer and supplier of high quality diesel power and generator systems across North America, primarily focused on the commuter rail market in the USA.
This agreement includes a significant U.S. Small Business Administration loan, working capital financing, and cash management services. With commuter rail being a highly important mode of transportation in this region, and emergency power being a growth industry here, this partnership leverages an opportunity for the company to take on
additional business and potentially hire more employees.
“Webster is leading the economic recovery,” said Martin Anderson, SVP, Commercial Banking at Webster Bank. “Our partnership with TTI to provide growth capital and complete cash management services will help the company prosper. This kind of agreement is an example of how Webster is continuing our momentum from 2011, when we
grew our lending to middle market companies by more than 30-percent and to small businesses by more than 35- percent.” “Our company has grown by leaps and bounds in recent years and Webster will give us the financial expertise we need to compete and continue to grow in this global economy for many years to come,” said John SantaCroce, CEO of Transportation Technology, Inc.
The company’s customers include NJ Transit, Massachusetts Bay Transportation Authority, and Amtrak. TTI also manages Power Performance Industries, (PPI), a division that provides diesel generator service to hospitals and commercial buildings including Westchester Medical Center.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $19 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 167 banking offices, 464 ATMs, 290 of which are owned by Webster and 174 of which are branded, telephone banking, mobile banking, and the Internet. Webster Bank owns the asset based
lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com