Webster Financial Corp. in Waterbury, Conn., continues to work its way through credit woes and securities writedowns with a belief that, when its problems subside, its capital position will enable it to book loans aggressively and even buy banks again.

"There's no question that we are in the down leg of the credit cycle, and we expect that nonaccruals have not yet peaked," chief executive James C. Smith said in a recent interview. "But Webster is in a very strong position to manage through the credit cycle, and we also have ample capital to capitalize on future growth."

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