Exhibit 12.1

WEBSTER FINANCIAL CORPORATION

Computation of Ratios of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges, excluding Interest on Deposits

	Year ended December 31,
	1999			2000			2001			2002			2003
EARNINGS:
Income before taxes	$	142,682			176,407			206,245			233,977			243,020
Plus: Fixed Charges		142,625			192,252			174,406			141,007			134,751
Less: Preferred stock dividend		(4,151	)		(4,151	)		(985	)		(863	)		(863	)
Total Earnings		281,156			364,508			379,666			374,121			376,908
FIXED CHARGES:
Interest on Borrowings		138,474			188,101			173,421			140,144			133,888
Plus: Preferred stock dividend		4,151			4,151			985			863			863
Total fixed charges		142,625			192,252			174,406			141,007			134,751
Earnings in Excess of Fixed Charges		138,531			172,256			205,260			233,114			242,157
Ratio of Earnings/Fixed Charges		1.97			1.90			2.18			2.65			2.80

Ratio of Earnings to Fixed Charges, including Interest on Deposits

	Year ended December 31,
	1999			2000			2001			2002			2003
EARNINGS:
Income before taxes		142,682			176,407			206,245			233,977			243,020
Plus: Fixed Charges		346,430			416,546			390,741			287,169			246,062
Less: Preferred stock dividend		(4,151	)		(4,151	)		(985	)		(863	)		(863	)
Total Earnings		484,961			588,802			596,001			520,283			488,219
FIXED CHARGES:
Interest on Borrowings		138,474			188,101			173,421			140,144			133,888
Plus: Interest on deposits		203,805			224,294			216,335			146,162			111,311
Plus: Preferred stock dividend		4,151			4,151			985			863			863
Total fixed charges		346,430			416,546			390,741			287,169			246,062
Earnings in Excess of Fixed Charges		138,531			172,256			205,260			233,114			242,157
Ratio of Earnings/Fixed Charges		1.40			1.41			1.53			1.81			1.98