Only 24 years old, Smith borrowed from family and friends to found the lending institution providing home loans to Connecticut citizens.

He served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor.

Its network included over 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.

After the $5 billion USD 2022 merger with Sterling, assets rose to $65 billion, with 202 branches, 380 ATMs, and a larger presence throughout the metropolitan New York city area, including New Jersey.

[9] In 2024, it was the largest bank headquartered in Connecticut based on deposits, which in-state totaled $33 billion.