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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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FORM 10-Q



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|x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

For the quarterly period ended September 30, 2007

OR



| ̈ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------

Commission File Number: 0-23513



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WEBSTER PREFERRED CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)



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|                                                               |  |                                          
|-------------------------------------------------------------- |  | -----------------------------------------
|Connecticut                                                    |  | 06-1478208                               
|(State or other jurisdiction of incorporation or organization) |  | (I. R. S. Employer Identification Number)



|                                         |  |           
|---------------------------------------- |  | ----------
|145 Bank Street, Waterbury, Connecticut  |  | 06702     
|(Address of principal executive offices) |  | (Zip Code)

Registrants telephone number, including area code: (203) 465-4366



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Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.     x  Yes ̈No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a
non-accelerated filer.

Large accelerated filer ̈Accelerated filer ̈Non-accelerated
filer  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). ̈Yes    x  No

The number of shares outstanding of each of the registrants classes of common stock, as of October 31, 2007 was: 100 shares.



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WEBSTER PREFERRED CAPITAL CORPORATION

INDEX



|                               |  |                                                                                                    |  |     
|------------------------------ |  | -------------------------------------------------------------------------------------------------- |  | ----
|                               |  |                                                                                                    |  | Page
|PART I - FINANCIAL INFORMATION |  |                                                                                                   
|                               |  |                                                                                                   
|Item 1.                        |  | Interim Financial Statements (unaudited):                                                          |  |     
|                               |  |                                                                                                   
|                               |  | Statements of Condition at September 30, 2007 and December 31, 2006                                |  | 3   
|                               |  |                                                                                                   
|                               |  | Statements of Income for the Three and Nine Months ended September 30, 2007 and 2006               |  | 4   
|                               |  |                                                                                                   
|                               |  | Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2007 and 2006 |  | 4   
|                               |  |                                                                                                   
|                               |  | Statements of Cash Flows for the Nine Months ended September 30, 2007 and 2006                     |  | 5   
|                               |  |                                                                                                   
|                               |  | Notes to the Interim Financial Statements                                                          |  | 6   
|                               |  |                                                                                                   
|Item 2.                        |  | Managements Discussion and Analysis of Financial Condition and Results of Operations              |  | 9   
|                               |  |                                                                                                   
|Item 3.                        |  | Quantitative and Qualitative Disclosures About Market Risk                                         |  | 12  
|                               |  |                                                                                                   
|Item 4.                        |  | Controls and Procedures                                                                            |  | 13  
|                               | 
|PART II  OTHER INFORMATION    |  | 13                                                                                                
|                               |  |                                                                                                   
|Item 1.                        |  | Legal Proceedings                                                                                  |  | 13  
|                               |  |                                                                                                   
|Item 1A.                       |  | Risk Factors                                                                                       |  | 13  
|                               |  |                                                                                                   
|Item 2.                        |  | Unregistered Sales of Equity Securities and Use of Proceeds                                        |  | 13  
|                               |  |                                                                                                   
|Item 3.                        |  | Defaults Upon Senior Securities                                                                    |  | 13  
|                               |  |                                                                                                   
|Item 4.                        |  | Submission of Matters to a Vote of Security Holders                                                |  | 14  
|                               |  |                                                                                                   
|Item 5.                        |  | Other Information                                                                                  |  | 14  
|                               |  |                                                                                                   
|Item 6.                        |  | Exhibits                                                                                           |  | 15  
|                               | 
|SIGNATURE                      |  | 16                                                                                                
|                               | 
|EXHIBITS                       |  | 17                                                                                                



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|Item 1. | INTERIM FINANCIAL STATEMENTS
|------- | ----------------------------

WEBSTER PREFERRED CAPITAL CORPORATION

STATEMENTS OF CONDITION

(unaudited)



|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ------- | - | ----------------- | - | ------- | -
|(Dollars in thousands, except share data)                                                                                                                                   |  | September 30, 2007 |         |   | December 31, 2006 |  
|Assets                                                                                                                                                                      |  |                    |         |   |                   |   |         |  
|                                                                                                                                                                            |  |                   
|Cash                                                                                                                                                                        |  | $                  | 10,847  |   |                   | $ | 56,356  |  
|Interest-bearing deposits                                                                                                                                                   |  |                    | 30,000  |   |                   |   | 80,000  |  
|Residential mortgage loans, net                                                                                                                                             |  |                    | 283,922 |   |                   |   | 372,201 |  
|Accrued interest receivable                                                                                                                                                 |  |                    | 1,295   |   |                   |   | 1,859   |  
|Prepaid expenses and other assets                                                                                                                                           |  |                    | 8       |   |                   |   | 1,574   |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Total assets                                                                                                                                                                |  | $                  | 326,072 |   |                   | $ | 511,990 |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Liabilities and Shareholders Equity                                                                                                                                        |  |                    |         |   |                   |   |         |  
|                                                                                                                                                                            |  |                   
|Accrued dividends payable                                                                                                                                                   |  | $                  | 180     |   |                   | $ | 180     |  
|Accrued expenses and other liabilities                                                                                                                                      |  |                    | 50      |   |                   |   | 36      |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Total liabilities                                                                                                                                                           |  |                    | 230     |   |                   |   | 216     |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Shareholders Equity                                                                                                                                                        |  |                    |         |   |                   |   |         |  
|                                                                                                                                                                            |  |                   
|Series B 8.625% cumulative redeemable preferred stock, liquidation preference $10 per share; par value $1.00 per share: 1,000,000 shares
authorized, issued and outstanding |  |                    | 1,000   |   |                   |   | 1,000   |  
|Common stock, par value $.01 per share:                                                                                                                                     |  |                    |         |   |                   |   |         |  
|Authorized  1,000 shares                                                                                                                                                   |  |                    |         |   |                   |   |         |  
|Issued and outstanding  100 shares                                                                                                                                         |  |                    | 1       |   |                   |   | 1       |  
|Paid-in capital                                                                                                                                                             |  |                    | 328,799 |   |                   |   | 513,799 |  
|Distributions in excess of accumulated earnings                                                                                                                             |  |                    | (3,958  | ) |                   |   | (3,026  | )
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Total shareholders equity                                                                                                                                                  |  |                    | 325,842 |   |                   |   | 511,774 |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  
|Total liabilities and shareholders equity                                                                                                                                  |  | $                  | 326,072 |   |                   | $ | 511,990 |  
|                                                                                                                                                                            |  |                    |         |   |                   |   |         |  

See accompanying notes to interim financial statements.



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WEBSTER PREFERRED CAPITAL CORPORATION

STATEMENTS OF INCOME

(unaudited)



|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|--------------------------------------------------- |  | ------------------------------- | ------ | ---- | ------------------------------ | ------ | ---- |  | - | ------- | - |  | - | ------- | -
|                                                    |  | Three Months EndedSeptember 30, |        |      | Nine Months EndedSeptember 30, |       
|                                                    | 
|(Dollars in thousands, except per share data)       |  | 2007                            |        | 2006 |                                |        | 2007 |  |   | 2006    |  
|Interest income:                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Loans                                               |  | $                               | 4,129  |      | $                              | 5,352  |      |  | $ | 13,035  |   |  | $ | 15,674  |  
|Securities and short-term investments               |  |                                 | 694    |      |                                | 1,631  |      |  |   | 2,023   |   |  |   | 4,838   |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Total interest income                               |  |                                 | 4,823  |      |                                | 6,983  |      |  |   | 15,058  |   |  |   | 20,512  |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Recovery of loan losses                             |  |                                 |       |      |                                |       |      |  |   | (250    | ) |  |   |        |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Total interest income after recovery of loan losses |  |                                 | 4,823  |      |                                | 6,983  |      |  |   | 15,308  |   |  |   | 20,512  |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Loss on write-down of securities to fair value      |  |                                 |       |      |                                | (526   | )    |  |   |        |   |  |   | (526    | )
|Noninterest expense:                                |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Advisory fee to parent                              |  |                                 | 51     |      |                                | 51     |      |  |   | 154     |   |  |   | 151     |  
|Other                                               |  |                                 | 34     |      |                                | 32     |      |  |   | 109     |   |  |   | 126     |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Total noninterest expense                           |  |                                 | 85     |      |                                | 83     |      |  |   | 263     |   |  |   | 277     |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Net income                                          |  |                                 | 4,738  |      |                                | 6,374  |      |  |   | 15,045  |   |  |   | 19,709  |  
|Preferred stock dividends                           |  |                                 | 216    |      |                                | 216    |      |  |   | 647     |   |  |   | 647     |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Net income available to common shareholder          |  | $                               | 4,522  |      | $                              | 6,158  |      |  | $ | 14,398  |   |  | $ | 19,062  |  
|                                                    |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Net income per common share:                        |  |                                 |        |      |                                |        |      |  |   |         |   |  |   |         |  
|Basic                                               |  | $                               | 45,220 |      | $                              | 61,580 |      |  | $ | 143,980 |   |  | $ | 190,620 |  

STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)



|                                                                                                           |  |                                  |       |                                |   |       |  |      |        |  |   |        |  
|---------------------------------------------------------------------------------------------------------- |  | -------------------------------- | ----- | ------------------------------ | - | ----- |  | ---- | ------ |  | - | ------ | -
|                                                                                                           |  | Three Months Ended September 30, |       | Nine Months EndedSeptember 30, |  
|                                                                                                           |  |                                 
|(In thousands)                                                                                             |  | 2007                             |       | 2006                           |   | 2007  |  | 2006 |       
|Net income                                                                                                 |  | $                                | 4,738 |                                | $ | 6,374 |  | $    | 15,045 |  | $ | 19,709 |  
|Other comprehensive income (loss):                                                                         |  |                                  |       |                                |   |       |  |      |        |  |   |        |  
|Reclassification adjustment for loss on write-down of securities available for sale included in net income |  |                                  |      |                                |   | 526   |  |      |       |  |   | 526    |  
|Unrealized net holding gain (loss) on securities available for sale arising during the period              |  |                                  |      |                                |   | 209   |  |      |       |  |   | (26    | )
|                                                                                                           |  |                                  |       |                                |   |       |  |      |        |  |   |        |  
|Comprehensive income                                                                                       |  | $                                | 4,738 |                                | $ | 7,109 |  | $    | 15,045 |  | $ | 20,209 |  
|                                                                                                           |  |                                  |       |                                |   |       |  |      |        |  |   |        |  

See accompanying notes to interim financial statements.



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WEBSTER PREFERRED CAPITAL CORPORATION

STATEMENTS OF CASH FLOWS

(unaudited)



|                                                                                  |  |                                 |          |   |      |   |         |  
|--------------------------------------------------------------------------------- |  | ------------------------------- | -------- | - | ---- | - | ------- | -
|                                                                                  |  | Nine Months Ended September 30, |         
|(In thousands)                                                                    |  | 2007                            |          |   | 2006 |  
|Cash flow from operating activities:                                              |  |                                 |          |   |      |   |         |  
|Net income                                                                        |  | $                               | 15,045   |   |      | $ | 19,709  |  
|Adjustments to reconcile net income to net cash provided by operating activities: |  |                                 |          |   |      |   |         |  
|Net amortization and accretion                                                    |  |                                 | 127      |   |      |   | 402     |  
|Loss on write-down of securities available for sale to fair value                 |  |                                 |         |   |      |   | 526     |  
|Recovery of loan losses                                                           |  |                                 | (250     | ) |      |   |        |  
|Decrease (increase) in accrued interest receivable                                |  |                                 | 564      |   |      |   | (464    | )
|Increase in accrued expenses and other liabilities                                |  |                                 | 14       |   |      |   | 181     |  
|Decrease (increase) in prepaid expenses and other assets                          |  |                                 | 1,566    |   |      |   | (568    | )
|                                                                                  |  |                                 |          |   |      |   |         |  
|Net cash provided by operating activities                                         |  |                                 | 17,066   |   |      |   | 19,786  |  
|                                                                                  |  |                                 |          |   |      |   |         |  
|Cash flow from investing activities:                                              |  |                                 |          |   |      |   |         |  
|Principal repayments on mortgage-backed securities                                |  |                                 |         |   |      |   | 4,393   |  
|Net decrease in residential mortgage loans                                        |  |                                 | 88,402   |   |      |   | 1,019   |  
|Net decrease (increase) in short-term investments                                 |  |                                 | 50,000   |   |      |   | (2,000  | )
|                                                                                  |  |                                 |          |   |      |   |         |  
|Net cash provided by investing activities                                         |  |                                 | 138,402  |   |      |   | 3,412   |  
|                                                                                  |  |                                
|Cash flow from financing activities:                                              |  |                                 |          |   |      |   |         |  
|Dividends paid on common and preferred stock                                      |  |                                 | (15,977  | ) |      |   | (21,278 | )
|Return of capital distribution                                                    |  |                                 | (185,000 | ) |      |   |        |  
|                                                                                  |  |                                 |          |   |      |   |         |  
|Net cash used in financing activities                                             |  |                                 | (200,977 | ) |      |   | (21,278 | )
|                                                                                  |  |                                 |          |   |      |   |         |  
|(Decrease) increase in cash and cash equivalents                                  |  |                                 | (45,509  | ) |      |   | 1,920   |  
|Cash and cash equivalents at beginning of period                                  |  |                                 | 56,356   |   |      |   | 3,402   |  
|                                                                                  |  |                                 |          |   |      |   |         |  
|Cash and cash equivalents at end of period                                        |  | $                               | 10,847   |   |      | $ | 5,322   |  
|                                                                                  |  |                                 |          |   |      |   |         |  

See accompanying notes to interim financial statements.



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WEBSTER PREFERRED CAPITAL CORPORATION

NOTES TO INTERIM FINANCIAL STATEMENTS

(unaudited)

NOTE 1: Basis Of Presentation

The accompanying interim financial
statements represent the accounts of Webster Preferred Capital Corporation (the Company or WPCC), a wholly-owned subsidiary of Webster Bank, and have been prepared in conformity with U.S. generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting
principles (GAAP) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Amounts in prior period
financial statements are reclassified whenever necessary to conform to current period presentations. The results of operations for the three or nine months ended September 30, 2007 are not necessarily indicative of the results which may be
expected for the year as a whole.

The preparation of the Interim Financial Statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the Interim Financial Statements, and the reported amounts of
revenues and expenses for the periods presented. Actual results could differ from those estimates. These Interim Financial Statements should be read in conjunction with the audited Financial Statements and Notes thereto included in WPCCs
Annual Report on Form 10-K for the year ended December 31, 2006.

NOTE 2: Residential Mortgage Loans, Net

Loans represent assets that the Company acquires from Webster Bank at carrying value. While these transfers represent legal sales by Webster Bank, Webster Bank may not
record the transfers as sales for GAAP accounting purposes because of its 100% direct ownership interest in the Company. Accordingly, the Companys assets represent non-recourse receivables from Webster Bank which are fully collateralized by
the underlying loans. The underlying loans are whole loans secured by first mortgages or deeds of trust on single family (one-to-four unit) residential real estate properties located primarily in Connecticut. The assets continue to be classified as
residential loans in the Companys financial statements because the returns on and the recoverability of these non-recourse receivables are entirely dependent on the performance of the underlying residential loans.

Loans are stated at the principal amounts outstanding, adjusted by deferred loan costs, and the allowance for loan losses. Interest on loans is credited to income as
earned based on the rate applied to principal amounts outstanding. Interest which is more than 90 days past due is not accrued. Such interest ultimately collected, if any, is credited to income in the period received. Deferred loan fees/costs on
loans acquired are recognized in interest income over the lives of the loans using a method approximating the interest method. Servicing fees paid to the Servicer (as defined in Note 3 below) are charged against interest income.

The Companys residential mortgage loans are not within the scope of Statement of Financial Accounting Standards (SFAS) No. 114, Accounting
by Creditors for Impairment of a Loan, as amended by SFAS No. 118, since these are homogenous loans with relatively small balances that are collectively evaluated for impairment.



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A summary of the Companys residential mortgage loans by type and original maturity follows:



|                                          |  |                    |         |   |                   |   |         |  
|----------------------------------------- |  | ------------------ | ------- | - | ----------------- | - | ------- | -
|(In thousands)                            |  | September 30, 2007 |         |   | December 31, 2006 |  
|Fixed-rate loans:                         |  |                    |         |   |                   |   |         |  
|15 yr. loans                              |  | $                  | 27,663  |   |                   | $ | 29,401  |  
|20 yr. loans                              |  |                    | 6,945   |   |                   |   | 6,652   |  
|25 yr. loans                              |  |                    | 3,166   |   |                   |   | 2,857   |  
|30 yr. loans                              |  |                    | 136,703 |   |                   |   | 198,172 |  
|                                          |  |                    |         |   |                   |   |         |  
|Total fixed-rate loans                    |  |                    | 174,477 |   |                   |   | 237,082 |  
|                                          |  |                    |         |   |                   |   |         |  
|Variable-rate loans:                      |  |                    |         |   |                   |   |         |  
|15 yr. loans                              |  |                    | 637     |   |                   |   | 877     |  
|20 yr. loans                              |  |                    | 601     |   |                   |   | 559     |  
|25 yr. loans                              |  |                    | 911     |   |                   |   | 1,012   |  
|30 yr. loans                              |  |                    | 108,035 |   |                   |   | 133,265 |  
|                                          |  |                    |         |   |                   |   |         |  
|Total variable-rate loans                 |  |                    | 110,184 |   |                   |   | 135,713 |  
|                                          |  |                    |         |   |                   |   |         |  
|Total residential mortgage loans          |  |                    | 284,661 |   |                   |   | 372,795 |  
|                                          |  |                   
|Premiums and deferred costs on loans, net |  |                    | 1,033   |   |                   |   | 1,428   |  
|Less: allowance for loan losses           |  |                    | (1,772  | ) |                   |   | (2,022  | )
|                                          |  |                    |         |   |                   |   |         |  
|Residential mortgage loans, net           |  | $                  | 283,922 |   |                   | $ | 372,201 |  
|                                          |  |                    |         |   |                   |   |         |  

As of September 30, 2007, 61.3% of the Companys residential mortgage loans are fixed-rate loans and
38.7% are variable-rate loans.

There has been a recovery of loan losses of $250,000 for the nine months ended September 30, 2007 (none in the same
period in 2006). The recovery of loan losses is primarily a result of the overall decline in loans outstanding.

NOTE 3: Servicing

The mortgage loans owned by the Company are serviced by Webster Bank, National Association (Webster Bank) pursuant to the terms of a servicing agreement.
Webster Bank in its role as servicer under the terms of the servicing agreement is herein referred to as the Servicer. The Servicer receives fees at an annual rate of (i) 8 basis points for fixed-rate loan servicing and collection,
(ii) 8 basis points for variable-rate loan servicing and collection and (iii) 5 basis points for all other services to be provided, as needed, in each case based on the daily outstanding balances of all the Companys loans for which
the Servicer is responsible. The services provided to the Company by Webster Bank are at the level of a sub-servicing agreement. As such, the Company estimates that the fees paid to Webster Bank for servicing approximates fees that would be paid if
the Company operated as an unaffiliated entity. Servicing fees paid for the three and nine months ended September 30, 2007 were $58,000 and $184,000, respectively, and for the three and nine months ended September 30, 2006 were $76,000 and
$226,000. Servicing fees are netted against interest income in the Statements of Income, as they are considered a reduction in yield to the Company.

The
Servicer is entitled to retain any late payment charges, prepayment fees, penalties and assumption fees collected in connection with mortgage loans serviced by it. The Servicer receives the benefit, if any, derived from interest earned on collected
principal and interest payments between the date of collection and the date of remittance to the Company and from interest earned on tax and insurance escrow funds with respect to mortgage loans serviced by it. At the end of each calendar month, the
Servicer is required to invoice the Company for all fees and charges due to the Servicer.



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NOTE 4: Accounting for Uncertainty in Income Taxes:

In June 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement 109 (FIN
48). This statement clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a companys financial statements. FIN 48 prescribes a recognition threshold of
more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. FIN 48 also provides guidance on de-recognition,
classification, interest and penalties, accounting in interim periods, and disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006.

On January 1, 2007 the Company adopted the provisions of FIN 48 and there was no impact on the financial statements. Upon the adoption of this standard, the Company performed an analysis of its tax positions to
determine whether there may be uncertainties that require further analysis under FIN 48 based on their specific facts and circumstances. The Company did not identify any tax positions that contained significant uncertainties at January 1, 2007
or September 30, 2007.

The Company has no interest or penalties recognized in its statements of income for the three months ended September 30,
2007 and 2006, or in its balance sheet at September 30, 2007. Such interest and penalties would be classified as income taxes in its statement of income.

The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2004 through 2006, The Companys state income tax returns are also open to audit
under the statute of limitations for the years ending December 31, 2004 through 2006.



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WEBSTER PREFERRED CAPITAL CORPORATION



|Item 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

General

The Company is a subsidiary of Webster Bank and has elected to be treated as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as
amended (the Code). The Company will generally not be subject to federal income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its
REIT taxable income (not including capital gains and certain items of noncash income). The following discussion of the Companys financial condition and results of operations should be read in conjunction with the Companys
financial statements and other financial data included elsewhere herein and in conjunction with the Companys 2006 Annual Report on Form 10-K.

Forward Looking Statements

This report contains forward looking statements within the meaning of the Securities Exchange Act of
1934, as amended. Actual results, performance or developments may differ materially from those expressed or implied by such forward looking statements as a result of market uncertainties and other factors. Some important factors that would cause
actual results to differ from those in any forward looking statements include changes in interest rates and the general economy in the Connecticut market area where a substantial portion of the real estate securing the Companys loans are
located, legislative and regulatory changes, changes in tax laws and policies, and changes in accounting policies, principles or guidelines. Such developments could have an adverse impact on the Companys financial position and results of
operations. An example of such a forward looking statement is the Quantitative and Qualitative Disclosures About Market Risk section in Managements Discussion and Analysis. Except as required by law, the Company does not undertake
to update any such forward looking statements.

Summary

WPCCs total interest income of $4.8 million for the three months ended September 30, 2007 decreased $2.2 million or 31.4% compared to $7.0 million for the three months ended September 30, 2006. Interest income for the nine
month period ending September 30, 2007 was $15.1 million, a decrease of $5.4 million or 26.3% compared to $20.5 million for the nine months ended September 30, 2006. The decrease in interest income is due to the following factors:



| |  | For the three months ended September 30, 2007, average loans decreased $92.9 million, average short term investments decreased $35.3 million and average
securities decreased $36.3 million compared to the three months ended September 30, 2006. The yield on earning assets for the three months ended September 30, 2007 was 5.64% compared to 5.51% for the three months ended September 30,
2006.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | For the nine months ended September 30, 2007, average loans decreased $71.2 million, average short term investments decreased $41.3 million and average
securities decreased $38.1 million compared to the nine months ended September 30, 2006. The yield on earning assets for the nine months ended September 30, 2007 was 5.59% compared to 5.37% for the nine months ended September 30,
2006.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Changes in Financial Condition

Total assets, consisting primarily of residential mortgage loans, were $326.1 million at September 30, 2007, a decrease of $185.9 million from $512.0 million at December 31, 2006. Residential mortgage loans decreased $88.3 million
primarily as a result of transfers to Webster Bank of $94.6 million, repayments of $44.7 million offset by acquisitions of $51.0 million. Interest bearing deposits decreased by $50.0 million and cash decreased by $45.5 million compared to
December 31, 2006. The resulting net cash was primarily used to pay $185.0 million to Webster Bank as a return of capital distribution. Shareholders equity decreased by $185.9 million to $325.8 million at September 30, 2007 from
$511.8 million at December 31, 2006, due to the payment of $185.0 million in return of capital distribution and $15.9 million in common and preferred dividends partially offset by net income of $15.0 million for the first nine months of 2007.



9



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##### Table of Contents

Loans represent assets that the Company acquires from Webster Bank at carrying value. While these transfers represent
legal sales by Webster Bank, Webster Bank may not record the transfers as sales for GAAP accounting purposes because of its 100% direct ownership interest in the Company. Accordingly, the Companys assets represent non-recourse receivables from
Webster Bank which are fully collateralized by the underlying loans. The underlying loans are whole loans secured by first mortgages or deeds of trust on single family (one-to-four unit) residential real estate properties located primarily in
Connecticut. The assets continue to be classified as residential loans in the Companys financial statements because the returns on and the recoverability of these non-recourse receivables are entirely dependent on the performance of the
underlying residential loans.

Asset Quality

The Company maintains asset quality by investing in residential real estate loans that have been conservatively underwritten and by aggressively managing nonperforming assets. At September 30, 2007 and December 31, 2006,
residential real estate loans comprised the entire loan portfolio. All such residential loans were acquired from Webster Bank. The Company also invests in interest bearing deposits.

The following table details the Companys nonperforming assets:



|                                     |  |                   |     |                  |   |    
|------------------------------------ |  | ----------------- | --- | ---------------- | - | ---
|(In thousands)                       |  | September 30,2007 |     | December 31,2006
|                                     | 
|Nonaccrual loans                     |  | $                 | 516 |                  | $ | 211
|                                     |  |                   |     |                  |   |    
|Total nonperforming loans and assets |  | $                 | 516 |                  | $ | 211
|                                     |  |                   |     |                  |   |    

At September 30, 2007 non-accruing loans were approximately $516,000 compared to $211,000 at
December 31, 2006, an increase of $305,000. The increase was a result of two additional loans that are over 90 days past due. At September 30, 2007 the allowance for loan losses was approximately $1.8 million compared to $2.0 million at
December 31, 2006. Total loans decreased $88.3 million from December 31, 2006 and $102.8 million from September 30, 2006. Primarily as a result of the decreases in the outstanding loan balances, allowance for loan losses decreased by
$0.3 million at September 30, 2007 as compared to December 31, 2006. Management believes that the allowance for loan losses is adequate to cover probable losses inherent in the current portfolio.

Liquidity and Capital Resources

The primary sources of
liquidity for the Company are principal and interest payments from the residential mortgage loans and short term investments. The primary uses of liquidity are acquisitions of residential mortgage loans and short term investments and the payment of
dividends on the common and preferred stock.

While scheduled loan amortization and short-term investments are predictable sources of funds, loan
prepayments can vary greatly and are influenced by factors such as general interest rates, economic conditions and competition. One of the inherent risks of investing in loans is the possibility prepayments of principal prior to maturity at
prepayment rates different than those estimated at the time of purchase. This generally occurs because of changes in market interest rates.

In the
unlikely event that principal and interest payments on its mortgage assets are insufficient to meet its operating needs, WPCC has the ability to raise additional funds. For example, WPCCs residential mortgage loans are underwritten to meet
secondary market requirements and could easily be sold or securitized as mortgage-backed securities and used as borrowing collateral, although the Company had no plans to do so at September 30, 2007.



10



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##### Table of Contents

Asset/Liability Management

The goal of the Companys asset/liability management policy is to manage interest-rate risk so as to maximize net interest income over time in changing interest rate environments while maintaining acceptable
levels of risk. The Company prepares estimates of the level of prepayments and the effect of such prepayments on the level of future earnings due to reinvestment of funds at rates different than those that currently exist. The Company is unable to
predict future fluctuations in interest rates. The market values of the Companys financial assets are sensitive to fluctuations in market interest rates. The market values of fixed-rate loans tend to decline in value as interest rates rise. If
interest rates decrease, the market value of loans generally will tend to increase with the level of prepayments also normally increasing. At September 30, 2007, the Company had no mortgage backed securities. The interest income earned on the
Companys variable-rate, interest-sensitive instruments, which represent primarily variable-rate mortgage loans, may change due to changes in quoted interest-rate indices. The variable-rate mortgage loans generally re-price based on a stated
margin over U.S. Treasury Securities indices of varying maturities, the terms of which are established at the time that the loan is closed. At September 30, 2007, 38.7% of the Companys residential mortgage loans were variable-rate loans.

Results of Operations

For the three months
ended September 30, 2007, the Company reported net income of $4.7 million, a decrease of $1.6 million or 25.4% compared to the same period in 2006. For the nine months ended September 30, 2007, the Company reported net income of $15.0
million, a decrease of $4.7 million or 23.9% compared to the same period in 2006.

Interest income was $4.8 million for the three months ended
September 30, 2007, a decrease of $2.2 million or 31.4% from the comparable same period in 2006. The decrease in interest income was primarily related to a reduction in average interest earning assets of $164.5 million for the three months
ended September 30, 2007 compared to the three months ended September 30, 2006, partially offset by an increase in yields on earning assets of 13 basis points.

Interest income was $15.3 million for the nine months ended September 30, 2007, a decrease of $5.2 million or 25.4% from the comparable period in 2006. The decrease in interest income was primarily related to a
reduction in average interest earning assets of $150.6 million for the nine months ended September 30, 2007 compared to the nine months ended September 30, 2006, partially offset by an increase in yields on earning assets of 22 basis
points.

The following table shows the major categories of average interest-earning assets, together with their respective interest income and the rates
earned by the Company:



|                           |  |                                       |         |                |                                       |              |  |      |                |  |                |         |              |   |        |  |      |  
|-------------------------- |  | ------------------------------------- | ------- | -------------- | ------------------------------------- | ------------ |  | ---- | -------------- |  | -------------- | ------- | ------------ | - | ------ |  | ---- | -
|                           |  | Three Months Ended September 30, 2007 |         |                | Three Months Ended September 30, 2006 |             
|                           | 
|(In thousands)             |  | AverageBalance                        |         | InterestIncome |                                       | AverageYield |  |      | AverageBalance |  | InterestIncome |         | AverageYield |  
|Mortgage loans             |  | $                                     | 289,760 |                | $                                     | 4,129        |  | 5.70 | %              |  | $              | 382,629 |              | $ | 5,352  |  | 5.59 | %
|Mortgage-backed securities |  |                                       |        |                |                                       |             |  |     |                |  |                | 36,299  |              |   | 464    |  | 5.11 |  
|Short-term investments     |  |                                       | 52,283  |                |                                       | 694          |  | 5.31 |                |  |                | 87,620  |              |   | 1,167  |  | 5.33 |  
|                           |  |                                       |         |                |                                       |              |  |      |                |  |                |         |              |   |        |  |      |  
|Total                      |  | $                                     | 342,043 |                | $                                     | 4,823        |  | 5.64 | %              |  | $              | 506,548 |              | $ | 6,983  |  | 5.51 | %
|                           |  |                                       |         |                |                                       |              |  |      |                |  |                |         |              |   |        |  |      |  
|                           |  |                                      
|                           |  | Nine Months Ended September 30, 2007  |         |                | Nine Months Ended September 30, 2006  |             
|                           |  |                                      
|(In thousands)             |  | AverageBalance                        |         | InterestIncome |                                       | AverageYield |  |      | AverageBalance |  | InterestIncome |         | AverageYield |  
|Mortgage loans             |  | $                                     | 308,022 |                | $                                     | 13,035       |  | 5.64 | %              |  | $              | 379,244 |              | $ | 15,674 |  | 5.51 | %
|Mortgage-backed securities |  |                                       |        |                |                                       |             |  |     |                |  |                | 38,085  |              |   | 1,436  |  | 5.03 |  
|Short-term investments     |  |                                       | 51,000  |                |                                       | 2,023        |  | 5.29 |                |  |                | 92,337  |              |   | 3,402  |  | 4.91 |  
|                           |  |                                       |         |                |                                       |              |  |      |                |  |                |         |              |   |        |  |      |  
|Total                      |  | $                                     | 359,022 |                | $                                     | 15,058       |  | 5.59 | %              |  | $              | 509,666 |              | $ | 20,512 |  | 5.37 | %
|                           |  |                                       |         |                |                                       |              |  |      |                |  |                |         |              |   |        |  |      |  



11



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##### Table of Contents

Net interest income also can be understood in terms of the impact of changing rates and changing volumes. The following
table describes the extent to which changes in interest rates and changes in volume of interest-earning assets have impacted interest income during the periods indicated. Information is provided in each category with respect to (i) changes
attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rates (changes in rates multiplied by prior volume) and (iii) the net change. The change attributable to the combined
impact of volume and rate has been allocated proportionately to the change due to volume and the change due to rate.



|                                     |  |                                                                          |      |   |                                                                         |   |        |       |  |   |        |   |  |        |      |   |       |   |        |   |  |   |        |  
|------------------------------------ |  | ------------------------------------------------------------------------ | ---- | - | ----------------------------------------------------------------------- | - | ------ | ----- |  | - | ------ | - |  | ------ | ---- | - | ----- | - | ------ | - |  | - | ------ | -
|                                     |  | Three Months Ended September 30, 2007 v. 2006 Increase (Decrease) due to |      |   | Nine Months Ended September 30, 2007 v. 2006 Increase (Decrease) due to |  
|                                     | 
|                                     | 
|(In thousands)                       |  | Rate                                                                     |      |   | Volume                                                                  |   |        | Total |  |   | Rate   |   |  | Volume |      |   | Total |  
|Interest on interest-earning assets: |  |                                                                          |      |   |                                                                         |   |        |       |  |   |        |   |  |        |      |   |       |   |        |   |  |   |        |  
|Mortgage loans                       |  | $                                                                        | 99   |   |                                                                         | $ | (1,322 | )     |  | $ | (1,223 | ) |  | $      | 145  |   |       | $ | (2,784 | ) |  | $ | (2,639 | )
|Mortgage-backed securities           |  |                                                                          | (232 | ) |                                                                         |   | (232   | )     |  |   | (464   | ) |  |        | (718 | ) |       |   | (718   | ) |  |   | (1,436 | )
|Short-term investments               |  |                                                                          | (4   | ) |                                                                         |   | (469   | )     |  |   | (473   | ) |  |        | 94   |   |       |   | (1,473 | ) |  |   | (1,379 | )
|                                     |  |                                                                          |      |   |                                                                         |   |        |       |  |   |        |   |  |        |      |   |       |   |        |   |  |   |        |  
|Net change in net interest income    |  | $                                                                        | (137 | ) |                                                                         | $ | (2,023 | )     |  | $ | (2,160 | ) |  | $      | (479 | ) |       | $ | (4,975 | ) |  | $ | (5,454 | )
|                                     |  |                                                                          |      |   |                                                                         |   |        |       |  |   |        |   |  |        |      |   |       |   |        |   |  |   |        |  

There was a recovery of loan losses of $250,000 for the three months ended September 30, 2007 and no recovery
of loan losses for the three months ended September 30, 2006.



|Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|------- | ----------------------------------------------------------

The following table summarizes the estimated market value of the Companys interest-sensitive
assets at September 30, 2007 and December 31, 2006 and the projected change to market values if interest rates instantaneously increase or decrease by 100 basis points.



|                                |  |                |         |              |   |                               |  |         |       |  |   |         |  
|------------------------------- |  | -------------- | ------- | ------------ | - | ----------------------------- |  | ------- | ----- |  | - | ------- | -
|                                |  |                |         |              |   | Estimated Market Value Impact | 
|(In thousands)                  |  | Amortized Cost |         | Market Value |   | -100 BP                       |  | +100 BP |      
|At September 30, 2007           |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Interest sensitive assets:      |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Fixed-rate residential loans    |  | $              | 174,477 |              | $ | 173,204                       |  | $       | 5,593 |  | $ | (7,933  | )
|Variable-rate residential loans |  |                | 110,184 |              |   | 110,032                       |  |         | 1,281 |  |   | (1,437  | )
|                                |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Total                           |  |                |         |              |   |                               |  | $       | 6,874 |  |   | (9,370  | )
|                                |  |                |         |              |   |                               |  |         |       |  |   |         |  
|At December 31, 2006            |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Interest sensitive assets:      |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Fixed-rate residential loans    |  | $              | 237,082 |              | $ | 236,076                       |  | $       | 6,399 |  | $ | (10,210 | )
|Variable-rate residential loans |  |                | 135,713 |              |   | 135,948                       |  |         | 1,806 |  |   | (2,064  | )
|                                |  |                |         |              |   |                               |  |         |       |  |   |         |  
|Total                           |  |                |         |              |   |                               |  | $       | 8,205 |  |   | (12,274 | )
|                                |  |                |         |              |   |                               |  |         |       |  |   |         |  

Interest-sensitive assets, when shocked by a minus 100 basis point rate change, experience a favorable $6.9
million change in market value at September 30, 2007 compared to a favorable $8.2 million market value change at December 31, 2006. These changes in market value represent 2.4% of interest-sensitive assets at September 30, 2007 and
2.4% at December 31, 2006. A plus 100 basis point rate change results in an unfavorable $9.4 million, or -3.3%, change in market value at September 30, 2007 compared to an unfavorable $12.3 million, or -3.1%, market value change at
December 31, 2006. Changes in the projected market value due to the instantaneous rate changes at September 30, 2007 compared to December 31, 2006 are a result of changes in outstanding balances of the assets and changes in the level
of interest rates since year end.



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##### Table of Contents

Based on the asset/liability mix at September 30, 2007, management estimates that a gradual 200 basis point increase
in interest rates over a 12 month period would increase net income over that period by approximately 3.2%. A gradual 200 basis point decrease in interest rates is projected to decrease net income by approximately 3.5%. At December 31, 2006, a
projected 200 basis point increase and a 200 basis point decrease in rates produced a net income increase of 4.5% and a net income decrease of 5.0%, respectively.

The Companys interest rate sensitive assets are subject to prepayment risk. Prepayment risk is inherently difficult to estimate and is dependent upon a number of economic, financial and behavioral variables. The Company uses a
sophisticated mortgage prepayment modeling system to estimate prepayments and the corresponding impact on market value and net interest income. The model uses information that includes the instrument type, coupon spread, loan age and other factors
in its projections.

These assumptions are inherently uncertain and, as a result, the simulation analyses cannot precisely estimate the impact that higher
or lower rate environments will have on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes, changes in cash flow patterns and market conditions, as well as changes
in managements strategies. Management believes that the Companys interest rate risk position at September 30, 2007, represents a reasonable level of risk.



|Item 4. | CONTROLS AND PROCEDURES
|------- | -----------------------

As of September 30, 2007, the Company carried out an evaluation, under the supervision and with the participation of the Companys management, including its principal executive officer and its principal
financial officer, of the design and operation of the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Based on this evaluation, the Companys principal
executive officer and principal financial officer concluded that the Companys disclosure controls and procedures are effective for gathering, analyzing and disclosing the information the Company is required to disclose in the reports it files
under the Securities Exchange Act of 1934, within the time periods specified in the SECs rules and forms. There was no change in the Companys internal control over financial reporting that occurred during the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting.

PART II  OTHER INFORMATION



|Item 1. | LEGAL PROCEEDINGS
|------- | -----------------

There are no material pending legal proceedings, other than ordinary routine litigation incident to its business, to which the Company is a party or of which any of its property is the subject.



|Item 1A. | RISK FACTORS
|-------- | ------------

During the first nine months of 2007, there were no material changes to the risk factors previously disclosed in the Companys Annual Report on Form 10-K for the year ended December 31, 2006.



|Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|------- | -----------------------------------------------------------

Not Applicable.



|Item 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

Not Applicable.



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##### Table of Contents

|Item 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS
|------- | ---------------------------------------------------

Not Applicable.



|Item 5. | OTHER INFORMATION
|------- | -----------------

None



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##### Table of Contents

|Item 6. | EXHIBITS
|------- | --------



|              |  |                                                                                                                                                                                                                                                                            
|------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description                                                                                                                                                                                                                                                                
|3.1           |  | Amended and Restated Certificate of Incorporation of Webster Preferred Capital Corporation (the Company) (incorporated herein by reference from Exhibit 3.1 to the Companys
Annual Report on Form 10-K for the fiscal year ended December 31, 1997).                    
|              | 
|3.2           |  | Certificate of Amendment of Rights and Preferences of the Series B 8.625% Cumulative Redeemable Preferred Stock of the Company (incorporated herein by reference from Exhibit 3.3 to the
Companys Annual Report on Form 10-K for the fiscal year ended December 31, 1997).
|              | 
|3.3           |  | Amended and Restated By-Laws of the Company (incorporated herein by reference from Exhibit 3.1 to the Companys Current Report on Form 8-K filed with the SEC on November 9,
2007).                                                                                        
|              | 
|4.1           |  | Specimen of certificate representing the Series B 8.625% Cumulative Redeemable Preferred Stock of the Company (incorporated herein by reference from Exhibit 4.2 to the Companys Annual
Report on Form 10-K for the fiscal year ended December 31, 1997).                 
|              | 
|31.1          |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Companys Principal Executive Officer.                                                                                                                                              
|              | 
|31.2          |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Companys Principal Financial Officer.                                                                                                                                              
|              | 
|32.1          |  | Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes- Oxley Act of 2002, signed by the Companys Principal Executive Officer.                                                                                                         
|              | 
|32.2          |  | Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes- Oxley Act of 2002, signed by the Companys Principal Financial Officer.                                                                                                         



15



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##### Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.



|                        |  |                                       |  |                                                                        
|----------------------- |  | ------------------------------------- |  | -----------------------------------------------------------------------
|                        |  | WEBSTER PREFERRED CAPITAL CORPORATION
|                        |  | Registrant                           
|                        |  |                                      
|Date: November 13, 2007 |  | BY:                                   |  | /s/ Gregory S. Madar                                                   
|                        |  |                                       |  | Gregory S. Madar                                                       
|                        |  |                                       |  | Senior Vice President, Chief Accounting Officer and Assistant Secretary
|                        |  |                                       |  | (Principal Financial and Accounting Officer)                           



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##### Table of Contents

EXHIBIT INDEX



|              |  |                                                                                                                                                                                                                                                                            
|------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description                                                                                                                                                                                                                                                                
|3.1           |  | Amended and Restated Certificate of Incorporation of Webster Preferred Capital Corporation (the Company) (incorporated herein by reference from Exhibit 3.1 to the Companys
Annual Report on Form 10-K for the fiscal year ended December 31, 1997).                    
|              | 
|3.2           |  | Certificate of Amendment of Rights and Preferences of the Series B 8.625% Cumulative Redeemable Preferred Stock of the Company (incorporated herein by reference from Exhibit 3.3 to the
Companys Annual Report on Form 10-K for the fiscal year ended December 31, 1997).
|              | 
|3.3           |  | Amended and Restated By-Laws of the Company (incorporated herein by reference from Exhibit 3.1 to the Companys Current Report on Form 8-K filed with the SEC on November 9,
2007).                                                                                        
|              | 
|4.1           |  | Specimen of certificate representing the Series B 8.625% Cumulative Redeemable Preferred Stock of the Company (incorporated herein by reference from Exhibit 4.2 to the Companys Annual
Report on Form 10-K for the fiscal year ended December 31, 1997).                 
|              | 
|31.1          |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Companys Principal Executive Officer.                                                                                                                                              
|              | 
|31.2          |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Companys Principal Financial Officer.                                                                                                                                              
|              | 
|32.1          |  | Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes- Oxley Act of 2002, signed by the Companys Principal Executive Officer.                                                                                                         
|              | 
|32.2          |  | Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes- Oxley Act of 2002, signed by the Companys Principal Financial Officer.                                                                                                         



17