SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT



     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) April 4, 1997





                          WEBSTER FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


      Delaware                       0-15213                     06-1187536
--------------------------------------------------------------------------------
   (State or other           (Commission File Number)        (IRS Employer
   jurisdiction of                                           Identification No.)
   incorporation)


Webster Plaza, Waterbury, Connecticut                                 06702
--------------------------------------------------------------------------------
(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code:  (203) 755-1422
                                                     ---------------


                                 Not Applicable
--------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)



<PAGE>



Item 5.           Other Events.
                  -------------


         On April 4, 1997, Webster Financial  Corporation  ("Webster") announced
that it had entered into an Agreement  and Plan of Merger (the  "Agreement")  by
which Webster will acquire People's Savings Financial Corp.  ("People's  Corp.")
in a tax-free  stock-for-stock  exchange  (the  "Merger").  The  Merger  must be
approved by the  shareholders  of People's  Corp.  and by federal and state bank
regulatory  authorities and is subject to various customary closing  conditions.
In connection  with the Agreement,  Webster and People's  Corp.  entered into an
Option  Agreement  (the "Option  Agreement")  pursuant to which  People's  Corp.
granted Webster an option, exercisable under certain circumstances,  to purchase
an aggregate of 476,167 newly issued shares of common stock, par value $1.00 per
share, of People's Corp.

         The Agreement (including exhibits thereto) and the Option Agreement are
attached  hereto  as  Exhibit  2.1  and  Exhibit  2.2,  respectively,   and  are
incorporated  by reference  herein.  Webster  issued a press release on April 4,
1997  describing  the signing of the Agreement  with People's  Corp.  Such press
release is filed as Exhibit 99 hereto and is incorporated by reference herein.



Item 7.           Financial Statements and Exhibits.
                  ----------------------------------

         (a)      Not applicable.

         (b)      Not applicable.

         (c)      Exhibits

                  Exhibit No.       Description
                  -----------       -----------

                  2.1               Agreement  and Plan of  Merger,  dated as of
                                    April  4,  1997,  by  and  between   Webster
                                    Financial  Corporation,  Webster  Subsidiary
                                    Corporation and People's  Savings  Financial
                                    Corp.

                  2.2               Option Agreement, dated as of April 4, 1997,
                                    by and between Webster Financial Corporation
                                    and People's Savings Financial Corp.

                  99                Press    Release   of   Webster    Financial
                                    Corporation dated April 4, 1997.




<PAGE>



                                    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 hereunto duly authorized.

                                           WEBSTER FINANCIAL CORPORATION


Date:  April 8, 1997                       By: /s/ John V. Brennan
                                               ---------------------------------
                                              John V. Brennan
                                              Executive Vice President, Chief
                                              Financial Officer and Treasurer
                                              (Principal Financial Officer)






















<PAGE>




                                INDEX TO EXHIBITS
                                -----------------

Exhibit
Number          Exhibit Description                                         Page
------          -------------------                                         ----

2.1            Agreement and Plan of Merger,  dated as of April               6
               4,  1997,  by  and  between  Webster   Financial
               Corporation,  Webster Subsidiary Corporation and
               People's Savings Financial Corp.


2.2            Option Agreement,  dated as of April 4, 1997, by              78
               and between  Webster  Financial  Corporation and
               People's Savings Financial Corp.


99             Press Release of Webster  Financial  Corporation              90
               dated April 4, 1997.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 5489}]
{"company-data": {"conformed-name": "WEBSTER FINANCIAL CORP", "cik": "0000801337", "assigned-sic": "6035", "irs-number": "061187536", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15213", "film-number": "97579701"}, "business-address": {"street1": "FIRST FEDERAL PLZ", "street2": "145 BANK ST", "city": "WATERBURY", "state": "CT", "zip": "06702", "phone": "2037532921"}, "mail-address": {"street1": "FIRST FEDERAL PLAZA", "city": "WATERBURY", "state": "CT", "zip": "06702"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) April 4, 1997

                          WEBSTER FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

      Delaware                       0-15213                     06-1187536
--------------------------------------------------------------------------------
   (State or other           (Commission File Number)        (IRS Employer
   jurisdiction of                                           Identification No.)
   incorporation)

Webster Plaza, Waterbury, Connecticut                                 06702
--------------------------------------------------------------------------------
(Address of principal executive offices)                            (Zip Code)

Registrant's telephone number, including area code:  (203) 755-1422
                                                     ---------------

                                 Not Applicable
--------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)
Item 5.           Other Events.
                  -------------

         On April 4, 1997, Webster Financial  Corporation  ("Webster") announced
that it had entered into an Agreement  and Plan of Merger (the  "Agreement")  by
which Webster will acquire People's Savings Financial Corp.  ("People's  Corp.")
in a tax-free  stock-for-stock  exchange  (the  "Merger").  The  Merger  must be
approved by the  shareholders  of People's  Corp.  and by federal and state bank
regulatory  authorities and is subject to various customary closing  conditions.
In connection  with the Agreement,  Webster and People's  Corp.  entered into an
Option  Agreement  (the "Option  Agreement")  pursuant to which  People's  Corp.
granted Webster an option, exercisable under certain circumstances,  to purchase
an aggregate of 476,167 newly issued shares of common stock, par value $1.00 per
share, of People's Corp.

         The Agreement (including exhibits thereto) and the Option Agreement are
attached  hereto  as  Exhibit  2.1  and  Exhibit  2.2,  respectively,   and  are
incorporated  by reference  herein.  Webster  issued a press release on April 4,
1997  describing  the signing of the Agreement  with People's  Corp.  Such press
release is filed as Exhibit 99 hereto and is incorporated by reference herein.

Item 7.           Financial Statements and Exhibits.
                  ----------------------------------

         (a)      Not applicable.

         (b)      Not applicable.

         (c)      Exhibits

                  Exhibit No.       Description
                  -----------       -----------

                  2.1               Agreement  and Plan of  Merger,  dated as of
                                    April  4,  1997,  by  and  between   Webster
                                    Financial  Corporation,  Webster  Subsidiary
                                    Corporation and People's  Savings  Financial
                                    Corp.

                  2.2               Option Agreement, dated as of April 4, 1997,
                                    by and between Webster Financial Corporation
                                    and People's Savings Financial Corp.

                  99                Press    Release   of   Webster    Financial
                                    Corporation dated April 4, 1997.
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 hereunto duly authorized.

                                           WEBSTER FINANCIAL CORPORATION

Date:  April 8, 1997                       By: /s/ John V. Brennan
                                               ---------------------------------
                                              John V. Brennan
                                              Executive Vice President, Chief
                                              Financial Officer and Treasurer
                                              (Principal Financial Officer)
INDEX TO EXHIBITS
                                -----------------

Exhibit
Number          Exhibit Description                                         Page
------          -------------------                                         ----

2.1            Agreement and Plan of Merger,  dated as of April               6
               4,  1997,  by  and  between  Webster   Financial
               Corporation,  Webster Subsidiary Corporation and
               People's Savings Financial Corp.

2.2            Option Agreement,  dated as of April 4, 1997, by              78
               and between  Webster  Financial  Corporation and
               People's Savings Financial Corp.

99             Press Release of Webster  Financial  Corporation              90
               dated April 4, 1997.