SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K
                                 CURRENT REPORT


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



         Date of Report (Date of earliest event reported): July 31, 1997



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



          Delaware                     0-15213                  06-1187536
----------------------------        ------------             ------------------
(State or other jurisdiction        (Commission               (IRS Employer    
      of incorporation)             File Number)             Identification No.)
                                                                               
                                                                               
                                                                               
                   WEBSTER PLAZA, WATERBURY, CONNECTICUT 06702                 
                    (Address of principal executive offices)                   



       Registrant's telephone number, including area code: (203) 753-2921



                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)


<PAGE>


Item 2.  Acquisition or Disposition of Assets.
         ------------------------------------

          On  July  31,  1997,   Webster  Financial   Corporation,   a  Delaware
corporation ("Webster"), completed its acquisition of the assets and business of
People's Savings Financial Corp., a Connecticut  corporation ("People's Corp."),
and its  subsidiary,  People's  Savings Bank & Trust  ("PSB&T"),  pursuant to an
Agreement  and  Plan  of  Merger,  dated  as  of  April  4,  1997  (the  "Merger
Agreement").   People's   Corp.   is   the   holding   company   of   PSB&T,   a
Connecticut-chartered savings bank headquartered in New Britain, Connecticut. As
of March 31, 1997,  People's Corp. operated nine banking offices and three trust
offices located  primarily in Hartford and New Haven  Counties,  Connecticut and
had total consolidated assets of approximately $479.1 million and total deposits
of approximately $359.9 million.

          In accordance with the provisions of the Merger Agreement,  the merger
was effected on a stock for stock basis in a tax-free exchange. Each outstanding
share of People's  Corp.  common stock was converted  into 0.85000 of a share of
Webster common stock, or approximately 1.6 million shares (excluding  options to
purchase  People's  Corp.  common  stock  that were not  exercised  prior to the
effective  time of the  acquisition  and which were  converted  into  options to
purchase  Webster  common  stock at the  exchange  ratio),  plus cash in lieu of
fractional  shares.  The  exchange  ratio in the  acquisition  was arrived at by
negotiation  between Webster and People's Corp. in a competitive bid process. As
a stock for stock  transaction,  the acquisition will be accounted for under the
pooling of interests method of accounting.

          Webster intends to continue to operate the majority of PSB&T's banking
offices as  separate  branch  offices of  Webster,  but  intends to  consolidate
certain of PSB&T's and Webster's  banking  offices located in the same immediate
neighborhoods.

          On August 1, 1997,  Webster  completed its acquisition of the business
and assets of Sachem  Trust  National  Association  ("Sachem"),  pursuant  to an
Agreement  and Plan of Merger,  dated as of May 6, 1997, as amended (the "Sachem
Agreement").  Sachem, the largest independent trust company in Connecticut,  was
based in Guilford,  Connecticut  and operated  trust offices in  Connecticut  in
Guilford,   Westport  and  Greenwich.   At  June  30,  1997,  Sachem  Trust  had
approximately $300 million in trust assets under management.

          In  accordance  with  the  provisions  of the  Sachem  Agreement,  the
acquisition was effected as a tax free exchange whereby the 173,000  outstanding
shares of Sachem were  converted into either (a) a total of .49325 of a share of
Webster common stock, plus cash in lieu of fractional  shares, or (b) a total of
$47.725,  at the  election  of the  holder  of the  Sachem  shares,  subject  to
proration  in the event that the  holders of more than 19.9% of the  outstanding
Sachem  shares  elect  to  receive  cash or  exercise  dissenters'  rights.  The
consideration  in the acquisition was arrived at by negotiation  between Webster
and Sachem.


<PAGE>


Webster will issue up to 85,333  shares in the  acquisition.  Approximately  ten
percent of the  consideration  will be held in escrow for approximately one year
pending certain  conditions and may be used by Webster for certain  expenses and
liabilities detailed in the Sachem Agreement.  The transaction will be accounted
for as a purchase business combination.

          Webster has combined the trust  operations  of PSB&T and Sachem into a
separately  owned  subsidiary  of Webster  Bank called  Webster  Trust  Company,
National  Association that is based in Guilford,  Connecticut and has operations
in New Britain, Connecticut.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.
          ----------------------------------

(a)       Financial statements of businesses acquired.

          The following  audited  financial  statements of People's  Corp.  have
previously been filed with the Securities and Exchange Commission (the "SEC") as
part of the Annual  Report on Form 10-KA of People's  Corp.  for the fiscal year
ended December 31, 1996 and are incorporated herein by reference:

          --        Report of Independent Accountants.

          --        Consolidated  Balance  Sheets  for the  fiscal  years  ended
                    December 31, 1996 and 1995.

          --        Consolidated Statements of Income for the fiscal years ended
                    December 31, 1996, 1995 and 1994.

          --        Consolidated  Statements  of Cash Flows for the fiscal years
                    ended December 31, 1996, 1995 and 1994.

          --        Notes to Consolidated Financial Statements.

          The following  unaudited  financial  statements of People's Corp. have
previously  been filed with the SEC as part of the Quarterly  Report of People's
Corp.  on Form 10-Q for the quarter ended March 31, 1997,  and are  incorporated
herein by reference:

          --        Condensed  Consolidated  Balance Sheets - March 31, 1997 and
                    December 31, 1996.

          --        Condensed  Consolidated  Statements of Income - Three Months
                    ended March 31, 1997 and 1996.

          --        Condensed  Consolidated  Statements  of  Cash  Flows - Three
                    Months ended March 31, 1997 and 1996.

          --        Notes to Condensed Consolidated Financial Statements - March
                    31, 1997.


<PAGE>


(b)       Pro forma financial information.

          The  required pro forma  financial  information  of Webster,  People's
Corp.  and Sachem has  previously  been filed with the SEC as part of  Webster's
Registration  Statement  on Form  S-4  filed  on May 21,  1997,  as  amended  by
Pre-Effective  Amendment  No. 1 to Form  S-4  filed  on June  18,  1997,  and is
incorporated herein by reference.

(c)       Exhibits.

         2.1      The Merger Agreement has previously been filed with the SEC as
                  Exhibit 2.1 to the Current Report on Form 8-K filed by Webster
                  on April 14, 1997 and is incorporated herein by reference.


         99.1     Press release


<PAGE>


                                   SIGNATURES

          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        
                                          -------------------------------------
                                          (Registrant)                         



                                      By: /s/ John V. Brennan                  
                                          -------------------------------------
                                          John V. Brennan                      
                                          Executive Vice President,            
                                          Chief Financial Officer and Treasurer



Date: August 14, 1997


<PAGE>



          EXHIBIT INDEX


          2.1       The Merger  Agreement has previously been filed with the SEC
                    as Exhibit  2.1 to the  Current  Report on Form 8-K filed by
                    Webster  on April  14,  1997 and is  incorporated  herein by
                    reference.



          99.1      Press release
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SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

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

         Date of Report (Date of earliest event reported): July 31, 1997

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

          Delaware                     0-15213                  06-1187536
----------------------------        ------------             ------------------
(State or other jurisdiction        (Commission               (IRS Employer    
      of incorporation)             File Number)             Identification No.)
                                                                               
                                                                               
                                                                               
                   WEBSTER PLAZA, WATERBURY, CONNECTICUT 06702                 
                    (Address of principal executive offices)                   

       Registrant's telephone number, including area code: (203) 753-2921

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)
Item 2.  Acquisition or Disposition of Assets.
         ------------------------------------

          On  July  31,  1997,   Webster  Financial   Corporation,   a  Delaware
corporation ("Webster"), completed its acquisition of the assets and business of
People's Savings Financial Corp., a Connecticut  corporation ("People's Corp."),
and its  subsidiary,  People's  Savings Bank & Trust  ("PSB&T"),  pursuant to an
Agreement  and  Plan  of  Merger,  dated  as  of  April  4,  1997  (the  "Merger
Agreement").   People's   Corp.   is   the   holding   company   of   PSB&T,   a
Connecticut-chartered savings bank headquartered in New Britain, Connecticut. As
of March 31, 1997,  People's Corp. operated nine banking offices and three trust
offices located  primarily in Hartford and New Haven  Counties,  Connecticut and
had total consolidated assets of approximately $479.1 million and total deposits
of approximately $359.9 million.

          In accordance with the provisions of the Merger Agreement,  the merger
was effected on a stock for stock basis in a tax-free exchange. Each outstanding
share of People's  Corp.  common stock was converted  into 0.85000 of a share of
Webster common stock, or approximately 1.6 million shares (excluding  options to
purchase  People's  Corp.  common  stock  that were not  exercised  prior to the
effective  time of the  acquisition  and which were  converted  into  options to
purchase  Webster  common  stock at the  exchange  ratio),  plus cash in lieu of
fractional  shares.  The  exchange  ratio in the  acquisition  was arrived at by
negotiation  between Webster and People's Corp. in a competitive bid process. As
a stock for stock  transaction,  the acquisition will be accounted for under the
pooling of interests method of accounting.

          Webster intends to continue to operate the majority of PSB&T's banking
offices as  separate  branch  offices of  Webster,  but  intends to  consolidate
certain of PSB&T's and Webster's  banking  offices located in the same immediate
neighborhoods.

          On August 1, 1997,  Webster  completed its acquisition of the business
and assets of Sachem  Trust  National  Association  ("Sachem"),  pursuant  to an
Agreement  and Plan of Merger,  dated as of May 6, 1997, as amended (the "Sachem
Agreement").  Sachem, the largest independent trust company in Connecticut,  was
based in Guilford,  Connecticut  and operated  trust offices in  Connecticut  in
Guilford,   Westport  and  Greenwich.   At  June  30,  1997,  Sachem  Trust  had
approximately $300 million in trust assets under management.

          In  accordance  with  the  provisions  of the  Sachem  Agreement,  the
acquisition was effected as a tax free exchange whereby the 173,000  outstanding
shares of Sachem were  converted into either (a) a total of .49325 of a share of
Webster common stock, plus cash in lieu of fractional  shares, or (b) a total of
$47.725,  at the  election  of the  holder  of the  Sachem  shares,  subject  to
proration  in the event that the  holders of more than 19.9% of the  outstanding
Sachem  shares  elect  to  receive  cash or  exercise  dissenters'  rights.  The
consideration  in the acquisition was arrived at by negotiation  between Webster
and Sachem.
Webster will issue up to 85,333  shares in the  acquisition.  Approximately  ten
percent of the  consideration  will be held in escrow for approximately one year
pending certain  conditions and may be used by Webster for certain  expenses and
liabilities detailed in the Sachem Agreement.  The transaction will be accounted
for as a purchase business combination.

          Webster has combined the trust  operations  of PSB&T and Sachem into a
separately  owned  subsidiary  of Webster  Bank called  Webster  Trust  Company,
National  Association that is based in Guilford,  Connecticut and has operations
in New Britain, Connecticut.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.
          ----------------------------------

(a)       Financial statements of businesses acquired.

          The following  audited  financial  statements of People's  Corp.  have
previously been filed with the Securities and Exchange Commission (the "SEC") as
part of the Annual  Report on Form 10-KA of People's  Corp.  for the fiscal year
ended December 31, 1996 and are incorporated herein by reference:

          --        Report of Independent Accountants.

          --        Consolidated  Balance  Sheets  for the  fiscal  years  ended
                    December 31, 1996 and 1995.

          --        Consolidated Statements of Income for the fiscal years ended
                    December 31, 1996, 1995 and 1994.

          --        Consolidated  Statements  of Cash Flows for the fiscal years
                    ended December 31, 1996, 1995 and 1994.

          --        Notes to Consolidated Financial Statements.

          The following  unaudited  financial  statements of People's Corp. have
previously  been filed with the SEC as part of the Quarterly  Report of People's
Corp.  on Form 10-Q for the quarter ended March 31, 1997,  and are  incorporated
herein by reference:

          --        Condensed  Consolidated  Balance Sheets - March 31, 1997 and
                    December 31, 1996.

          --        Condensed  Consolidated  Statements of Income - Three Months
                    ended March 31, 1997 and 1996.

          --        Condensed  Consolidated  Statements  of  Cash  Flows - Three
                    Months ended March 31, 1997 and 1996.

          --        Notes to Condensed Consolidated Financial Statements - March
                    31, 1997.
(b)       Pro forma financial information.

          The  required pro forma  financial  information  of Webster,  People's
Corp.  and Sachem has  previously  been filed with the SEC as part of  Webster's
Registration  Statement  on Form  S-4  filed  on May 21,  1997,  as  amended  by
Pre-Effective  Amendment  No. 1 to Form  S-4  filed  on June  18,  1997,  and is
incorporated herein by reference.

(c)       Exhibits.

         2.1      The Merger Agreement has previously been filed with the SEC as
                  Exhibit 2.1 to the Current Report on Form 8-K filed by Webster
                  on April 14, 1997 and is incorporated herein by reference.

         99.1     Press release
SIGNATURES

          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        
                                          -------------------------------------
                                          (Registrant)                         

                                      By: /s/ John V. Brennan                  
                                          -------------------------------------
                                          John V. Brennan                      
                                          Executive Vice President,            
                                          Chief Financial Officer and Treasurer

Date: August 14, 1997
EXHIBIT INDEX

          2.1       The Merger  Agreement has previously been filed with the SEC
                    as Exhibit  2.1 to the  Current  Report on Form 8-K filed by
                    Webster  on April  14,  1997 and is  incorporated  herein by
                    reference.

          99.1      Press release