WESTFIELD FINANCIAL, INC

WESTFIELD FINANCIAL, INC

Previous company name
New Westfield Financial
Name change date

Company Overview
The company operates as the holding firm for Westfield Bank, a full-service commercial bank offering a comprehensive range of financial products and services. The company’s corporate office is located in Westfield, Massachusetts, United States. It was formerly known as New Westfield Financial.
Westfield Bank offers a wide range of consumer and business banking deposit products and services including Internet banking and cash management services, passbook and statement savings accounts, negotiable order of withdrawal accounts, noninterest-bearing demand accounts, money market accounts, certificates of deposit, and time deposits. In addition to these depository services, the bank engages in a full complement of lending activities including commercial and industrial, commercial and residential real estate, construction, home equity, and consumer loans, as well as real estate mortgages, installment, vehicle and equipment financing, lines of credit, equipment leasing, and other commercial loans. The bank operates through 11 banking offices in Agawam, East Longmeadow, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts.
The bank is insured by the Federal Deposit Insurance Corporation (FDIC), which preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions.
Business Summary
Finance Companies
Description and history
Westfield Bank was formed in 1853 and reorganized into a mutual holding company structure without a stock offering in 1995. In July 2004, Westfield Bank converted from a Massachusetts-chartered savings bank to a federally-chartered savings bank regulated by the Office of Thrift Supervision.

The Company was organized as a Massachusetts-chartered stock holding company in November 2001 in connection with the reorganization of Westfield Mutual Holding Company, a federally-chartered mutual holding company. As part of the reorganization, Westfield Financial offered for sale 47% of its common stock. The remaining 53% of the Company’s shares were issued to Westfield Mutual Holding Company. The reorganization and related stock offering were completed on December 27, 2001.

The company’s common stock is listed on The American Stock Exchange under the symbol ‘WFD’.

The company offers savings deposits, such as passbook and statement savings accounts, negotiable order of withdrawal accounts, noninterest-bearing demand accounts, money market accounts, certificates of deposit, and time deposits. Its loan portfolio primarily includes commercial and industrial, commercial and residential real estate, home equity, and consumer loans. Westfield also provides online banking services. As of December 31, 2006, the company operated 10 banking offices in Agawam, east Longmeadow, Holyoke, Southwick, Springfield, West Springfield, and Westfield, Massachusetts. It also had eight ATM locations in Agawam, Feeding Hills, Springfield, West Springfield, and Westfield, Massachusetts.

Formerly known as New Westfield Financial

Business Line
Operates as the holding firm for Westfield Bank, a full-service commercial bank offering a comprehensive range of financial products and services
Subsidiary
WESTFIELD BANK
Advisor
WOLF & COMPANY, P.C.
IPO date
12/2001
US SIC Code
6159
Company Address
141 ELM STREET

City province or state postal code
01085, WESTFIELD, MA
Phone: 1 413-568-1911
Fax: 1 413-562-7939
Country address: UNITED STATES OF AMERICA
Website url: www.westfieldbank.com