WESTFIELD – Westfield Financial, Inc. (NASDAQ: WFD), the holding company for Westfield Bank, announced today the successful closing of its previously announced merger with Chicopee Bancorp, Inc. (NASDAQ: CBNK), the holding company for Chicopee Savings Bank.
Under the terms of the agreement, Chicopee Bancorp, Inc. merged with and into Westfield Financial, Inc., with Westfield Financial, Inc. continuing as the surviving corporation.
Additionally, Chicopee Savings Bank merged with and into Westfield Bank, with Westfield Bank continuing as the surviving bank. The combined bank will do business under the Westfield Bank name, and the holding company has been renamed Western New England Bancorp, Inc. with the NASDAQ trading symbol WNEB for trading commencing on October 24, 2016.
The merger creates the largest locally managed bank in Hampden County, Massachusetts and the second largest bank in terms of deposit market share in the county. The combined company has total assets of approximately $2.0 billion and 21 branch locations serving customers throughout western Massachusetts and northern Connecticut.
Under the terms of the merger agreement, each outstanding share of Chicopee common stock was converted into the right to receive 2.425 shares of WNEB common stock. In connection with the merger, WNEB will issue approximately 11.9 million shares of its common stock in exchange for all of the outstanding shares of Chicopee common stock.
“The merger involves two institutions with deep local roots,” stated James C. Hagan, Westfield Bank President and Chief Executive Officer. “Both Westfield Bank and Chicopee Savings Bank started serving customers in this area in the 1850s. Our organizations have long shared common values, a focus on customer service, and a history of supporting the local communities where we do business. We are excited to combine our strengths, coming together for the good of shareholders, local people, businesses, non-profit organizations, and the communities where we all work and live.”
