WESTFIELD, Mass.--(BUSINESS WIRE)--
Westfield Financial, Inc. (“Westfield”) (NASDAQ: WFD), the holding
company for Westfield Bank, announced today the successful closing of
its previously announced merger with Chicopee Bancorp, Inc. (“Chicopee”)
(NASDAQ: CBNK), the holding company for Chicopee Savings Bank. Under the
terms of the agreement, Chicopee merged with and into Westfield, with
Westfield 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. (“WNEB”) 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.”
About Western New England Bancorp, Inc.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock
holding company and the parent company of Westfield Bank, Elm Street
Securities Corporation, WFD Securities, Inc. and WB Real Estate
Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries
are headquartered in Westfield, Massachusetts and operate through 21
banking offices located in Agawam, Chicopee, East Longmeadow, Feeding
Hills, Holyoke, Ludlow, Southwick, Springfield, Ware, West Springfield
and Westfield, Massachusetts, and Granby and Enfield, Connecticut. To
learn more, visit our website at www.westfieldbank.com.
Caution About Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, expectations or predictions
of future financial or business performance, conditions relating to
Western New England Bancorp, Inc. Forward- looking statements are
typically identified by words such as “believe,” “expect,” “anticipate,”
“intend,” “target,” “estimate,” “continue,” “positions,” “prospects or
“potential,” by future conditional verbs such as “will,” “would,”
“should,” “could” or “may,” or by variations of such words or by similar
expressions. These forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.
Forward-looking statements are made only as of the date of this press
release, and Western New England Bancorp, Inc. undertakes no obligation
to update any forward-looking statements contained in this press release
to reflect events or conditions after the date hereof. Actual results
may differ materially from those described in any such forward-looking
statements.
In addition to factors previously disclosed in the reports filed by
Westfield and Chicopee with the U.S. Securities and Exchange Commission
(the “SEC”) and those identified elsewhere in this document, the
following factors, among others, could cause actual results to differ
materially from forward looking statements or historical performance:
difficulties and delays in integrating the business or fully realizing
cost savings and other benefits; changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes in
interest rates and capital markets; inflation; customer acceptance of
products and services; customer borrowing, repayment, investment and
deposit practices; competitive conditions; economic conditions,
including downturns in the local, regional or national economies; the
impact, extent and timing of technological changes; changes in
accounting policies or practices; changes in laws and regulations; and
other actions of the Federal Reserve Board and other legislative and
regulatory actions and reforms.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161021005596/en/
Western New England Bancorp, Inc.
James C. Hagan,
413-568-1911
President & CEO
or
Leo R. Sagan, Jr.,
413-568-1911
CFO
or
Meghan Hibner, 413-568-1911
VP
Investor Relations Officer
Source: Westfield Financial, Inc.