Western New England Bancorp, Inc. Appoints Board of Directors
October 26, 2016 at 06:06 am EDT
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Westfield Financial, Inc. completed its previously announced acquisition of Chicopee Bancorp, Inc. Under the terms of the Merger Agreement, Chicopee merged with and into Westfield (the Merger), with Westfield being the surviving entity of the Merger, and the name of the surviving entity was changed, pursuant to the terms of the Merger Agreement, to Western New England Bancorp, Inc. (the Company). Additionally, Chicopee Savings Bank, a wholly owned subsidiary of Chicopee, merged with and into Westfield Bank, a wholly owned subsidiary of the Company (Westfield Bank), with Westfield Bank continuing as the surviving entity. On October 25, 2016, in connection with Merger, and in accordance with the terms of the Merger Agreement, the Board of Directors of the Company increased the size of the Board by five members and appointed William Wagner, Gregg Orlen, William Masse, Gary Fitzgerald and Paul Picknelly to the Board.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company. The Company is the parent company of Westfield Bank (the Bank), CSB Colts, Inc. (CSB Colts), Elm Street Securities Corporation (Elm), WFD Securities, Inc. (WFD) and WB Real Estate Holdings, LLC (WB). The Bank is a full-service, community oriented financial institution offering a full range of commercial and retail products and services as well as wealth management financial products. The Bank also provides a variety of banking services, including telephone and online banking, remote deposit capture, cash management services, overdraft facilities, night deposit services, and safe deposit facilities. CSB Colts, Elm, and WFD are engaged in holding qualified securities. WB is engaged in holding other real estate owned (OREO). The Bank operates about 25 banking offices in Agawam, Chicopee, Feeding Hills, East Longmeadow, Holyoke, Huntington, Ludlow, South Hadley, Southwick, Springfield, Ware, and others.