Westfield Financial, Inc. operates as the holding company for Westfield Bank that provides various financial services. The company focuses on servicing commercial customers, including commercial and industrial lending and commercial deposit relationships. Market Area The company operates 11 banking offices in Agawam, East Longmeadow, Holyoke, Southwick, Springfield, West Springfield, and Westfield, Massachusetts. It also has 12 free-standing ATM locations in Feeding Hills, Holyoke, Southwick Springfield, West Springfield, and Westfield, Massachusetts. Its primary deposit gathering area is concentrated in the communities surrounding these locations and its primary lending area includes all of Hampden County in western Massachusetts. In addition, the company provides online banking services through its Website located at www.westfieldbank.com. Lending Activities The company’s loan portfolio primarily consists of commercial real estate loans, commercial and industrial loans, residential real estate loans, home equity loans, and consumer loans. Commercial and Industrial Loans: The company offers commercial and industrial loan products and services, which are designed to give business owners borrowing opportunities for modernization, inventory, equipment, construction, consolidation, real estate, working capital, vehicle purchases, and the financing of existing corporate debt. The company offers business installment loans, vehicle and equipment financing, lines of credit, and other commercial loans. It provides complementary commercial products and services, various commercial deposit accounts, cash management services, Internet banking, sweep accounts, an ATM network, and night deposit services. The company offers a remote deposit capture product whereby commercial customers could receive credit for check deposits by electronically transmitting check images from their own locations. Commercial Real Estate Loans: The company originates commercial real estate loans to finance the purchase of real property, which consists of apartment buildings, business properties, multi-family investment properties, and construction loans to developers of commercial and residential properties. It also offers construction loans to finance the construction of commercial properties located in its primary market area. Residential Real Estate Loans and Originations: The company processes its originations of residential real estate loans through a third-party mortgage company. It holds residential real estate loans in its loan portfolio. The term to maturity on the company’s home equity and home improvement loans might be approximately 15 years. Consumer Loans: The company offers various consumer loans to retail customers in the communities that it serves. Its consumer loans include automobile loans, secured passbook loans, credit lines tied to deposit accounts to provide overdraft protection, and unsecured personal loans. Commercial and Industrial Loans, and Commercial Real Estate Loans: Commercial real estate lending involves additional risks compared with one-to-four-family residential lending. Home Equity Loans: The company originates and funds home equity loans. Investment Activities The company invests in government-sponsored enterprise debt securities, which consist of bonds issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. It also invests in municipal bonds issued by cities and towns in Massachusetts that are rated as investment grade by Moody’s, Standard and Poor’s, or Fitch, the majority of which are also independently insured. These securities have maturities between 4 and 20 years. In addition, the company has investments in Federal Home Loan Bank stock and mutual funds that invest in securities allowed by the Office of Comptroller of the Currency (OCC). Its mortgage-backed securities, the majority of which are directly or indirectly insured or guaranteed by Freddie Mac, Ginnie Mae, or Fannie Mae, consist of both fixed rate and adjustable rate securities primarily with average lives of approximately five years. Deposits The company offers regular savings deposits (consisting of passbook and statement savings accounts), NOW accounts, noninterest-bearing demand accounts, money market accounts, and time deposits. It also offers jumbo certificates of deposit, tiered money market accounts, and customer repurchase agreements. Regulation The company is regulated under the Homeowners’ Loan Act of 1933, as amended (the ‘HOLA’) and is subject to inspection, examination, and supervision by the Board of Governors of the Federal Reserve System. The bank is subject to regulation and examination, as well as enforcement by the OCC as its primary supervisory agency, and by the Federal Deposit Insurance Corporation (FDIC) as its deposit insurer. The bank derives its lending and investment powers from the HOLA and the regulations of the OCC thereunder. The bank has a responsibility under the Community Reinvestment Act of 1977 to help meet the credit needs of its communities, including low and moderate-income neighborhoods. The bank is subject to various federal and state laws designed to protect borrowers and promote lending to various sectors of the economy and population. These laws include the Equal Credit Opportunity Act; the Fair Credit Reporting Act; the Truth in Lending Act; the Home Mortgage Disclosure Act; the Real Estate Settlement Procedures Act; various state law counterparts; and the Consumer Financial Protection Act of 2010, which constitutes part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and established the Consumer Financial Protection Bureau. The deposits of the bank are insured up to applicable limits by the Deposit Insurance Fund (DIF) of the FDIC. The bank is subject to deposit insurance assessments to maintain the DIF. The bank is a member of the Federal Home Loan Bank of Boston. The company and the bank have in place a Bank Secrecy Act and USA PATRIOT Act compliance program and engage in limited transactions with foreign financial institutions or foreign persons. History Westfield Financial, Inc. was founded in 1853.
westfield financial inc
(WFD:Consolidated Issue Listed on NASDAQ Global Select )
141 Elm Street
Westfield, MA 01085
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To contact WESTFIELD FINANCIAL INC, please visit www.westfieldbank.com. Company data is provided by Capital IQ. Please use this form to report any data issues.