Westfield Financial, Inc. operates as the bank holding company for Westfield Bank that offers community banking 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 and 1 banking office in Granby, Connecticut. The company also has 12 free-standing ATM locations in Feeding Hills, Holyoke, Southwick Springfield, West Springfield and Westfield, Massachusetts. The company’s 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 that 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. The company provides complementary commercial products and services, various commercial deposit accounts, cash management services, Internet banking, sweep accounts, a broad ATM network and night deposit services. 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. The majority of the commercial real estate portfolio consists of loans which are collateralized by properties in the Pioneer Valley of Massachusetts and northern Connecticut. The company also offers construction loans to finance the construction of commercial properties located in its primary market area. Residential Real Estate Loans: The company processes substantially all of its originations of residential real estate loans through a third-party mortgage company. The third-party mortgage company owns the servicing rights and services the loans. The company’s residential adjustable rate mortgage loans are fully amortizing loans with contractual maturities of up to 30 years, payments due monthly. Consumer Loans: Consumer loans are originated at higher interest rates than residential and commercial real estate loans, but they also generally tend to have a higher credit risk than residential real estate loans because they are usually unsecured or secured by rapidly depreciable assets. The company offers various consumer loans to retail customers in the communities that the company 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. Also, commercial real estate loans involve large loan balances to single borrowers or groups of related borrowers. Home Equity Loans: The company originates and funds home equity loans. Investment Portfolio 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. The company also invests in municipal bonds issued by cities and towns in Massachusetts. 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 only in securities allowed by the Office of Comptroller of the Currency (OCC). Deposits The company offers various deposit accounts having a range of interest rates and terms. The company offers regular savings deposits (consisting of passbook and statement savings accounts), interest-bearing demand accounts, noninterest-bearing demand accounts, money market accounts and time deposits. The company has expanded the types of deposit products that the company offers to include jumbo certificates of deposit, tiered money market accounts, and customer repurchase agreements. Regulations Westfield Financial, Inc. is regulated under the Homeowners’ Loan Act of 1933, as amended (the HOLA), and is subject to inspection, examination and supervision by the Federal Reserve Board. In addition, the Federal Reserve Board has enforcement authority over Westfield Financial, Inc. and its non-savings association subsidiaries. The bank is a federally chartered savings bank regulated by OCC. The bank is organized as a federal savings association under the HOLA. 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. History Westfield Financial, Inc. was founded in 1853.
westfield financial inc (WFD:NASDAQ GS)
141 Elm Street
Westfield, MA 01085
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