Brief: Westfield Financial agrees to buy Chicopee Bancorp for about $110 mln

Western New England Bancorp

04/04/2016 22:40

April 4 (Reuters) - Westfield Financial Inc  WFD.O : 
 * Westfield Financial and Chicopee Bancorp announce combination 
 * Says deal valued at about $110 million 
 * Says James C. Hagan will be president and CEO of the combined company 
 * Initial tangible book value dilution from deal of approximately 6% is 
   expected to be earned back within five years 
 * Transaction to be significantly accretive to earnings per share of combined 
   institution,beginning in first full year 
 * Under terms, Chicopee shareholders will be entitled to receive 2.425 shares 
   of Westfield common stock for each share 
 * Says Donald A. Williams will be chairman of the board of combined co 
 * Says merger agreement has been unanimously approved by both of the boards of 
   directors of Westfield and Chicopee 
 * Combined bank will do business under the Westfield Bank name, with the 
   holding company to be renamed Western New England Bancorp 
 
 * Source text for Eikon  ID:nBw3mghPza  
 
 * Further company coverage  WFD.O   
 
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