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Westfield Financial to buy Chicopee Bancorp in $110M deal

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Westfield Financial to buy Chicopee Bancorp in $110M deal

Westfield,Mass.-based Westfield Financial Inc.($1.34 billion) agreed to acquire Chicopee, Mass.-based Chicopee Bancorp Inc. ($678.6 million) in an all-stock dealvalued at about $110 million, according to an April 4 news release.

Westfieldshareholders will own around 59% of stock in the combined company, and Chicopeeshareholders will own approximately 41%.

Uponcompletion, the holding company will be renamed Western New England Bancorp, whilethe combined bank will do business under the Westfield Bank name.