Westfield Bank is a US-based community bank headquartered in Akron, Ohio. As of 2013 the bank had over $2 billion in assets and over 500 associates. The bank is a member of Westfield Insurance Group, a regional insurance company serving customers in 31 states in United States.
History
The bank was founded in 2000.
In September 2013, Westfield Bank acquired Valley Savings Bank, a community bank that has served individuals in the Cuyahoga Falls area since 1923. In 2012, Westfield Bank completed the acquisition and merger of Western Reserve Bank. Medina-based Western Reserve Bancorp Inc., the parent company of Western Reserve Bank, has signed a definitive agreement to merge into Westfield Bancorp Inc. in a transaction that will net Western Reserve shareholders $18 million in cash and will pay off the nearly $5 million that U.S. Department of the Treasury infused into Western Reserve back in May 2009.
As part of a well-planned leadership succession designed to maintain the Company's momentum and build on its strong financial position, the members of the Ohio Farmers Insurance Company (OFIC) Board of Directors have elected Edward J. Largent III to succeed James R. Clay as Westfield Group leader, president and CEO. The transition will occur July 1, 2015. Mr. Clay will remain as chairman of the board until his retirement on March 31, 2016.
Literacy program
In May 2013, Westfield Bank launched a new web-based financial literacy program for students at Akron, Ohio's Ellet High School, allowing them to become certified in hundreds of personal finance categories at no cost to the school. The 10-unit program features six hours or programming directed toward teaching, assessing and certifying students in a number of financial topics, including credit scores, student loans, mortgages, taxes, credit cards, insurance, stocks, savings and 401(k) programs.
See also
- Banking in the United States
References
External links
- Official website
Interesting Informations
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