Westfield Financial Inc was formed in 2001 in connection with its reorganization from a federally chartered mutual holding company to a Massachusetts-chartered stock holding company with the second step conversion being completed in 2007. It is the parent company of Westfield Bank. The Bank was formed in 1853 and is a federally chartered savings bank regulated by the Office of Comptroller of the Currency. As a community bank, it serves commercial customers, including commercial and industrial lending and commercial deposit relationships. 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. 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. The Company competes with other financial institutions, many with a local, state-wide or regional presence and, in some cases, a national presence. Its competition for loans comes principally from commercial banks, savings institutions, mortgage banking firms, credit unions, finance companies, mutual funds, insurance companies and brokerage and investment banking firms. It also faces additional competition for deposits from internet-based institutions, credit unions, brokerage firms and insurance companies. The Company is subject to extensive regulation under federal and state laws.