8-K 1 west-8k.txt BODY FO FROM 8-K =========================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ______________________________________ Date of report (Date of earliest event reported): March 5, 2003 WESTFIELD FINANCIAL INC. (Exact name of registrant as specified in its charter) Massachusetts 001-16767 73-1627673 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 141 Elm Street Westfield, MA 01085 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (413) 568-1911 Not Applicable (Former name or former address, if changed since last report) ========================================================================== Items 1 through 4. Not applicable. Item 5. Other Events and Required FD Disclosure Westfield Financial, Inc. (the "Company"), the holding company for Westfield Bank (the "Bank"), announced today that as a result of a Massachusetts legislation signed on March 5, 2003 amending the corporate income tax law affecting the treatment of dividends received from Real Estate Investment Trusts (REITs), dividends received from the Company's REIT subsidiary are no longer eligible for a dividends - received deduction. As a result of the enactment of this legislation, the Company has ceased recording the tax benefits associated with the dividend received deduction effective for the 2003 tax year. In addition to the effect on 2003 the legislation includes a retroactive effective date that reaches back to 2002 and prior years. The Company's potential additional liability for prior years taxes, including interest (net of any federal and state tax deductions associated with such taxes and interest), relating to the deduction for dividends received from a REIT, is approximately $2.9 million. The Company will accrue this potential liability in the first quarter of 2003. The Company issued a press release relating to this matter on March 14, 2003, a copy of which is attached hereto as Exhibit 99.1. The Exhibit 99.1 referred to in this Item 5 is filed as part of this report and is incorporated herein by reference. Item 6. Not applicable. Item 7. Financial Statements and Exhibits (a) No financial statements are required to be filed with this report. (b) No pro forma financial information is required to be filed with this report. (c) Exhibits The following Exhibit is filed as part of this report: EXHIBIT NO.: 99.1 Press release dated March 14, 2003. Items 8 through 9. Not applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTFIELD FINANCIAL, INC. By: /s/ Michael J. Janosco, Jr. ------------------------------- Michael J. Janosco, Jr. Chief Financial Officer Date: March 14, 2003 EXHIBIT INDEX Exhibit Description ------- ----------- 99.1 Press release dated March 14, 2003.