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): April 4, 2016

WESTFIELD FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Massachusetts	001-16767	73-1627673
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

141 Elm Street

Westfield, Massachusetts 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On April 4, 2016 Westfield Financial, Inc. (the “Company”) and Chicopee Bancorp, Inc. (“Chicopee”) issued a joint press release announcing the entry into an Agreement and Plan of Merger, dated as of April 4, 2016, by and between the Company and Chicopee, pursuant to which the Company will acquire Chicopee and its wholly owned subsidiary, Chicopee Savings Bank, subject to the terms and conditions set forth therein. A copy of the joint press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

The Company is filing a joint investor presentation, which provides supplemental information regarding the proposed transaction that the Company intends to make available to investors and post on the investor relations portion of its website, which is located at www.westfieldbank.com. The slides are furnished as Exhibit 99.2 to this report.

The information in the presentation shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. All annualized, pro forma, projected, combined, estimated and similar numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Exhibit No.	Description
99.1	Joint Press Release dated April 4, 2016.
99.2	Joint Investor Presentation dated April 4, 2016.

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.
Date: April 5, 2016	By:	/s/ James C. Hagan
		James C. Hagan
		President & Chief Executive Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Joint Press Release dated April 4, 2016.
99.2	Joint Investor Presentation dated April 4, 2016.

EX-99.1

Westfield Financial, Inc. 8-K

Exhibit 99.1

WESTFIELD FINANCIAL AND CHICOPEE BANCORP ANNOUNCE

TRANSFORMATIONAL COMBINATION

First In-Market Merger in Hampden County in Over 25 Years

Holding Company to be Renamed Western New England Bancorp to

Reflect Broad Reach and Market Focus

Westfield and Chicopee, Massachusetts, April 4, 2016: Westfield Financial, Inc. (Nasdaq: WFD), the holding company for Westfield Bank (collectively “Westfield”), and Chicopee Bancorp, Inc. (Nasdaq: CBNK), the holding company for Chicopee Savings Bank (collectively “Chicopee”), today jointly announced the signing of a definitive merger agreement whereby Chicopee will merge with and into Westfield. The merger will create the largest locally managed bank in Hampden County, Massachusetts and the second largest bank in terms of deposit market share in the county. The combined company will have total assets of $2.1 billion, tangible equity of over $215 million and 21 branch locations serving customers throughout western Massachusetts and northern Connecticut.

Under the terms of the agreement, Chicopee shareholders will be entitled to receive 2.425 shares of Westfield common stock for each share of Chicopee common stock, equal to $20.42 per share, based on the closing price for Westfield common stock on April 4, 2016. The common stock options of Chicopee will be converted into Westfield options with the same relative economic value and expiration date. Upon closing, Westfield shareholders will own approximately 59% of stock in the combined company, and Chicopee shareholders will own approximately 41%. The transaction is valued at approximately $110 million in the aggregate, based on the closing price for Westfield common stock on April 4, 2016.

“We are excited to combine with such a strong partner as Chicopee,” stated James C. Hagan, President and Chief Executive Officer of Westfield. “As we have gotten to know Bill Wagner and his team over time, we have been pleased at the commonality of our cultures, operating models and the customer service focus of our two institutions. Although headquartered in the same county, we currently serve two distinct customer bases, which, when combined, will complement each other tremendously. A merger of our two banks will be extremely favorable for the shareholders, customers, employees and communities of both institutions.”

Following completion of the transaction, James C. Hagan will be President and CEO of the combined company and Donald A. Williams will be Chairman of the Board. William J. Wagner, Chairman, President and CEO of Chicopee, will join the executive management team of Westfield, and will become Vice Chairman of the Board of Directors. Four additional board members of Chicopee will also join the board of Westfield. Following closing, the combined bank will do business under the Westfield Bank name, with the holding company to be renamed Western New England Bancorp with the Nasdaq trading symbol WNEB. The Chicopee Savings Bank Charitable Foundation will remain in place with its original philanthropic mission in the greater Chicopee area unchanged.

“Westfield is the ideal partner for Chicopee,” stated Mr. Wagner. “This is the first in-market merger our community has seen in over 25 years, and as such, will not result in a significant outflow of resources or shift the focus of our franchise elsewhere, but rather will intensify and strengthen our combined ability to serve our local markets, consumers and businesses that make both Westfield and Chicopee successful.

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I look forward to our future together as a combined institution and to the substantial impact our bank will have in Western New England.”

“Westfield has a strong reputation in commercial business lending to large scale customers that will enhance our lending platform and ability,” Wagner continued. “Moreover, the larger lending limit, breadth of product mix and deep and sophisticated support functions will allow our bank to be a major competitor in Western New England for years to come.”

The transaction is expected to be significantly accretive to the earnings per share of the combined institution, beginning in the first full year. Initial tangible book value dilution of approximately 6% is expected to be earned back within five years, utilizing the crossover method.

The merger agreement has been unanimously approved by both of the Boards of Directors of Westfield and Chicopee. Closing is anticipated to occur during the fourth quarter of 2016, subject to approval by the shareholders of both companies, receipt of required regulatory approvals and other customary closing conditions.

Griffin Financial Group, LLC acted as financial advisor to Westfield Financial, Inc. and rendered a fairness opinion to its Board of Directors. Hogan Lovells US, LLP acted as legal counsel to Westfield. Piper Jaffray & Co. acted as financial advisor to Chicopee Bancorp, Inc. and rendered a fairness opinion to its Board of Directors. Luse Gorman, PC acted as legal counsel to Chicopee.

Investor Conference Call

A joint conference call to discuss the transaction is scheduled for 10:30 a.m. Eastern Time (ET) on Tuesday, April 5, 2016. Those wishing to participate in the call may dial toll-free in the U.S. and Canada 888-461-2030 or international 719-457-1527 and use the access code 271228. A telephone replay of the call will be available through April 26, 2016 beginning at 2:30 p.m. ET by calling 866-375-1919 and entering conference number 5594697. A presentation regarding the transaction will be discussed on this call and will be available for download at www.westfieldbank.com and at www.chicopeesavings.com on the investor relations page, and will also be filed on Form 8-K along with this press release with the Securities and Exchange Commission.

About Westfield Financial, Inc.

Westfield Financial, Inc. is a Massachusetts-chartered holding company and the parent company of Westfield Bank, Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Westfield Financial and its subsidiaries are headquartered in Westfield, Massachusetts and operate through 13 banking offices located in Agawam, East Longmeadow, Feeding Hills, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts, and Granby and Enfield, Connecticut. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation. To learn more, visit our website at www.westfieldbank.com.

About Chicopee Bancorp, Inc.

Chicopee Bancorp, Inc. is a bank holding company and the parent corporation of Chicopee Savings Bank, a Massachusetts stock savings bank headquartered at 70 Center Street, Chicopee, MA 01013. Chicopee Savings Bank provides a wide variety of financial products and services through its main office, seven branch offices located in Chicopee, Ludlow, West Springfield, South Hadley, and Ware in Western Massachusetts, and lending and operations center. Chicopee Savings Bank offers customers the latest technically advanced internet banking, including on-line banking and bill payment services. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation and the Depositors Insurance Fund of Massachusetts. For more information regarding the Bank’s products and services, please visit our web site at www.chicopeesavings.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to Westfield and Chicopee, or other effects of the proposed merger on Westfield and Chicopee. Forward- looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements are made only as of the date of this press release, and neither Westfield nor Chicopee undertakes any obligation to update any forward-looking statements contained in this press release to reflect events or conditions after the date hereof. Actual results may differ materially from those described in any such forward-looking statements.

In addition to factors previously disclosed in the reports filed by Westfield and Chicopee with the U.S. Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward looking statements or historical performance: the ability to obtain regulatory approvals and satisfy other closing conditions to the merger, including approval by shareholders of Westfield and Chicopee; the timing of closing the merger; difficulties and delays in integrating the business or fully realizing cost savings and other benefits; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of products and services; customer borrowing, repayment, investment and deposit practices; competitive conditions; economic conditions, including downturns in the local, regional or national economies; the impact, extent and timing of technological changes; changes in accounting policies or practices; changes in laws and regulations; and other actions of the Federal Reserve Board and other legislative and regulatory actions and reforms.

Important Additional Information and Where to Find It

Westfield intends to file with the SEC a Registration Statement on Form S-4 relating to the proposed merger, which will include a prospectus for the offer and sale of Westfield common stock as well as the joint proxy statement of Chicopee and Westfield for the solicitation of proxies from their shareholders for use at the meetings at which the merger agreement and merger will be considered. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS OF WESTFIELD AND CHICOPEE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT-PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A free copy of the joint proxy statement-prospectus, as well as other filings containing information about Westfield and Chicopee, may be obtained at the SEC's website at http://www.sec.gov. In addition, copies of the joint proxy statement-prospectus can also be obtained free of charge by directing a request to Westfield Financial, Inc., 141 Elm Street, Westfield, MA 01086, attention: Corporate Secretary (413) 568-1911, or from the “Investor Relations” section of Westfield’s web site at http://www.westfieldbank.com; or to Chicopee Bancorp, Inc., P.O. Box 300, 70 Center Street, Chicopee, Massachusetts 01014, attention: Corporate Secretary (413) 594-6692.

Westfield, Chicopee, and certain of their respective directors and executive officers may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies from shareholders of Westfield and Chicopee in connection with the proposed merger. Information concerning the interests of the persons who may be considered "participants" in the solicitation will be set forth in the joint proxy statement-prospectus relating to the proposed merger. Information concerning Westfield’s directors and executive officers, including their ownership of Westfield common stock, is set forth in its proxy statement previously filed with the SEC on April 2, 2015. Information concerning Chicopee’s directors and executive officers, including their ownership of Chicopee common stock, is set forth in its proxy statement previously filed with the SEC on April 15, 2015. Shareholders may obtain additional information regarding interests of such participants by reading the registration statement and the joint proxy statement-prospectus when they become available.

Contacts

Westfield Financial, Inc.		(413) 568-1911
James C. Hagan	President and CEO
Leo R. Sagan, Jr.	Chief Financial Officer
Chicopee Bancorp, Inc.		(413) 594-6692
William J. Wagner	Chairman, President and CEO
Guida Sajdak	SVP and Chief Financial Officer

EX-99.2

Westfield Financial, Inc. 8-K

Exhibit 99.2

Connecticut Massachusetts April 4, 2016 A Compelling Strategic Combination First In - Market Merger in Over 25 Years – Creating One of the Largest Community Banks in Hampden County and the Springfield MSA What better banking’s all about tm . NASDAQ: WFD Western New England Bancorp, Inc. (NASDAQ: WNEB)* *To take effect at close NASDAQ: CBNK

Disclaimer This presentation contains some statements that may constitute forward - looking statements . Forward - looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts . The forward - looking statements reflect Westfield and Chicopee's current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause Westfield or Chicopee's actual results to differ significantly from those expressed in any forward - looking statement . You should not rely uncritically on Forward - looking statements because they involve significant known and unknown risks, uncertainties and other factors that are, in some cases, beyond Westfield or Chicopee's control and which could materially affect actual results . The factors that could cause actual results to differ materially from current expectations include failure to complete the proposed merger, the imposition of adverse regulatory conditions in connection with regulatory approval of the proposed merger, disruption to the parties’ businesses as a result of the announcement and pendency of the merger, the inability to realize expected cost savings or to implement integration plans and other adverse consequences associated with the merger, changes in general economic conditions, changes in interest rates, changes in competitive product and pricing pressures among financial institutions within Westfield or Chicopee's markets, changes in the financial condition of Westfield or Chicopee's borrowers and other factors discussed in the reports that Westfield and Chicopee file with the Securities and Exchange Commission . The forward - looking statements contained herein represent Westfield and Chicopee's judgment as of the date of this release, and Westfield and Chicopee cautions readers not to place undue reliance on such statements . For further information, please refer to Westfield and Chicopee's reports filed with the Securities and Exchange Commission . 2

Safe Harbor and Legend This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval . In connection with the merger, Westfield will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S - 4 to register shares of Westfield common stock to be issued to Chicopee’s shareholders . The registration statement will include a proxy statement of Chicopee and a proxy statement and a prospectus of Westfield . A definitive proxy statement and prospectus will be mailed to Westfield and Chicopee stockholders seeking their approval of the merger . Westfield and Chicopee may also file other relevant documents with the SEC regarding the proposed transaction . INVESTORS AND SECURITY HOLDERS OF WESTFIELD AND CHICOPEE ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER . Such documents are not currently available . Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, www . sec . gov . Copies of the documents filed with the SEC by Westfield and Chicopee will be available free of charge on Westfield’s website at www . westfieldbank . com under the tab “Investor Relations” and then under the heading “SEC Filings” or by contacting the Investor Relations Contact listed on the Investor Relations webpage or on Chicopee’s website at www . chicopeesavings . com under the tab “Investor Relations” and then under the heading “SEC Filings” or by contacting the Investor Relations Contact listed on the Investor Relations webpage . You may also read and copy any reports, statements and other information filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington DC . Information about the operation of the SEC Public Reference Room may be obtained by calling the SEC at 1 - 800 - SEC - 0330 . The information on Westfield and Chicopee’s websites is not, and shall not be deemed to be, a part of this release or incorporated into other filings Westfield or Chicopee make with the SEC . Westfield, Chicopee and their respective directors, executive officers and members of management may be deemed to be participants in the solicitation of proxies from the stockholders of Westfield and Chicopee in connection with the transaction . Information about the directors and executive officers of Westfield is set forth in the proxy statement for Westfield’s 2015 annual meeting of stockholders filed with the SEC on April 2 , 2015 . Information about the directors and executive officers of Chicopee is set forth in the proxy statement for Chicopee’s 2015 annual meeting of stockholders filed with the SEC on April 15 , 2015 . Additional information regarding the interests of these participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement/prospectus regarding the merger when it becomes available . 3

Compelling Strategic & Financial Combination 4 Creates A Leading Western New England Bank Franchise ▪ First in - market merger in Hampden County in over 25 years, creating the largest community bank in the county with 17 branches (21 total branches in pro forma footprint) and a solid #2 deposit market share ▪ Pro forma franchise will also have #4 deposit market share in Springfield MSA ▪ Holding company to be renamed Western New England Bancorp, Inc. (trading symbol “WNEB”) ▪ Reflects broadened reach, market focus and eye toward continued expansion ▪ Combined company to capitalize on Westfield’s early success in Northern Connecticut Complementary Fit Between Two Like - Minded Institutions ▪ Highly compatible cultures with similar operating models, customer focus and strong service and community orientation ▪ Virtually no branch overlap and no branch closures ▪ Westfield’s market presence West of the Connecticut River complements Chicopee’s footprint and focus East of the Connecticut River ▪ Westfield’s presence in larger C&I lending complements Chicopee’s small business and commercial real estate focus . Natural synergies of size and scale enhance both efforts ▪ Enhanced branch network provides greater density in attractive markets with significant retail and commercial opportunities ▪ Broader platform to cross - sell fee income opportunities, including mortgage banking and wealth management Senior Leadership of Chicopee Enthusiastically Joining the Combined Organization ▪ William J. Wagner, Chairman, President and CEO of Chicopee, to become Vice Chairman of the Board and join the executive leadership team of the Company ▪ Four additional Board members of Chicopee joining the combined Board following closing ▪ Key senior executives of Chicopee joining Westfield’s leadership team in the combined organization to provide experience, management depth and unique skill sets to the larger institution Attractive Financial Metrics ▪ Accretive to earnings per share by approximately 14% beginning in first full year (2017) ▪ TBV dilution of approximately 6% with earn back in approximately 4.7 years ▪ Internal rate of return of approximately 17% ▪ Pro forma tangible common equity ratio in excess of 10% and pro forma total risk based ratio in excess of 15% allows for continued capital deployment ▪ Combined institution likely index eligible upon reconstitution in 2017

Transaction Overview 5 Merger Consideration ▪ 100% stock – fixed exchange ratio of 2.425 shares ▪ Stock options converted to Westfield options ▪ Aggregate value of approximately $110 million, or $20.42 per share* Pro Forma Ownership ▪ Approximately 59% Westfield / 41% Chicopee of fully diluted shares outstanding Organizational Structure ▪ Holding Company will be renamed Western New England Bancorp, Inc. (NASDAQ: WNEB) ▪ Bank Subsidiary will operate under the Westfield Bank name ▪ Executive offices at current Westfield headquarters in Westfield, MA ▪ President and CEO: James C. Hagan (current Westfield CEO) ▪ Executive Management Team Role: William J. Wagner (current Chicopee CEO) Board Composition ▪ Chairman of the Board: Donald Williams (Westfield); Vice Chairman: Bill Wagner (Chicopee) ▪ 14 Directors – 9 Westfield / 5 Chicopee (as of closing) Required Approvals ▪ Customary regulatory approvals and shareholder approvals of both Westfield and Chicopee Targeted Closing ▪ Expected close in fourth quarter of 2016 Due Diligence ▪ Comprehensive reciprocal due diligence process including core systems, legal and credit due diligence ________ *Using WFD stock price at close on April 4 th , 2016

Creating Value for Both Sets of Shareholders 6 Double Digit Earnings Accretion Greater Franchise Value Better Positioned for Future Growth Potential for Stock Upside Improved Stock Liquidity Retain Strong Capital Base Double Digit Earnings Accretion Greater Franchise Value Better Positioned for Future Growth Potential for Stock Upside Improved Stock Liquidity

Westfield Financial, Inc. Companies with Similar Profiles… 7 ________ Source: SNL Financial as of 12/31/2015 Note: Market data as of April 4 , 2016 ▪ HQ: Westfield, MA ▪ Founded: 1853 ▪ Ticker: WFD ▪ Market Cap: $153.8 mm ▪ Assets: $1.3 bn ▪ Loans: $818 mm ▪ Deposits: $900 mm ▪ Branches: 13 ▪ MRQ ROAA: 0.42% ▪ MRQ ROATCE: 4.0% ▪ MRQ NIM: 2.58% ▪ MRQ Efficiency: 73.8% ▪ HQ: Chicopee, MA ▪ Founded: 1854 ▪ Ticker: CBNK ▪ Market Cap: $92.5 mm ▪ Assets: $679 mm ▪ Loans: $587 mm ▪ Deposits: $507 mm ▪ Branches: 8 ▪ MRQ ROAA: 0.57% ▪ MRQ ROATCE: 4.4% ▪ MRQ NIM: 3.46% ▪ MRQ Efficiency: 72.3% Chicopee Bancorp, Inc. 2016 Westfield Financial, Inc. (13 branches) Chicopee Bancorp, Inc. (8 branches)

14% 12% 12% 10% 8% 8% 7% 7% 7% 6% 4% 0% 2% 4% 6% 8% 10% 12% 14% 16% …Combining to Create one of the Largest Community Banks in Hampden County and Springfield MSA 8 Largest Community Bank in Hampden County, MA ________ Source: SNL Financial as of 6 /30/2015 Note: Two Westfield branches are located in Hartford County, CT outside of Springfield MSA Top 5 Deposit Market Share in Springfield MSA, MA 15% 14% 14% 14% 12% 11% 9% 5% 4% 4% 3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 2015 Rank Institution (ST) Branches Deposits ($mm) Market Share (%) 1 Bank of America Corp. (NC) 18 1,835 13.9 2 Toronto-Dominion Bank 20 1,640 12.4 3 PeoplesBancorp MHC (MA) 19 1,636 12.4 Pro Forma Franchise 19 1,360 10.3 4 Berkshire Hills Bancorp Inc. (MA) 17 1,113 8.4 5 United Financial Bancorp (CT) 16 1,112 8.4 6 Florence Bancorp MHC (MA) 10 944 7.1 7 ESB Bancorp MHC (MA) 10 904 6.8 8 Westfield Financial Inc. (MA) 11 862 6.5 9 Country Bank for Savings (MA) 9 787 5.9 10 Chicopee Bancorp Inc. (MA) 8 498 3.8 Total For Institutions In Market 197 13,250 2015 Rank Institution (ST) Branches Deposits ($mm) Market Share (%) 1 Toronto-Dominion Bank 17 1,400 15.0 Pro Forma Franchise 17 1,329 14.3 2 Bank of America Corp. (NC) 14 1,304 14.0 3 PeoplesBancorp MHC (MA) 14 1,276 13.7 4 United Financial Bancorp (CT) 15 1,079 11.6 5 Berkshire Hills Bancorp Inc. (MA) 16 1,036 11.1 6 Westfield Financial Inc. (MA) 11 862 9.3 7 Chicopee Bancorp Inc. (MA) 6 467 5.0 8 Country Bank for Savings (MA) 5 356 3.8 9 Citizens Financial Group Inc. (RI) 15 346 3.7 10 KeyCorp (OH) 9 269 2.9 Total For Institutions In Market 143 9,311

Extends Footprint and Enhances Scale and Density in Springfield MSA and the “Knowledge Corridor” ________ Source: westernmassedc.com; masslive.com; reuters.com; SNL Financial Note: Two Westfield branches are located in Hartford County, CT outside of Springfield MSA Springfield MSA Hampden County Hampshire County Hartford County Population (2016) 630,835 469,440 161,395 898,233 Median HH Income $54,825 $50,986 $65,722 $67,237 # Businesses 60,873 17,250 6,594 39,051 Deposits (millions) $13,250.2 $9,310.8 $3,939.4 $35,718.8 Pro Forma: Deposits (millions) $1,359.6 $1,329.5 $30.1 $36.6 Branches 19 17 2 2 Market Share Rank: All Banks 4 2 14 21 Community Banks 2 1 8 3 Chicopee and Springfield, MA Economic “Mini - Revival” New England’s “Knowledge Corridor” □ The Greater Springfield - Hartford metropolitan area has been dubbed the “Knowledge Corridor” • Academic Powerhouse : Home to 29 universities and liberal arts colleges, and numerous highly regarded hospitals • Major Market : Second largest population in New England (1.7 million people) • Business Hub : Diverse and robust business sectors with over 50,000 businesses total □ Chicopee, with a population of 55,717 residents, is the second largest city in Western Massachusetts, and home to nearly 3,000 companies □ Approximately 4,700 businesses are based within the city of Springfield, employing more than 73,000 workers, making Springfield the economic hub of the region □ The regional impact from the Springfield economic development initiatives: • China Railway Rolling Stock Corporation new manufacturing plant will assemble ~285 new cars for Boston’s subway system in $566mm contract; CRRC also recently won $1.3bn bid to build rail cars for the Chicago Transit Authority • MGM Casino will be located in downtown Springfield with typical casino amenities and accommodations. The $950 million project is underway • Springfield Union Station, an $88 million project, will become a main transportation center in the region supporting Amtrak in addition to regional and state - supported trains • North Main Street Reconstruction to include sidewalks, traffic signals and street lights to the Chicopee city line Major Employers in the “Knowledge Corridor” Demographic Data 9

Diversified Loan and Deposit Mix 10 ________ Source: SNL Financial balances as of 12/31/2015 Westfield Chicopee Pro Forma Loans Deposits Total: $818.2 Yield: 4.02% Total: $586.9 Yield: 4.16% Total: $1,405.1 Yield: 4.08% Total: $900.3 Cost: 0.64% Loans/Deposits: 91% Total: $507.1 Cost: 0.56% Loans/Deposits: 116% Total: $1,407.5 Cost: 0.61% Loans/Deposits: 100% 1 - 4 Family 36.4% Home Equity 5.3% CRE 37.0% C&I 20.6% Other 0.7% 1 - 4 Family 21.8% Home Equity 6.7% CRE 49.1% Const 9.7% C&I 12.2% Other 0.6% 1 - 4 Family 30.3% Home Equity 5.9% CRE 42.1% Const 4.0% C&I 17.1% Other 0.6% Non - Interest Bearing 17.5% NOW 3.2% MMDA & Svgs 35.3% Time 44.0% Non - Interest Bearing 20.2% NOW 8.9% MMDA & Svgs 33.2% Time 37.6% Non - Interest Bearing 18.5% NOW 5.3% MMDA & Svgs 34.6% Time 41.7%

Strong Pro Forma Financial Metrics 11 ________ All balances and ratios as of December 31, 2015; market data as of April 4, 2016. Pro Forma combined performance ratios estimated full year 2017. Pro forma combined market data based on exchange ratio of 2.425; WFD stock price at April 4, 2016; estimated TBV at closing; and full year 2017 projected EPS Westfield Chicopee Pro Forma 12/31/2015 12/31/2015 Combined Assets ($millions) $1,340 $679 $2,019 Gross Loans ($millions) 818 587 1,405 Deposits ($millions) 900 507 1,407 Number of Branches 14 9 23 Deposits / Branch ($ millions) $64.3 $56.3 $61.2 CRE Loans / Loans 37% 49% 42% C&I Loans / Loans 21% 12% 17% Loans / Deposits 91% 116% 100% TCE / TA 10.41% 13.16% >10% Total Risk Based Capital Ratio 17.20% 16.50% >15% Efficiency Ratio 78% 74% ~65% ROAA 0.42% 0.45% >0.60% ROAE 4.10% 3.37% >5.75% Market Capitalization ($ millions) $153.8 $92.5 $254.1 P / TBV 110% 104% 114% P / EPS (x) 25.5 29.6 17.2 Balance Sheet Franchise Balance Sheet Ratios Performance Ratios Market Data

Key Merger Assumptions 12 Credit Mark ▪ Gross loan mark projected to be 1.75% of total loans Cost Savings ▪ Cost savings estimated at $7 million (15% of combined banks’ 2015 FY expense base) ▪ Phased in at 50% of the run - rate for the first six months post closing and 100% thereafter Revenue Synergies ▪ Several areas of opportunity, but no revenue synergies included in the modeling Restructuring Charges ▪ One - time merger costs of approximately $8.4 million, after - tax Core Deposit Intangible ▪ Core deposit intangible of 1.2%, amortized over 10 years SOYD Common Dividend ▪ Targeting 30% dividend payout ratio post - close

Financial Impact 13 EPS Impact ▪ Accretive to earnings per share by approximately 14% beginning in first full year (2017) Tangible Book Value Impact ▪ TBV dilution of approximately 6% with earn back in approximately 4.7 years Pro Forma Consolidated Capital ▪ Pro forma tangible common equity ratio in excess of 10%; pro forma total risk based ratio in excess of 15% IRR ▪ Internal rate of return of approximately 17%

Investment Merits – A Compelling Strategic Combination 14 In - Market Combination Creating Largest Locally Owned Bank in Hampden County ▪ Not moving resources out of the market, but intensifying resources in our core market ▪ Strong brand dedicated to outstanding customer service and giving back to the community; holding company rebrand aimed toward continued market expansion Although Located in Same County, Extremely Complementary Franchises with Little Overlap ▪ Virtually no branch overlap and no branch closures ▪ Complementary areas of lending expertise ▪ Both banks benefit from larger lending limit and capabilities of broader institution Local Businesses Want to do Business with Local Banks ▪ The combined institution will have the capital of a larger regional bank with local decision making and the service of a local community bank ▪ While cost savings and attaining scale are important in any transaction, incremental revenue growth will be a key driver in this combination Attractive Financial Combination ▪ Significantly accretive to earnings per share ▪ Manageable TBV dilution with attractive earn back ▪ Internal rate of return of approximately 17% ▪ Combined institution has regulatory capital well in excess of regulatory minimums, allowing for continued capital deployment through organic growth, dividends, share repurchases and additional strategic opportunities ▪ Attractive valuation relative to similar - sized institutions in the Northeast

Connecticut Massachusetts What better banking

’s all about tm . NASDAQ: WFD Western New England Bancorp, Inc. (NASDAQ: WNEB)* *To take effect at close NASDAQ: CBNK