November 1, 2014

Medina
Cloudy
41°F

Westfield Bank merger with Valley Savings approved

WESTFIELD CENTER — Westfield Bank will open two new locations in Cuyahoga Falls after shareholders approved a merger with Valley Savings Bank on Wednesday.

Westfield Bank, a subsidiary of Westfield Insurance, announced the pending merger in March and the union is expected to amount to combined assets of about $1 billion.

More than 98 percent of Valley Savings shareholders voted to approve the merger, Valley Savings Chairman and Chief Executive Officer David Hunter said.

“We are pleased, but not the least bit surprised, that shareholder approval of the merger reflects broad-based shareholder support,” Hunter said.

The merger is expected to be completed in September. The two Valley Savings Bank locations in Cuyahoga Falls will operate under the Westfield Bank name, bringing the number of Westfield Bank locations to eight. Westfield Bank also is located in Westfield Center, Medina, Fairlawn, Brecksville, Canton and Wooster.

Westfield Bank is a wholly owned subsidiary of Westfield Insurance. The bank was established in 2001 and provides commercial and personal banking services to customers and independent insurance agencies.