What Westfield Bank does

Westfield Bank is a Massachusetts-chartered community bank founded in 1853 (originally as Savings Bank Upstairs), operating 25 branches across western Massachusetts and northern Connecticut with approximately $2.6 billion in assets and $2.2 billion in deposits as of March 2023. The bank served small-to-medium businesses, municipalities, healthcare organizations, property managers, attorneys, CPAs, non-profits, and individual consumers through a relationship-based banking model anchored by local decision-making and a dedicated Commercial Lending Center in Springfield, MA.

Its product portfolio spans commercial lending (term loans, lines of credit, commercial real estate, SBA 7(a) and 504, letters of credit, FastTrack Business Credit), consumer lending (residential mortgages, home equity, auto, personal lines of credit), deposit products (checking, money market, CDs), digital banking (mobile app, online banking, Zelle, eStatements, debit card manager), and specialized municipal services (Positive Pay, ACH Manager, Deposit Manager remote deposit capture, Government Payment Portal, Municipal Lockbox). Technology is built on a traditional community-banking platform supplemented by integrations with Clover (POS), Elan Financial Services (credit cards), LPL Financial (investment referral), CheckWriters (payroll), Deluxe Provent (identity protection), Zelle (P2P), and Coinstar.

Revenue is generated through traditional banking mechanics: net interest income on the loan portfolio and deposit spread, plus noninterest income from deposit account fees, merchant services transaction fees (Clover), credit card interchange (Elan), and affiliate/referral revenue from LPL Financial investment services and CheckWriters payroll. The bank was acquired by First Financial Bancorp in November 2025 for $325 million in a cash-and-stock transaction, with the conversion completed in Q1 2026, expanding First Financial's assets to $20.6 billion and terminating Westfield Bank's independent operations.

Name

Westfield Bank

Legal name

Westfield Bank

Website

https://westfieldbank.com

Company type

Public

Founded year

1853

Operating status

Acquired

Headcount range

251–500 employees

Short description

Westfield Bank is a 170-year-old community bank that operated 25 branches across western Massachusetts and northern Connecticut, serving SMBs, municipalities, healthcare, property managers, attorneys, and consumers with commercial and consumer lending, deposit services, and municipal banking before its November 2025 acquisition by First Financial Bancorp for $325 million.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)

Keywords

• Retail banking services
• Commercial lending
• Community banking
• Mortgage lending
• Municipal banking

Headquarters

HQ city

Westfield

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Lending: Traditional banking revenue from interest earned on residential mortgages, commercial loans, consumer loans, home equity products, and SBA loans. Products include fixed and adjustable rate mortgages, commercial real estate loans, term loans, lines of credit, and letters of credit.
2. Deposit Account Fees and Interest Spread: Revenue from checking accounts, savings accounts, money market accounts, and certificates of deposit through interest rate spreads. Also includes analysis fees for business accounts.
3. Credit Card Processing: Business and personal credit card services through Elan Financial Services partnership. Revenue from transaction processing and interchange.
4. Merchant Services: Point-of-sale payment processing through Clover partnership. Revenue share from payment processing transactions for business merchants.
5. Payroll Services: Referral revenue from CheckWriters Payroll partnership for small, medium, and large businesses.
6. Investment Services: Investment services referral arrangement with LPL Financial. Securities and advisory services offered through LPL with referral arrangement.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Westfield Bank is a community bank providing deposit accounts, consumer and commercial loans, mortgages, credit cards, merchant services, municipal banking, payroll referral services, and investment services through 25 branches across western Massachusetts and northern Connecticut, supported by mobile and online banking. It serves individual consumers, small and mid-sized businesses, municipalities, healthcare organizations, property managers, attorneys, CPAs, and non-profit organizations with relationship-based local decision-making.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account products offered to individual consumers in western Massachusetts and northern Connecticut, with tiered features such as identity theft protection, debit card management, and online account opening.
• Personal Money Market & Savings Accounts Variable-rate money market and savings accounts for individual consumers seeking higher yields than standard checking, with options tied to WB Portfolio relationship banking.
• Certificates of Deposit (CDs) Personal certificates of deposit with fixed terms and APYs, including the WB Portfolio CD available exclusively to WB Portfolio checking account owners.
• Residential Mortgages Residential mortgage loans for home purchase and refinance, including fixed-rate and 5/1 adjustable-rate mortgage products, available through branches and online application.
• Home Equity Lines & Loans (HELOC) Home equity lines of credit and loans for personal homeowners, with a 10-year interest-only draw period, variable rate tied to Prime, and autopay discount.
• Consumer and Auto Loans Consumer installment and auto loans for personal use, including new vehicle financing with tiered LTV limits and autopay discount from WB checking.
• Personal and Business Credit Cards Personal and business credit cards issued through Elan Financial Services with zero fraud liability, 24/7 cardmember service, and free online expense reporting.
• Personal Line of Credit Revolving personal line of credit for individual consumers, providing flexible access to funds, available online.
• Retirement Services

Quantifiable outcome

• Assets exceeding $1 billion for the first time in 2001
• +1 more outcomes

Named customers8 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Civista BankminorGTM or Marketing Partner · 18 December 2025Joint development financing partnership for Valor Acres office building in Brecksville, Ohio as part of mixed-use development including R&D facility for Sherwin-Williams.
• CheckWriters PayrollminorGTM or Marketing PartnerPartnership with CheckWriters Payroll, a locally-based payroll service company in Northampton, MA, dedicated to helping businesses meet payroll needs. Services include paperless payroll, payroll tax filing, garnishment administration, flexible spending accounts, and worker's compensation reporting.
• Clover (First Data Merchant Services)coreChannel Partner/ Reseller/ DistributorWestfield Bank Merchant Services powered by Clover provides POS systems for restaurants, retailers, and service businesses. Clover is a leading global provider of payments and financial technology solutions. Services include inventory management, employee schedules, payroll integration, mobile loyalty, and Clover Capital.
• LPL FinancialminorGTM or Marketing PartnerInvestment services referral arrangement. Westfield Investment Services offers personalized financial planning through LPL Financial, a registered investment advisor and broker dealer (member FINRA/SIPC). Services include securities and advisory services offered through LPL with revenue sharing arrangement.
• Elan Financial ServicescoreTechnology or IntegrationCredit card issuer and servicer for Westfield Bank business and personal credit cards. Provides zero fraud liability, free online expense reporting, and 24/7 cardmember service.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Webster Bank: Larger Connecticut-headquartered regional bank with broader New England footprint and similar commercial/SMB banking services. Represents the more scaled competitor Westfield competes against.

Direct peers

• Salem Five: Massachusetts mutual community bank serving similar SMB and consumer customers with comparable commercial lending and deposit products in the New England market.
• Cambridge Bancorp: Massachusetts-based community bank with similar commercial lending and deposit franchise. Recently acquired by Eastern Bankshares, illustrating the regional M&A consolidation trend.
• Rockland Trust (Independent Bank Corp): Massachusetts-headquartered community bank with comparable footprint across New England and similar SMB/commercial banking focus. Closest direct peer by geography and customer segments.
• Berkshire Hills Bancorp: New England community bank serving Massachusetts, Connecticut, New York, and Vermont with commercial lending, retail banking, and wealth management. Comparable scale and regional model.
• Eastern Bankshares: Massachusetts-based community bank with similar SMB and consumer banking focus, recently completed its own M&A activity. Comparable customer profile and regional positioning.
• Brookline Bancorp: Massachusetts community bank with diversified commercial lending, deposit, and wealth management services. Similar scale and product mix to Westfield.
• United Bank (United Financial Bancorp): Community bank serving Connecticut and Western Massachusetts with comparable retail and commercial banking services, including municipal banking expertise.

Regional players

• Monson Savings Bank: Western Massachusetts community bank with overlapping geographic footprint in the Pioneer Valley. Smaller scale but direct overlap in Westfield/Springfield market.
• Florence Bank: Western Massachusetts community bank based in Northampton, MA. Directly overlaps Westfield Bank's core geography and competes for the same SMB and consumer customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/westfieldbankma
• LinkedInlinkedin.com/company/westfieldbank
• Instagraminstagram.com/wbbetterbanking
• Xx.com/wbbetterbanking

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westfield Bank