Valley Savings Bank Shareholders Approve Merger with Westfield Bank - Banks expect to begin operating as one in September


CUYAHOGA FALLS, Ohio, May 21, 2014, - Shareholders of Valley Savings Bank voted today to approve the merger of their community bank in Cuyahoga Falls, Ohio with Westfield Bank, Westfield Bancorp's wholly-owned subsidiary bank and an affiliate of Westfield Insurance in Westfield Center, Ohio. Every shareholder present - either in person or by proxy - voted to approve the merger.

Today's vote follow an announcement of the pending merger made by the two banks on March 18, 2014. Expected to be finalized in September, the unification will bring together two financially strong, growth-oriented community banks with combined total assets approaching $1 billion.

"We are pleased, but not the least bit surprised, that today's shareholder approval of the merger reflects broad-based shareholder support," stated David M. Hunter, Board Chair and Chief Executive Officer, in noting that over 98% of holders of outstanding Valley Savings Bank shares voted to approve the merger. "This is another important step forward toward our aspirational mid-September closing date," added Hunter.

When the transaction is complete, the two Valley Savings Bank locations in Cuyahoga Falls will operate under the Westfield Bank name,bringing to eight the number of Westfield Bank locations in northeastern Ohio. Existing Westfield Bank facilities are located in Westfield Center, Medina, Fairlawn/West Akron, Brecksville, Canton and Wooster. Both Valley Savings Bank and Westfield Bank have consistently earned Five-Star Superior ratings from BauerFinancial, Inc., the nation's leading bank rating firm.

About Valley Savings Bank.
Founded in 1923, Valley Savings Bank (VSB) is a full-service community bank with locations at 140 Portage Trail and 505 Graham Road in Cuyahoga Falls, Ohio. The locally owned and operated bank combines tradition with technology to serve individuals, families and businesses in the greater Akron area and beyond.

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About Westfield Bank.
Established in 2001, Westfield Bank is one of Northeast Ohio's leading financial institutions and rated five-star "Superior" by BauerFinancial, an independent rating company. Westfield Bank provides comprehensive commercial and personal banking services to Northeast Ohio customers and independent agencies that represent Westfield Insurance.

Westfield Bank is an affiliate of Westfield Insurance, one of the nation's 50 largest property and casualty insurance groups, represented by a network of over 1,000 independent insurance agencies. In business for more than 165 years, Westfield provides commercial and personal insurance in 21 active states and surety services to customers in 31 states.

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