Westfield Bancorp, Inc. and Valley Savings Bank Announce Merger Agreement


Medina, Ohio - March 18, 2014, - Westfield Bancorp, Inc., Westfield Center, Ohio, and Valley Savings Bank, Cuyahoga Falls, Ohio, announced today they have signed a definitive agreement under which Valley Savings Bank will merge with and into Westfield Bank, a wholly-owned subsidiary of Westfield Bancorp and affiliate of Westfield Insurance. The transaction will bring together two financially strong, growth-oriented community banks which brings Westfield close to $1 billion in consolidated assets.

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

Westfield Bank Chairman, and Bank Leader Jon Park stated, "It is a pleasure and an honor to announce an agreement that will bring together two financial institutions that share a commitment to community banking. Combining our people and resources enhances our ability to provide a unique level of customer communication, personalized service and relationship-driven banking services to more individuals and businesses. Our strong capital position allows us to give our professional staff the tools needed to be a full-service banking partner to our customers. We're excited about the merger with Valley Savings Bank and the growth opportunity it presents."

Valley Savings Bank Chairman of the Board and Chief Executive Officer David Hunter concurred when he said, "Our decision to enter into this merger agreement was influenced by the similarities between the two banks. Westfield Bank, like Valley Savings Bank, is a growing financial institution that places great value on its customers, its employees and the communities it serves. We are confident Westfield Bank is committed to the Valley Savings legacy and will create expanded personal and business banking opportunities for our customers."

The transaction between Westfield Bank and Valley Savings Bank is expected to close in September of 2014. Closing is subject to a number of typical conditions including regulatory approval.

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.

For more information, visit www.westfield-bank.com

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.VSB is a current and multi-year recipeint of the BauerFinancial 5 Star "Superior" rating and 2013 Cuyahoga Falls Chamber of Commerce "Business of the Year" recipient

. For more information, visit www.valleysavingsbank.com


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