Westfield Financial (WFD) Will Not Particpate in Treasury's TARP
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Westfield Financial, Inc. (NASDAQ: WFD) today announced that after careful consideration, it has decided not to participate in the U.S. Treasury's Capital Purchase Program which is part of the broader Troubled Asset Relief Program.
Donald A. Williams, Chairman and CEO stated, "Westfield Financial is a strong, well capitalized institution. At September 30, 2008, the Company's ratio of Tier 1 capital to risk weighted assets was 44.04% and the ratio of Tier 1 capital to total adjusted assets was 25.65%. Both of these ratios are above the minimums of 6.00% and 5.00%, respectively, to be considered well capitalized under prompt corrective action requirements."
"We felt that the costs and restrictions associated with the TARP Capital Purchase Program outweighed the potential benefits," added Williams.
Westfield Financial, Inc. operates as the holding company for Westfield Bank that provides various banking products and services to businesses and individuals in Massachusetts.
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