West Springfield’s United Financial Bancorp Inc., the holding company for United Bank, has approved a new stock repurchase program after the announcement that it has completed its current stock repurchase program which was announced on Oct. 16, 2009 and commenced on Dec. 2, 2009.

United Financial Bancorp repurchased 798,055 shares of its outstanding common stock, at an average price of $13.51 in connection with the stock repurchase program, according to a statement.

Under the new stock repurchase program, United Financial Bancorp intends to repurchase up to 807,803 shares from time to time, depending on market conditions and other factors, at prevailing market prices in open-market or privately negotiated transactions.

"We are pleased to announce the successful completion of our current share repurchase program and the commencement of the next program," commented Richard B. Collins, president and chief executive officer. "We continue to believe that the repurchase of UBNK shares at reasonable prices is an attractive use of the company’s capital and will enhance shareholder value over time."