The board of directors of Westfield Financial Inc., parent company of Westfield Bank, has authorized a stock repurchase program aiming to buy back 5 percent of the company’s outstanding common stock.

On May 25, 2010, the company previously announced a stock repurchase program for 2,924,367 shares of its common stock. As of Dec. 21, slightly more than $2.6 million shares have been repurchased under that program. The latest repurchase program will commence upon the completion of the previously announced repurchase program, which the bank said it expects "shortly."

Under the latest program, the company has the authority to purchase approximately 1.3 million further shares.

Headquartered in Westfield, Westfield Bank operates 11 branches in Agawam, East Longmeadow, Feeding Hills, Holyoke, Southwick, Springfield, West Springfield and Westfield.