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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported): March 5, 2003
WESTFIELD FINANCIAL INC.
(Exact name of registrant as specified in its charter)
Massachusetts 001-16767 73-1627673
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
141 Elm Street
Westfield, MA 01085
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (413) 568-1911
Not Applicable
(Former name or former address, if changed since last report)
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Items 1 through 4. Not applicable.
Item 5. Other Events and Required FD Disclosure
Westfield Financial, Inc. (the "Company"), the holding company for
Westfield Bank (the "Bank"), announced today that as a result of a
Massachusetts legislation signed on March 5, 2003 amending the corporate
income tax law affecting the treatment of dividends received from Real
Estate Investment Trusts (REITs), dividends received from the Company's
REIT subsidiary are no longer eligible for a dividends - received
deduction. As a result of the enactment of this legislation, the Company
has ceased recording the tax benefits associated with the dividend received
deduction effective for the 2003 tax year.
In addition to the effect on 2003 the legislation includes a
retroactive effective date that reaches back to 2002 and prior years. The
Company's potential additional liability for prior years taxes, including
interest (net of any federal and state tax deductions associated with such
taxes and interest), relating to the deduction for dividends received from
a REIT, is approximately $2.9 million. The Company will accrue this
potential liability in the first quarter of 2003.
The Company issued a press release relating to this matter on March
14, 2003, a copy of which is attached hereto as Exhibit 99.1.
The Exhibit 99.1 referred to in this Item 5 is filed as part of this
report and is incorporated herein by reference.
Item 6. Not applicable.
Item 7. Financial Statements and Exhibits
(a) No financial statements are required to be filed with this
report.
(b) No pro forma financial information is required to be filed with
this report.
(c) Exhibits
The following Exhibit is filed as part of this report:
EXHIBIT NO.:
99.1 Press release dated March 14, 2003.
Items 8 through 9. Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WESTFIELD FINANCIAL, INC.
By: /s/ Michael J. Janosco, Jr.
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Michael J. Janosco, Jr.
Chief Financial Officer
Date: March 14, 2003
EXHIBIT INDEX
Exhibit Description
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99.1 Press release dated March 14, 2003.