Company Notebook Departments

Company Notebook

Big Y Announces New Store in Eastern Mass.
SPRINGFIELD — Big Y Foods Inc. has announced plans to open a World Class Market in Milford/Hopedale, Mass. The proposed 55,000-square-foot supermarket will be located at South Main Street (Route 140) just south of the Courtland Street intersection. The 25-acre site is partly in the town of Hopedale and partly in Milford, and is scheduled to be the subject of rezoning articles at the annual town meetings in both communities. Topsfield Development Associates will be developing the overall project, including approvals and construction. Other contemplated tenants at the site include a 40,000-square-foot medical building, a 150-seat restaurant, 7,500 square feet of additional retail, and a bank. Milford/
Hopedale will be Big Y’s 59th store and will represent an investment of between $15 and $17 million in the community. An early 2012 opening is expected.

Hampden Bancorp Reports Q3 Results
SPRINGFIELD — Hampden Bancorp Inc., the holding company for Hampden Bank, recently announced the results of operations for the three months and nine months ended March 31, 2010. The company had a net loss for the three months ended March 31, 2010 of $143,000, or $0.02 per basic and fully diluted share, as compared to a net loss of $57,000, or $0.01 per basic and fully diluted share, for the same period in 2009. The decrease in net income was primarily due to an increase in the provision for loan losses of $1.1 million for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. The increase in the provision for loan losses is due to increases in loan delinquencies, non-accrual loans, and impaired loans; growth in the loan portfolio; and general economic conditions. For the three-month period ended March 31, 2010, net interest income increased by $521,000 compared to the three-month period ended March 31, 2009. Non-interest income, including net gains on sales of securities and loans, increased by $88,000 compared to the three-month period ended March 31, 2009. For the nine months ended March 31, 2010, the company had a net loss of $975,000, or $0.15 per basic and fully diluted share, as compared to net income of $180,000, or $0.03 per basic and fully diluted share, for the same period in 2009. The decrease in net income was primarily due to an increase in the provision for loan losses of $2.9 million for the nine months ended March 31, 2010 compared to the nine months ended March 31, 2009. The increase in the provision for loan losses is due to increases in loan delinquencies, non-accrual loans, and impaired loans; growth in the loan portfolio; and general economic conditions. There was also an increase in non-interest expense of $995,000 for the nine months ended March 31, 2010 compared to the nine months ended March 31, 2009. The company’s total assets increased $10.2 million, or 1.8%, from $567.7 million at June 30, 2009 to $577.8 million at March 31, 2010. Net loans, including loans held for sale, increased $22.5 million, or 5.8%, to $410 million at March 31, 2010, and securities decreased $3 million, or 2.6%, from $116.1 million to $113.1 million as of March 31, 2010. Cash and cash equivalents decreased $10.9 million, or 30%, to $25.4 million at March 31, 2010. Deposits increased $29.9 million, or 7.8%, to $411.4 million at March 31, 2010 from $381.5 million at June 30, 2009. The company also announced that its board of directors declared a quarterly cash dividend of $0.03 per common share, payable on May 28, 2010 to shareholders of record at the close of business on May 14, 2010.

Wolf & Co. Supports
Big Brothers Big Sisters
SPRINGFIELD — Wolf & Co., P.C. supported Big Brothers Big Sisters of Hampden County again this year by sponsoring the Bowl for Kids’ Sake. Wolf teams comprised of 63 Wolf bowlers, as well as additional employees who participated in other fund-raising activities, raised more than $10,000 to support Big Brothers Big Sisters programs in the Springfield area.

Charter Oak Partners with Whole Children of Hadley
HOLYOKE — Charter Oak Insurance and Financial Services Co. recently announced that it has formed a three-year charitable relationship with Whole Children, a Hadley-based nonprofit that provides recreational, social, and enrichment programs for children and teens of all abilities, and especially those with special needs. In the initial year of the relationship, Charter Oak will give $10,000 to Whole Children in support of a new program that focuses on helping teens with special needs transition to adulthood. The company will also participate in events to raise funds for a wheelchair-accessible van for Whole Children’s students. Financial support from Charter Oak comes from the agency’s charitable arm, the Charter Oak Fund, and is part of a larger community-outreach strategy benefiting children, particularly those with special needs, in the agency’s three major markets of Western Mass., Central/Eastern Conn., and Southern Conn.