United Financial Bancorp to Acquire CNB Financial
WEST SPRINGFIELD — United Financial Bancorp Inc. and CNB Financial Corp. have announced the signing of an agreement and plan of merger, pursuant to which CNB Financial will merge with and into United Financial, and Commonwealth National Bank will merge with and into United Bank. CNB Financial and Berkshire Hills Bancorp will terminate their previously announced merger agreement. CNB Financial, a publicly traded bank holding company, operates six branches in Worcester County and had $297 million in total assets and $202 million in deposits as of March 31. Upon completion of the merger, the pro forma company will have approximately $1.5 billion in total assets, approximately $1 billion in deposits, more than $220 million of tangible common equity, and will be well-capitalized and positioned for future growth. Richard B. Collins, President and Chief Executive Officer of United Financial, said, “the strategic combination of our two companies marks United Financial’s initial expansion into Worcester County. We have wanted to be in Worcester County for some time, and we believe that our brand of banking will fit well with CNB Financial’s culture, staff, and customers. We look forward to serving the greater Worcester community.” Collins added that his 18 years working as a banker in Worcester and the bank’s interest in expanding its charitable-giving programs to include Worcester County will further assist United Bank in becoming a partner with local businesses and community organizations. CNB Financial President and Chief Executive Officer Charles R. Valade noted that “CNB Financial’s board of directors determined that combining with United Financial is the right partnership for our shareholders and our franchise. We are very excited about the prospects for the combined organization.” United Financial will acquire the outstanding shares of CNB Financial for an aggregate purchase price of approximately $25 million, which includes outstanding stock options and warrants. Under the terms of the agreement, CNB Financial shareholders may elect to receive either: (1) $10.75 per share in cash for each CNB Financial share; (2) 0.8257 United Financial shares for each CNB Financial share; or (3) a combination of United Financial common stock and cash, provided that the total cash consideration paid by United Financial to shareholders of CNB Financial equals 50% of the total merger consideration.
Hampden Bank Receives Telly Award
SPRINGFIELD — “Brighter Days,” Hampden Bank’s latest television commercial, was recently honored with a prestigious Telly Award in the 2009 national competition. The 30-second spot was selected from hundreds of locally produced commercials throughout the country. The commercial was created specifically to brand the bank and reinforce the “what can we do to brighten your day?” theme. The bank’s internal marketing department collaborated with Penfield Productions of Agawam on the commercial.
Business Expands with New Location
SPRINGFIELD — Six-Point Creative Works celebrated its move and expansion to 9 Hampden St. with a ribbon-cutting ceremony and open house on June 25. The full-service agency is owned by three partners who share a passion for creative advertising. The partners, David Wicks, Marsha Montori, and Meghan Lynch, emphasize that their specialty is developing powerful campaigns that build sales and increase brand share for their clients. For more information on the firm, visit www.sixpointcreative.com.
Rockridge to Host Weekly Farmers Market
NORTHAMPTON — Rockridge Retirement Community will host weekly farmers markets beginning July 6. The market is planned on Mondays from 11 a.m. to 1 p.m., and the community is welcome and encouraged to support local farmers. The Bloody Brook Farm of South Deerfield will again sell its fresh, chemical- and pesticide-free vegetables and flowers. Fresh fruit will also be available.
Call Center Recognized as ‘Top Performer’
SPRINGFIELD — MassMutual’s Retirement Services Call Center recently earned Gold and Silver awards as well as being highly commended in the 2009 Top Performers in the Contact Center Industry competition, sponsored by ContactCenterWorld.com, North America. MassMutual received the Gold Award in the “Best Recruitment Campaign” category and took home the Silver award for the “Best Contact Center in America, 51-249 Agents” category. The competition recognizes the best in the contact-center industry from North and South America. As a gold-medal winner, MassMutual also has been invited to share its best practices at the 2009 Top Performers in the World event in November.
Researchers Design ‘Chemical Nose’
AMHERST — Using a “chemical nose” array of nanoparticles and polymers, researchers at UMass Amherst have developed a fundamentally new, more-effective way to differentiate not only between healthy and cancerous cells but also between metastatic and non-metastatic cancer cells. The tool could revolutionize cancer detection and treatment, according to chemist Vincent Rotello and cancer specialist Joseph Jerry. An article describing Rotello and colleagues’ new chemical-nose method of cancer detection appears in the June 23 issue of the journal Proceedings of the National Academy of Sciences. Rotello’s research team, with colleagues at the Georgia Institute of Technology, designed the new detection system by combining three gold nanoparticles that have special affinity for the surface of chemically abnormal cells, plus a polymer known as PPE, or para-phenyleneethynylene. Rotello says the chemical-nose approach is so named because it works like a human nose, which is arrayed with hundreds of selective chemical receptors. For the future, Rotello noted that further studies will be undertaken in an animal model to see if the chemical-nose approach can identify cell status in real tissue.
Cycle Shots to Benefit Several Nonprofits
SPRINGFIELD — NUVO Bank & Trust Company launched the first of 10 Thursday-evening events to support area nonprofit organizations with Cycle Shots: NUVO’s Nod to Non-Profits, before the CityBlock @ Stearns Square concert began on July 2. The 10-week event will offer professional photographs of motorcyclists on their bikes, and those without motorcycles a chance to pose with an artistically designed bike. The cost is $25 for each photo, with a major portion of the proceeds benefiting a local nonprofit. The three professional photographers include Denise Smith of Denise Smith Photography of Longmeadow, Joey Pellegrino of Atwater Studios of Springfield, and Sergei Starosielski of Studio Sergei of West Springfield. Those without bikes can also participate, as Joe Dean’s All Custom of Chicopee will supply expertly detailed ‘prop’ motorcycles each week for walk-up attendees. Additionally, each week a different restaurant will showcase its menu items during the event at 1500 Main St. For more information, visit www.nuvobank.com.
Companies Offer Sweet Deal
CHICOPEE — Friendly’s Restaurants and Big Y World Class Markets have designed a promotion that brings families together and helps them save money. Concentrated in Massachusetts and Connecticut, the promotion offers families a free Friendly’s kid’s meal when they buy a Friendly’s carton of ice cream at one of the local Big Y World Class Markets. The “1-2-3 … Kids Eat Free” promotion is a product of the two companies’ longstanding partnership. For more information, visit www.friendlys.com.
