May 26, 2010 (FinancialWire) — Westfield Financial, Inc. (NASDAQ: WFD), the holding company for Westfield Bank, said that its board of directors has authorized the company’s second Rule 10b5-1 stock repurchase program for the repurchase of up to 10%, or 2,924,367 shares of the company’s common stock.

Westfield had previously approved a repurchase program for 3.194 million shares of its common stock in early 2008 and as of today, 3,062,073 shares have been repurchased under that program. The second stock repurchase program will begin upon the completion of the first program, which the company said is expected to occur shortly.

Massachusetts-based Westfield Financial is a stock holding company and the parent company of Westfield Bank.

The bank is a federally-chartered savings bank that operates through 11 banking offices in Agawam, East Longmeadow, Feeding Hills, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts.

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