WESTFIELD, Mass., Sept. 03, 2020 (GLOBE NEWSWIRE) — Western New England Bancorp (NasdaqGS: WNEB) is pleased to announce that on March 24, 2020, Lisa G. McMahon of Westfield was elected Chairperson of Western New England Bancorp’s Board of Directors. Western New England Bancorp is the parent company of Westfield Bank, headquartered in Westfield, Massachusetts.
Ms. McMahon’s historic appointment makes her the first female Board Chairperson in the organization’s 167-year history. Ms. McMahon succeeded former Board Chairperson Christos A. Tapases, a longtime and respected WNEB board member and successful business owner who passed away unexpectedly in March 2020.“While our hearts are still heavy following Chris’ sudden passing, we’re heartened to have a talented, hardworking, and community-focused executive like Lisa leading us into the future,” said Westfield Bank President and CEO James C. Hagan. “These are certainly challenging times and Lisa is without question the right person to meet the unique circumstances we face as an organization and as a community. I am confident that her vision, leadership, and organizational expertise will benefit our customers and the communities we serve exceptionally well.”While Ms. McMahon’s election in March of this year was a significant milestone, Western New England Bancorp has long sought to ensure gender balance on its Board of Directors. In 2019, Women on Boards, a leading global education and advocacy campaign driving the movement toward gender balance on corporate boards, recognized Western New England Bancorp as a “W” for “Winning” company for its commitment to gender equity. Women on Boards tracks, analyzes, and reports on the progress of women on Russell 3000 company boards. To be recognized, a company’s board must be comprised of at least 20% women. In 2019, just 20.4% of companies on the Russell 3000 had at least 20% women board members. Thirty percent of Western New England Bancorp’s current board members are women.A WNEB board member since 2014, Ms. McMahon is currently the Director of Institutional Advancement and Stewardship at Westfield State University. Prior to joining Westfield State University, she was employed by Merrill Lynch where she obtained both her general securities license and license to become a registered investment advisor representative.Ms. McMahon currently serves as president of the Westfield Academy Foundation as well as past president and current member of the executive board of the Genesis Center, a division of the Sisters of Providence Health Systems. From 2007-2012, Ms. McMahon was executive director of the Westfield Business Improvement District, Inc. and a member of the Western Mass Economic Development Council Team, where she worked closely with micro businesses, small businesses as well as state and local government.In addition to her numerous professional accomplishments, Ms. McMahon is the recipient of several distinguished awards for her longstanding commitment and dedication to community service:Westfield State University –“Horace Mann Award for Public Service 2013”– Honorary Doctorate Degree
Holyoke St. Patrick’s Day Parade 2012 – “City of Westfield Parade Marshal”
Kiwanis Club of Greater Westfield – “Master Kiwanian Award”
Westfield Business Improvement District – “Outstanding Leadership Award 2012”
Westfield On Weekends – “Volunteer of the Year 2010”
YMCA Greater Westfield – “Volunteer Spirit Award 2007”
St Mary’s Church, Westfield MA/Springfield Diocese – “Pope Pius X Award”Ms. McMahon received a Bachelor of Science degree from Our Lady of the Elms College. For over twenty-five years, she has worked in non-profit management, serving on the boards of numerous organizations. She and her husband Thomas reside in Westfield, Massachusetts. The couple has two sons, Zachary and Nicholas.About Western New England Bancorp
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.About Westfield Bank
Westfield Bank, headquartered in Westfield, Massachusetts, is a federally chartered savings bank organized in 1853 and is the largest publicly traded bank headquartered in western Massachusetts. The Bank is a full-service community-oriented financial institution offering a complete range of commercial and retail products and services. Currently the Bank has twenty-five branch offices, fifty-two ATMs, and an additional twenty-three seasonal ATMs and serves Hampden and Hampshire counties in western Massachusetts and Hartford and Tolland counties in northern Connecticut. The Bank’s middle market and commercial real estate lending team is based in Springfield, Massachusetts, and has a general regulatory limit on loans to one borrower of $33.9 million. As of June 30, 2020, the Bank employed 332 full and part time employees, had $2.4 billion in total assets, $2.0 billion in its loan portfolio, and $1.9 billion in total deposits. The Bank is regulated by the Office of the Comptroller of the Currency. As a member of the Federal Deposit Insurance Corporation (FDIC), the Bank’s deposits are insured up to the maximum FDIC insurance coverage limits.Forward-Looking Statements
This press release contains statements that are forward-looking and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption “Risk Factors” in Western New England Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Western New England Bancorp does not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.About 2020 Women on Boards (2020WOB)
2020 Women on Boards (2020WOB), a 501(c)3 nonprofit, is the leading global education and advocacy campaign driving the movement toward gender balance on corporate boards of directors. Founded in 2010, the campaign established its initial goal that by 2020 at least 20% of all public company board seats in the U.S. would be held by women. The target was met a year early, achieving 20.4% in 2019, and the campaign will launch a new brand and campaign mission in January 2021. Its annual research will continue to track, analyze and publish the statistics of women on the boards of Russell 3000 companies in its Gender Diversity Index report and accessible within their Gender Diversity Directory online at www.2020WOB.com. The campaign is also expanding globally to as many as 40 cities within the U.S. and abroad. Educate. Collaborate. Advocate. Celebrate! www.2020WOB.comFor further information contact:
Kevin C. O’Connor – EVP Chief Banking Officer
413-564-2641
koconnor@westfieldbank.comPhotos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/40234ee2-81b1-4ec5-8143-29fe9b4cb9dahttps://www.globenewswire.com/NewsRoom/AttachmentNg/479af906-2bba-4e5e-8178-d3726fb7c7d4
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