Western New England Bancorp ESOP Files 13G/A Amendment No. 13

TL;DR

**Western New England Bancorp's ESOP just updated its ownership filing, confirming its continued stake.**

AI Summary

The Employee Stock Ownership Plan of Westfield Financial, Inc. filed an Amendment No. 13 to its SC 13G/A, indicating its ownership of Western New England Bancorp, Inc. common stock as of December 31, 2023. This filing updates previous disclosures, showing the ESOP's continued significant stake in the company. For investors, this matters because ESOPs typically hold shares for long-term employee benefits, suggesting a stable, long-term shareholder base for Western New England Bancorp.

Why It Matters

This filing confirms the Employee Stock Ownership Plan (ESOP) maintains a notable ownership position, which can influence corporate governance and signal long-term employee alignment with company performance.

Risk Assessment

Risk Level: low — This is a routine amendment filing by an ESOP, indicating stable ownership rather than a volatile change.

Analyst Insight

An investor should note that an ESOP's continued ownership suggests a stable, long-term shareholder base, which can be a positive indicator for company stability, but this filing alone doesn't provide new actionable financial data.

Key Players & Entities

• Western New England Bancorp, Inc. (company) — the issuer of the securities
• Employee Stock Ownership Plan of Westfield Financial, Inc. (company) — the reporting person holding the shares
• Westfield Financial, Inc. (company) — former name of the subject company and the ESOP's original name
• December 31, 2023 (date) — the date of the event requiring the filing

FAQ

Filing Documents

• wneb-sc13ga_020724.htm (SC 13G/A) — 45KB
• 0001999371-24-001657.txt ( ) — 47KB

(a). Name of Issuer

Item 1(a). Name of Issuer: Westfield Financial, Inc.

(b). Address of Issuer’s Principal Executive Offices

Item 1(b). Address of Issuer’s Principal Executive Offices: 141 Elm Street, Westfield, Massachusetts 01085

(a). Name of Person Filing

Item 2(a). Name of Person Filing: This Schedule 13G is being filed by the Employee Stock Ownership Plan of Westfield Financial, Inc. (the “Plan”). The Plan’s trustee is TI-TRUST, Inc.

(b). Address of Principal Business Office or, if None, Residence

Item 2(b). Address of Principal Business Office or, if None, Residence: 141 Elm Street, Westfield, Massachusetts 01085

(c). Citizenship

Item 2(c). Citizenship: The Plan is an employee benefit plan of a Massachusetts corporation.

(d). Title of Class of Securities

Item 2(d). Title of Class of Securities: Common Stock, $.01 par value per share

(e). CUSIP Number

Item 2(e). CUSIP Number: 958892101 Item 3. If this statement is filed pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: The person filing is an: (f) Employee benefit plan which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended.

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 1,542,798. (b) Percent of class: 7.1% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 291,494 (ii) Shared power to vote or to direct the vote: 1,251,304 (iii) Sole power to dispose or to direct the disposition of: 1,542,798 (iv) Shared power to dispose or to direct the disposition of: -0- CUSIP No. 958892101 13G Page 4 of 5 Pages Background The reporting person is a tax qualified employee stock ownership plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with individual accounts for the accrued benefits of participating employees and their beneficiaries. The reporting person is administered by an ESOP Committee (“ESOP Committee”) and its assets are held in trust by a trustee (the “Plan Trustee”). The number of shares listed as beneficially owned represents the entire number of shares of common stock held by TI-TRUST, Inc., as Plan Trustee, as of December 31, 2023. As of December 31, 2023, 1,251,304 of such shares of common stock had been allocated to individual accounts established for participating employees and their beneficiaries and 291,494 of such shares of common stock were unallocated and are being held for allocation in future years. The ESOP, through the Plan Trustee (who is instructed by the ESOP Committee), has shared voting power and dispositive power over all unallocated shares held by the ESOP. The ESOP, acting through the Plan Trustee (who is instructed by the ESOP Committee), shares dispositive power over all allocated shares held in the ESOP with participating employees and their beneficiaries. Participating employees and their beneficiaries have the right to determine whether shares allocated to their respective accoun

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. Not Applicable.

Ownership of More Than Five Percent on Behalf of Another Person

Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Dividends declared on common stock held by the Plan which have been allocated to the account of a participant may be held and invested in the same manner as funds generally held or invested by the Plan which are not invested in common stock or distributed to participants in accordance with and at such time as provided in the Plan document.

Identification and Classification of the Subsidiary Which Acquired the

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. Not Applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. Not Applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not Applicable.

Certifications

Item 10. Certifications. Not Applicable. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. CUSIP No. 958892101 13G Page 5 of 5 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. EMPLOYEE STOCK OWNERSHIP PLAN OF WESTFIELD FINANCIAL, INC. TI-TRUST, Inc., as Trustee of the Employee Stock Ownership Plan of Westfield Financial, Inc. February 7, 2024 /s/ Craig Baker (Date) (Signature) Craig Baker, Trust Officer (Name)

View Full Filing

View this SC 13G/A filing on SEC EDGAR