February 23, 2009 (FinancialWire) -- United Financial Bancorp, Inc.'s (NASDAQ: UBNK) board has approved a stock repurchase program under which the company plans to repurchase up to 841,138 shares. The authorized share repurchases represent around 5% of United Financial Bancorp's total outstanding common stock.

As of February 19, 2009, the company had 16,822,770 common shares outstanding. United Financial has completed three share repurchase programs since becoming a public company in 2005.

West Springfield, Massachusetts-based United Financial Bancorp is the holding company for United Bank, a federally chartered savings bank that provides financial products and services through fifteen branch offices and one express drive up branch located throughout Western Massachusetts.

Through its Wealth Management Group and its partnership with NFP Securities, the bank is able to offer access to a range of investment and insurance products and services, as well as financial, estate and retirement strategies and products.

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