Using a Ginzburg-Landau model, we study the phase transition behavior of compressible Ising systems at constant volume by varying the temperature $T$ and the applied magnetic field $h$. We show that two phases can coexist macroscopically in equilibrium within a closed region in the $T\text{\ensuremath{-}}h$ plane. Its occurrence is favored near tricriticality. We find a field-induced critical point, where the correlation length diverges, the difference of the coexisting two phases and the surface tension vanish, but the isothermal magnetic susceptibility does not diverge in the mean field theory. We also investigate phase ordering numerically.