December 31, 2008 Activity Report
By the Division of Banks
BOARD OF BANK INCORPORATION
Applications Pending
OneUnited Bank, Boston, Massachusetts - permission to become a bank holding company through the formation of a federally chartered savings bank in connection with its proposed reorganization from a Massachusetts-chartered trust company into a federally-chartered savings bank in a holding company structure. The continuing bank will be known as OneUnited Bank, FSB. Comment period ended October 24, 2007.
Power Corporation of Canada and Power Financial Corporation, Montreal, Quebec, Canada (the "Petitioners") - permission to acquire ownership and control of Putnam Fiduciary Trust Company, a de novo New Hampshire-chartered nondepository trust company (in formation). The acquisition is part of the corporate reorganization of Putnam Fiduciary Trust Company, Boston, Massachusetts, a Massachusetts-chartered trust company and indirect subsidiary of the Petitioners. Comment period ended January 31, 2008.
DIVISION OF BANKS
Decisions/Notices
Alpha Credit Union ("Alpha"), Boston and NEMCH Credit Union ("NEMCH"), Boston - permission to merge under the charter, by-laws and name of Alpha. As part of this transaction, Alpha would amend it by-laws to change membership eligibility. The main office of Alpha would remain the main office of the continuing credit union and the sole banking office of NEMCH would be retained as a branch office - approved December 15, 2008.
Century Bank and Trust Company, Somerville - permission to close a branch office located at 710 Albany Street, Boston - approved December 4, 2008.
Eastern Bank, Boston - permission to close a branch office located at 101 Federal Street, Boston - approved December 22, 2008.
Eastern Bank, Boston - permission to close a branch office located within the Atlantic Food Mart, 30 Haven Street, Reading - non-objection issued December 4, 2008.
Webster Five Cents Savings Bank, Webster - permission to close a branch office located at 290 Main Street, Webster - approved December 8, 2008.
Applications/Notices Pending
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to relocate a branch office from 130 Main Street, Units 101 A and 101 B, Salem, New Hampshire to 130 Main Street, Units 105, 106, 205, 206 B and 206 C, Salem, New Hampshire. Comment period ended November 15, 2008.
Metro Credit Union ("Metro"), Chelsea and Boston Globe Employees Credit Union ("Globe Employees"), Boston - permission to merge under the charter, by-laws and name of Metro Credit Union. The main office of Metro would remain the main office of the continuing credit union and the sole banking office of Globe Employees would be retained as a branch office. As part of this transaction, the by-laws of Metro would be amended to change membership eligibility. Comment period ended December 22, 2008.
OneUnited Bank, Boston - permission to merge with and into a newly formed federally-chartered savings bank, OneUnited Bank, FSB. Comment period ended October 24, 2007.
Putnam Fiduciary Trust Company ("Putnam, MA"), Boston, Massachusetts - permission to merge with and into Putnam Fiduciary Trust Company ("Putnam, NH"), New Hampshire (in formation), a nondepository trust company. The main office of Putnam, MA will remain the main office of Putnam, NH. Comment period ended January 31, 2008.
JANUARY 2009 FILING DATE
Complete applications for the January Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, January 15, 2009.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered institutions have Community Reinvestment Act Descriptive Ratings and Evaluations describing the basis for the Rating issued by the Division of Banks pursuant to Massachusetts General Laws chapter 167, section 14. The ratings, as set out in the statute, for a bank's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC").
| Financial Institution | Rating | Date of Examination |
|---|---|---|
Bridgewater Credit Union, Bridgewater | S | 08/19/08 |
Cabot Boston Credit Union, Boston | S | 10/01/08 |
Economy Co-operative Bank, Merrimack | S | 10/14/08 |
Grafton Suburban Credit Union, Grafton | S | 10/14/08 |
Hoosac Bank, North Adams | S | 08/04/08 |
Pittsfield Co-operative Bank, The, Pittsfield | HS | 09/17/08 |
Seamen's Bank, Provincetown | HS | 09/15/08 |
Williamstown Savings Bank, Williamstown | S | 08/04/08 |
APPLICATIONS TO SELL INSURANCE
Weymouth Bank, Weymouth - approved December 12, 2008
Reading Co-operative Bank, Reading - approved December 12, 2008
CHECK CASHER LICENSES
Applications Pending
BBP, Inc. d/b/a Muckey-s Liquors, Lakeville, Massachusetts - permission to operate a check casher office at 13 Harding Street, Lakeville, Massachusetts. Comment period ended August 26, 2008.
Castleridge, Inc. Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
Juma Grocery and Check Services, LLC, Marlborough, Massachusetts - permission to operate a check casher office located at 55 Mechanic Street, Marlborough, Massachusetts. Comment period ended July 29, 2008.
Wal-Mart Stores East, LP d/b/a Wal-Mart Stores, Bentonville, Arkansas - permission to operate a check casher office at 11 Jungle Road, Leominster, Massachusetts. Comment period ended November 19, 2008.
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For information relative to current Activity Reports please contact the Consumer Assistance Unit.