By the Division of Banks


BOARD OF BANK INCORPORATION

Hearings

February 14, 2012
1st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts

At 10:30 a.m.

The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts – permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Cape Cod Five Mutual Company. The continuing bank will operate under the name The Cape Cod Five Cents Savings Bank. Comment period ends February 24, 2012.

Decisions

Salem Five Bancorp ("Salem Five"), Salem, Massachusetts and Stoneham Savings Bank ("Stoneham"), Stoneham, Massachusetts - permission for various approvals in conjunction with a multi-step transaction, whereby Stoneham will reorganize into a mutual holding company under the name Stoneham Bancorp, MHC and Salem Five will become a bank holding company through a merger with Stoneham Bancorp, MHC. – approved January 13, 2012.

DIVISION OF BANKS

Decisions/Notices

Bank of Cape Cod, Hyannis – notice to establish a branch office at 445 Main Street, Falmouth – non-objection issued January 31, 2012.

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch offices located at (1) 11567 State Route 2, Greenville, New York; (2) 49 State Road 296, Windham, New York; (3) 4 Elliott Place, East Durham, New York; and (4) 4507 State Road 30, Middleburgh, New York- approved January 4, 2012.

Citizens-Union Savings Bank, Fall River – as of January 17, 2012 name changed to BayCoast Bank – permission to (1) redesignate its main office from Four South Main Street, Fall River to 30 Bedford Street, Fall River; and (2) close its current main office of Four South Main Street, Fall River – approved January 25, 2012.

Institution for Savings in Newburyport and its Vicinity, Newburyport – notice to establish a branch office at 5 Main Street, Topsfield – non-objection issued January 31, 2012.

Sturdy Credit Union ("Sturdy"), Attleboro and Rockland Federal Credit Union, ("Rockland"), Rockland – permission for Sturdy to merge with and into Rockland under the charter, by-laws and name of Rockland. The main office of Rockland would remain the main office of the continuing credit union and the sole banking office of Sturdy would be retained as a branch office – approved January 17, 2012.

Stoneham Savings Bank, Stoneham – permission to reorganize into a mutual holding company, Stoneham Bancorp, MHC in a multi-step transaction – approved January 13, 2012.

Applications/Notices Pending

Bridgewater Credit Union, Bridgewater – permission to (1) close a branch office located at 62 Clay Street, Quincy; and (2) establish a branch office at 213 Independence Avenue, Quincy. Filed January 5, 2012.

Cape Cod Co-operative Bank, Hyannis – notice to establish a branch office at 237 North Main Street, South Yarmouth. Filed January 27, 2012.

Colonial Co-operative Bank, Gardner – permission to close its branch office located at 5 Central Street, Baldwinville. Comment period ends February 29, 2012.

Mass Bay Credit Union, South Boston – permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for individuals who live, work, attend a school, college or university or belong to a religious organization, social organization, or labor organization, located within Norfolk County, Suffolk County, Abington, Everett, Hanover, Hingham, Lynn, Malden, Marshfield, Medford, Melrose, Norwell, Peabody, Rockland, Saugus, Scituate, Somerville, Stoneham and Whitman in the Commonwealth of Massachusetts. Related definitions and other changes are set out in the proposed by-law. Comment period ended December 14, 2011.

St. Mary’s Credit Union, Marlborough – notice to establish a branch office at 96 Turnpike Road, Westborough. Filed January 18, 2012.

Tremont Credit Union, Boston - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for the Massachusetts Fishermen’s Partnership, Inc. which consists of 20 subsidiary member organizations as set out in the proposed by-law. Comment period ended January 26, 2012.

FEBRUARY 2012 FILING DATE

Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, February 15, 2012.

COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH

The following state-chartered banks and credit unions and licensed mortgage lenders have Community Reinvestment Act descriptive ratings and evaluations describing the basis for the rating issued by the Division of Banks. The ratings, as set out in statute, for a bank's or credit union's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC"). Licensed mortgage lenders are also assigned one of these ratings to describe their record of meeting the mortgage credit needs in the Commonwealth of Massachusetts.

A consolidated list of all ratings can be found at www.mass.gov/dob.

A copy of an individual CRA evaluation is available directly from the bank, credit union, or mortgage lender which is required by law to make the material available upon request, or from the Division's web site.

Bank/Credit UnionRatingDate of Examination

Bay State Savings Bank, Worcester

O

05/06/11

Florence Savings Bank

HS

06/27/11

Institution for Savings in Newburyport

S

08/15/11

Reading Co-operative Bank

S

09/12/11

S Bank, Weymouth

S

07/18/11

Savers Co-operative Bank, Southbridge

HS

11/22/10


Mortgage LenderRatingDate of Examination

Atlantic Home Lending, Inc.

S

12/07/10

CHECK CASHER LICENSES

Hearings

February 8, 2012
Springfield City Hall
36 Court Street
Room 202
Springfield, Massachusetts

At 6:00 p.m.

Rican, Inc. d/b/a Money Stop, Springfield – permission to operate a check casher office at 450 Main Street, Springfield. Comment period ends February 15, 2012.

March 13, 2012
New Bedford City Hall
133 William Street
Room 314
New Bedford, Massachusetts

At 6:00 p.m.

Jaime Ann Singhal d/b/a AANYA Check Cashing, New Bedford – permission to operate a check casher office at 1203 Church Street, New Bedford. Comment period ends March 20, 2012.

Applications Pending

AAA Check Exchange Incorporated, Worcester – permission to operate a check casher office at 342 Shrewsbury Street, Worcester. Comment period ended January 31, 2012.


REGULATIONS

Regulation 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT remains pending. Additional updates will be posted on the Division’s website at www.mass.gov/dob.


BANK AND CREDIT UNION APPLICATION PROCESS TIMING

As a general rule, applications by banks and credit unions other than those that are subject to a review period set out in statute are intended to be processed and completed within the monthly cycle for which the bank and credit Union applies. That review period for such processing is approximately 45 days or less from the date the application is filed with the Division. A decision on the application is generally issued within 5 business days after the review period is completed. The decision then will be reported on the monthly Activity Report for the month in which the decision was issued. The timing of the overall review process including the issuance of a decision and the listing on the monthly Activity Report will be dependent on the applicant’s compliance with all statutory, regulatory and administrative requirements. Applications before the Massachusetts Board of Bank Incorporation are subject to separate timing schedules as set out in the applications of the Board.


PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:

dobactivityreport-subscribe@listserv.state.ma.us

If you need assistance or have questions, please contact Bernard N. Waxman at 617-521-7581.


For information relative to current Activity Reports please contact the Consumer Assistance Unit.