By the Division of Banks


BOARD OF BANK INCORPORATION

Hearings

March 29, 2012
1st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts

At 10:00 a.m.

Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts – permission to acquire The Connecticut Bank and Trust Company, Hartford, Connecticut in a multi-step transaction. In the Commonwealth, the Petitioner is the holding company for Berkshire Bank, Pittsfield, Massachusetts. Comment period ends April 6, 2012.

Applications Pending

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 ended February 24, 2012.

DIVISION OF BANKS

Decisions/Notices

Belmont Savings Bank, Belmont – notice to establish a branch office within Shaw’s Supermarket, 1070 Lexington Street, Waltham - non-objection issued February 22, 2012.

Cape Cod Co-operative Bank, Hyannis – notice to establish a branch office at Thirwood Place, 237 North Main Street, South Yarmouth – non-objection issued February 10, 2012.

Freedom Credit Union, Springfield – notice to establish a branch office at 645 Center Street, Ludlow – non-objection issued February 28, 2012.

Greenfield Savings Bank, Greenfield – notice to establish a branch office at 327 King Street, Northampton – non-objection issued February 22, 2012.

Lee Bank, Lee – notice to establish a branch office at 75 North Street, Pittsfield – non-objection issued February 22, 2012.

Middlesex Savings Bank, Natick – permission to close a branch office located at 200 Linden Street, Wellesley – approved February 28, 2012.

Applications/Notices Pending

Bank of Canton (The), Canton – permission to relocate a branch office from 275 Quincy Avenue, Quincy to 60 Mayor Thomas J. McGrath Highway, Quincy. Comment period ends March 6, 2012.

Berkshire Bank, Pittsfield, Massachusetts – permission to establish a branch office at 576 North Greenbush Road (Route 4), North Greenbush, New York. Filed February 27, 2012.

Berkshire Bank ("Berkshire"), Pittsfield, Massachusetts and The Connecticut Bank and Trust Company ("Connecticut Bank"), Hartford, Connecticut – permission to merge under the charter, by-laws and name of Berkshire Bank. The main office of Berkshire would remain the main office of the continuing institution and the banking offices of Connecticut Bank would be retained as branch offices. Comment period ends April 6, 2012.

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. Comment period ended February 27, 2012.

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

Hoosac Bank ("Hoosac"), North Adams and Williamstown Savings Bank ("Williamstown"), Williamstown – permission to merge under the charter, by-laws and name of Hoosac Bank. The main office of Hoosac would remain the main office of the continuing institution and the sole banking office of Williamstown would be retained as a branch office. Comment period ends March 20, 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.

PeoplesBank, Holyoke – notice to establish a branch office at 300 King Street, Northampton. Filed February 28, 2012.

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.

MARCH 2012 FILING DATE

Complete applications for the March Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, March 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

Bank of Cape Cod, Hyannis

S

08/29/11

Boston Private Bank & Trust Company

O

06/20/11

Cape Cod Co-operative Bank, Hyannis

S

05/02/11

North Middlesex Savings Bank, Ayer

HS

09/06/11

Saugusbank, a Co-operative Bank

S

09/12/11

Workers’ Credit Union, Fitchburg

O

09/12/11


 

CHECK CASHER LICENSES

Hearings

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.

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


REGULATIONS

Regulation 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT became effective on March 2, 2012. The "Right to Cure Your Mortgage Default" notice set forth in 209 CMR 56.04 may be used on a voluntary basis until May 21, 2012. The notice will become mandatory on Monday, May 21, 2012. The final regulation is 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.