By the Division of Banks


BOARD OF BANK INCORPORATION

Applications Pending

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.

Decisions

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 – approved March 13, 2012.

DIVISION OF BANKS

Decisions/Notices

Bank of Canton (The), Canton – permission to relocate a branch office from 275 Quincy Avenue, Quincy to 60 Mayor Thomas J. McGrath Highway, Quincy – approved March 26, 2012.

Berkshire Bank, Pittsfield, Massachusetts – permission to establish a branch office at 576 North Greenbush Road (Route 4), North Greenbush, New York – approved March 28, 2012.

Colonial Co-operative Bank, Gardner – permission to close its branch office located at 5 Central Street, Baldwinville – approved March 7, 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 – approved March 30, 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 – approved, as amended in part, to delete references to religious and social organizations - approved March 2, 2012.

PeoplesBank, Holyoke – notice to establish a branch office at 300 King Street, Northampton – non-objection issued March 26, 2012.

PeoplesBank, Holyoke – notice to establish a branch office at 1997 Boston Road, Wilbraham – non-objection issued March 26, 2012.

St. Mary’s Credit Union, Marlborough – notice to establish a branch office at 96 Turnpike Road, Westborough – non-objection issued March 15, 2012.

The Cape Cod Five Cents Savings Bank, Harwich Port – permission to reorganize into a mutual holding company, Cape Cod Five Mutual Company, in a multi-step transaction - approved March 13, 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 – approved March 28, 2012.

Applications/Notices Pending

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.

Cambridge Trust Company, Cambridge – notice to establish a branch office at 565 Tremont Street, Boston. Filed March 27, 2012.

Framingham Co-operative Bank ("Framingham"), Framingham and Natick Federal Savings Bank ("Natick"), Natick – permission to merge under the charter and by-laws of Framingham. The main office of Framingham would remain the main office of the continuing institution and the sole banking office of Natick would be retained as a branch office. Comment period ends May 23, 2012.

Jeanne D’Arc Credit Union, Lowell – permission to close its branch office located in Nashoba Valley Technical High School, 100 Littleton Road, Westford. Comment period ended March 22, 2012.

Polish National Credit Union ("Polish National"), Chicopee and ValleyStone Credit Union ("ValleyStone"), Wilbraham – permission to merge under the charter, by-laws and name of Polish National. The main office of Polish National would remain the main office of the continuing credit union and the banking offices of ValleyStone would be retained as branch offices. Comment period ends May 8, 2012.

Southbridge Credit Union, Southbridge – permission to relocate its branch office located within Southbridge High School, 25 Cole Avenue, Southbridge to within the new Southbridge High School location, Torrey Road, Southbridge. Filed March 5, 2012.

APRIL 2012 FILING DATE

Complete applications for the April Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, April 17, 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

Belmont Savings Bank

S

08/10/11

Boston Trust and Investment Management Company

S

11/29/11

Brockton Postal Employees Credit Union

S

11/14/11

Dedham Institution for Savings

S

06/20/11

Fidelity Management Trust Company, Boston

S

12/20/11

Lowell Five Cents Savings Bank, The

S

10/05/11

Rockland Trust Company

O

12/27/10

Walpole Co-operative Bank

O

11/14/11


 

CHECK CASHER LICENSES

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.

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 ended March 20, 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

Promulgated

Regulation 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT became effective on March 2, 2012. Three technical changes to the Regulation became effective on March 7, 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, as corrected, is posted on the Division’s website at www.mass.gov/dob.

Hearings

Pursuant to the provisions of Massachusetts General Laws chapter 171, section 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, April 25, 2012 at 10:00 a.m., 1000 Washington Street, 1st Floor, Hearing Room 1-G, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS.

The purpose of the proposed amendments to 209 CMR 50.00 et seq. is to clarify the authority of state-chartered credit unions relative to the purchase of and participation in loans to members and non-members based on recent statutory amendments and to make additional technical changes.

Additional changes may be made based on comments received at the public hearing or during the comment period.

Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on Wednesday, April 25, 2012. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 or 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.