By the Division of Banks


BOARD OF BANK INCORPORATION

Applications Pending

Commerce Bancshares Corp. (the "Petitioner"), Worcester, Massachusetts – permission to acquire Mercantile Capital Corporation ("Mercantile Capital"), Boston, Massachusetts in a multi-step transaction. The Petitioner is the holding company for Commerce Bank & Trust Company, Worcester. Mercantile Capital is the holding company for Mercantile Bank and Trust Company, Boston. Comment period ends June 8, 2012.

First National Bank of Ipswich (The), Ipswich – permission to convert from a federal charter to a state-chartered trust company. Comment period ended May 21, 2012.

DIVISION OF BANKS

Decisions/Notices

Clinton Savings Bank, Clinton – permission to relocate its branch office from 231 West Boylston Street, West Boylston to 306 West Boylston Street, West Boylston – approved May 31, 2012.

Fidelity Co-operative Bank, Fitchburg – permission to (1) purchase certain assets and assume certain deposit and other liabilities and maintain as a branch office the branch office of People's United Bank, Bridgeport, Connecticut, located at 75 Main Street, Leominster, Massachusetts; and in connection therewith (2) close a branch office located at 29 Main Street, Leominster – approved May 25, 2012.

Middlesex Savings Bank, Natick – notice to establish a branch office at 1 Andrew Avenue, Wayland – non-objection issued May 25, 2012.

Middlesex Savings Bank, Natick – permission to close a branch office located at 1098 Main Street, Millis – approved May 25, 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 – approved May 17, 2012.

Workers’ Credit Union, Fitchburg – notice to establish a branch office located within Hannaford Super Market, 66-2 Drum Hill Road, Chelmsford – non-objection issued May 18, 2012.

Applications/Notices Pending

Alden Credit Union, Chicopee – permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add members of the council in Massachusetts of the American Consumer Council. Comment period ended May 29, 2012.

Berkshire Bank, Pittsfield, Massachusetts – permission to relocate a branch office from 180 Delaware Avenue, Delmar, New York to 255 Delaware Avenue, Delmar, New York. Comment period ends June 13, 2012.

Brookline Bank, Brookline – permission to convert from a federal charter to a state-chartered savings bank. Comment period ended May 21, 2012.

East Boston Savings Bank, East Boston – notice to establish a branch office at 177 Brighton Avenue, Allston. Filed April 30, 2012.

East Boston Savings Bank, East Boston – notice to establish a branch office at 70 Concord Avenue, Belmont. Filed May 18, 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 and the name MutualOne Bank. 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 ended May 23, 2012.

Lowell Five Cent Savings Bank, Lowell – notice to establish a branch office located within the Nashoba Valley Technical High School, 100 Littleton Road, Westford. Filed May 11, 2012.

Mass Bay Credit Union, South Boston – notice to establish a branch office at 181-183 Main Street, Everett. Filed May 7, 2012.

Metro Credit Union ("Metro"), Chelsea – permission to (1) merge with Massachusetts State Employees Credit Union, ("State Employees"), Boston; and (2) as part of this merger transaction, amend the by-laws of Metro to include State Employees’ current membership eligibility. Under the terms of the merger, State Employees will merge with and into Metro 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 State Employees would be retained as a branch office of Metro. Comment period ends June 8, 2012.

The Co-operative Bank, Roslindale – permission to close a branch office located at 265 Washington Street, Westwood. Comment period ends June 7, 2012.

JUNE 2012 FILING DATE

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

There were no completed CRA Ratings and Evaluations for banks, credit unions and mortgage lenders that became public during this reporting cycle.

APPLICATIONS TO SELL INSURANCE

Mechanics Co-operative Bank – pending
STCU Credit Union - pending

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 became mandatory on Monday, May 21, 2012. The final regulation, as corrected, is posted on the Division’s website at www.mass.gov/dob.

Pending

Proposed amendments to Regulation 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS remain pending. The purpose of the proposed amendments to Regulation 209 CMR 50.00 et seq. was to clarify the authority of state-chartered credit unions relative to the purchase of and participation in loans 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. The comment period ended April 25, 2012. The proposed regulations were filed with the Massachusetts Legislature on May 2, 2012 for the statutorily required 90 day review period.


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.