By the Division of Banks


BOARD OF BANK INCORPORATION

Hearing

May 30, 2012
1st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts

At 10:30 a.m.

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.

Decisions

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 – approved April 18, 2012.

Applications Pending

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

DIVISION OF BANKS

Decisions/Notices

BayCoast Bank, Fall River - notice to establish a branch office at 1 BayCoast Place, Swansea – non-objection issued April 30, 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 – approved April 18, 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 – approved April 19, 2012.

Cambridge Trust Company, Cambridge – notice to establish a branch office at 565 Tremont Street, Boston – non-objection issued April 19, 2012.

Fidelity Co-operative Bank, Fitchburg – permission to relocate its branch office from 97 Elm Street, Millbury to 16 South Main Street, Millbury – approved April 30, 2012.

Hometown Bank, a Co-operative Bank, Webster – notice to establish a branch office at Thompson Road, Webster. Subsequent to the filing, the town assigned the address of the branch office as 4 Gore Road, Webster - non-objection issued April 30, 2012.

Jeanne D’Arc Credit Union, Lowell – permission to close its branch office located in Nashoba Valley Technical High School, 100 Littleton Road, Westford – approved April 19, 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 – approved April 19, 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 ends May 29, 2012.

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

Clinton Savings Bank, Clinton – permission to relocate its branch office from 231 West Boylston Street, West Boylston to 306 West Boylston Street, West Boylston. Comment period ends May 10, 2012.

East Boston Savings Bank, East Boston – notice to establish a branch office at 177 Brighton Avenue, Allston. Filed April 30, 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. Comment period ends May 7, 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.

Middlesex Savings Bank, Natick – notice to establish a branch office at 1 Andrew Avenue, Wayland. Filed April 23, 2012.

Middlesex Savings Bank, Natick – permission to close a branch office located at 1098 Main Street, Millis. Comment period ends May 7, 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.

Workers’ Credit Union, Fitchburg – notice to establish a branch office located within Hannaford Super Market, 66-2 Drum Hill Road, Chelmsford. Filed April 20, 2012.

MAY 2012 FILING DATE

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

Avon Co-operative Bank

S

01/17/12

Fiduciary Trust Company, Boston

S

12/27/11

Hampden Bank, Springfield

O

08/15/11

Randolph Savings Bank

S

07/11/11

Unibank for Savings, Whitinsville

S

08/22/11

Watertown Municipal Credit Union

S

02/21/12


 

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.

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.