By the Division of Banks


BOARD OF BANK INCORPORATION

Decisions

Berkshire Hills Bancorp, Inc., (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Beacon Federal Bancorp, Inc., East Syracuse, New York in a multi-step transaction. In the Commonwealth, the Petitioner is the holding company for Berkshire Bank, Pittsfield. Beacon Federal Bancorp, Inc. is the holding company for Beacon Federal, East Syracuse, New York – approved October 12, 2012.

Independent Bank Corp. (the "Petitioner"), Rockland, Massachusetts - permission to acquire Central Bancorp, Inc., Somerville, in a multi-step transaction. The Petitioner is the holding company for Rockland Trust Company, Rockland. Central Bancorp, Inc. is the holding company for Central Co-operative Bank, Somerville – approved October 12, 2012.

Applications Pending

United Financial Bancorp, Inc., West Springfield, Massachusetts - permission to become a bank holding company through the acquisition of New England Bancshares, Inc., Enfield, Connecticut in a multi-step transaction. United Financial Bancorp, Inc. is the holding company for United Bank, West Springfield and New England Bancshares, Inc. is the holding company for New England Bank, Enfield, Connecticut. Comment period ends November 6, 2012.

Eastern Bank Corporation, Boston, Massachusetts - permission to acquire Campello Bancorp, Brockton in a multi-step transaction.  Eastern Bank Corporation is the holding company for Eastern Bank and Campello Bancorp is the holding company for The Community Bank, A Massachusetts Co-operative Bank, Brockton.  Comment period ended October 26, 2012.

DIVISION OF BANKS

Decisions

BayCoast Bank, Fall River - notice to establish a branch office at 310 Airport Road, Fall River – non-objection issued October 4, 2012.

Berkshire Bank ("Berkshire"), Pittsfield, Massachusetts and Beacon Federal, East Syracuse, New York - permission to merge under the charter, by-laws and name of Berkshire. The main office of Berkshire would remain the main office of the continuing institution and the banking offices of Beacon Federal would be retained as branch offices – approved October 12, 2012.

Cape Cod Five Cents Savings Bank (The), Harwich Port - permission to relocate its branch office from 6 West Creek Road, Nantucket to 112 Pleasant Street, Nantucket – approved October 31, 2012.

Mass Bay Credit Union, South Boston - permission to close a branch office located at 668 South Avenue, Weston – approved October 17, 2012.

Monson Savings Bank, Monson - notice to establish a branch office at 136 West Street, Ware – approved October 31, 2012.

Rockland Trust Company ("Rockland"), Rockland and Central Co-operative Bank ("Central"), Somerville - permission to merge under the charter, by-laws and name of Rockland. The main office of Rockland would remain the main office of the continuing institution and the banking offices of Central would be retained as branch offices – approved October 12, 2012.

Applications/Notices Pending

Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at 11 Vista Boulevard, Bethlehem, New York. Filed October 10, 2012.

Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at 3025 Route 50, Wilton Square Shopping Center, Wilton, New York. Filed October 10, 2012.

Brookline Bank, Brookline - notice to establish a branch office at 131 Clarendon Street, Boston. Filed October 26, 2012.

Eastern Bank, Boston and The Community Bank, A Massachusetts Co-operative Bank ("Community Bank"), Brockton - permission to merge under the charter, by-laws and name of Eastern Bank. The main office of Eastern Bank would remain the main office of the continuing institution and the banking offices of Community Bank would be retained as branch offices. Comment period ended October 26, 2012.

Institution for Savings in Newburyport and its Vicinity, Newburyport - notice to establish a branch office within Masconomet Regional High School, 20 Endicott Street, Topsfield. Filed October 12, 2012.

State Street Bank and Trust Company, Boston - permission to relocate a branch office from Eagle House, Don Road, St. Helier, Jersey, Channel Islands to Lime Grove House, Green Street, St. Helier, Jersey, Channel Islands. Comment period ends November 2, 2012.

NOVEMBER 2012 FILING DATE

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

Blue Hills Bank, Hyde Park

S

05/25/12

Cape Ann Savings Bank, Gloucester

HS

06/04/12

MutualOne Bank, Framingham

S

05/07/12

Newburyport Five Cents Savings Bank

HS

06/04/12

Premier Source Credit Union, East Longmeadow

S

06/04/12

Watertown Savings Bank

O

06/04/12


 

Mortgage LenderRatingDate of Examination

Stearns Lending, Inc.

S

12/06/11

CHECK CASHER LICENSES

No public hearings scheduled.


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.