By the Division of Banks


BOARD OF BANK INCORPORATION

Hearings

February 12, 2013
1st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts

At 10:00 a.m.

The Savings Bank, Wakefield, Massachusetts – permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Wakefield Bancorp, MHC, with a mid-tier holding company, Wakefield Bancorp, Inc. The continuing bank will operate under the name The Savings Bank. Comment period ends February 22, 2013.

At 10:30 a.m.

East Cambridge Savings Bank, Cambridge, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, 1854 Bancorp. The continuing bank will operate under the name East Cambridge Savings Bank. Comment period ends February 22, 2013.

DIVISION OF BANKS

Decisions

Alden Credit Union, Chicopee – notice to establish a branch office at 20 Main Street, Amherst – non-objection issued January 4, 2103.

Boston Private Bank & Trust Company, Boston – permission to relocate its branch office from 2835 Townsgate Road, Westlake Village, California to 971 South Westlake Boulevard, Westlake Village, California – approved January 4, 2013.

Meetinghouse Bank, Dorchester – notice to establish a branch office at 4238 Washington Street, Roslindale – non-objection issued January 4, 2013.

Newburyport Five Cents Savings Bank, Newburyport – permission to establish a branch office at 254 State Street, Portsmouth, New Hampshire – approved January 3, 2013.

Northern Bank & Trust Company, Woburn – notice to establish a branch office at 430 Boston Post Road, Sudbury – approved January 4, 2013.

Applications/Notices Pending

Berkshire Bank, Pittsfield – permission to close a branch office located at 20 Mall, 2080 Western Avenue, Guilderland, New York. Comment period ends February 11, 2013.

Berkshire Bank, Pittsfield – permission to establish a branch office at 3421 State Street, Mansion Square Shopping Center, Niskayuna, New York. Filed January 28, 2013.

Bristol County Savings Bank, Taunton, Massachusetts – permission to (1) purchase certain assets and assume certain deposit and other liabilities of Admirals Bank, Cranston, Rhode Island; and in connection therewith (2) establish and maintain branch offices at (i) 215 Pleasant Street, Fall River, Massachusetts; (ii) 1657 Acushnet Avenue, New Bedford, Massachusetts; (iii) 37 Rockdale Avenue, New Bedford, Massachusetts; and (iv) 36 Paramount Drive, Raynham, Massachusetts. Comment period ended January 4, 2013.

East Cambridge Savings Bank, Cambridge – permission to reorganize into a mutual holding company, 1854 Bancorp, in a multi-step transactions. Comment period ends February 22, 2013.

Hoosac Bank, Pittsfield – notice to establish a branch office at 111 Silver Lake Boulevard, Pittsfield. Filed January 22, 2013.

Lee Bank, Lee – notice to establish a branch office at 450 Pittsfield-Lenox Road, Lenox. Filed January 22, 2013.

Metro Credit Union ("Metro"), Chelsea – permission to (1) merge with Fenwal Credit Union ("Fenwal"), Ashland; and (2) as part of this merger transaction, amend the by-laws of Metro to include Fenwal’s current membership eligibility. Under the terms of the merger, Fenwal 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 Fenwal would not be retained as a branch office. Comment period ends February 5, 2013.

New Bedford Credit Union, New Bedford – 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 persons who live, work or attend school in Barnstable, Bristol or Plymouth Counties in Massachusetts and the towns of Little Compton and Tiverton in Newport County, Rhode Island and family members of such persons. Related definitions and other changes are set out in the proposed by-law. Comment period ended December 28, 2012.

Premier Source Credit Union ("Premier"), East Longmeadow – permission to (1) merge with Wemelco Credit Union ("Wemelco"), Springfield; and (2) as part of this merger transaction, amend the by-laws of Premier to include Wemelco’s current membership eligibility. Other changes are set out in the proposed by-law. Under the terms of the merger, Wemelco will merge with and into Premier under the charter, by-laws and name of Premier Source Credit Union. The main office of Premier would remain the main office of the continuing credit union and the sole banking office of Wemelco would be retained as a branch office of Premier for the duration of the lease at that location. Comment period ends February 5, 2013.

The Savings Bank, Wakefield – permission to reorganize into a mutual holding company, Wakefield Bancorp, MHC, with a mid-tier holding company, Wakefield Bancorp, Inc. in a multi-step transaction. Comment period ends February 22, 2013.

FEBRUARY 2013 FILING DATE

Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, February 15, 2013.

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  

Bank/Credit UnionRatingDate of Examination

Country Bank for Savings, Ware

HS

07/23/12

Freedom Credit Union, Springfield

S

02/06/12

Pentucket Bank, Haverhill

HS

09/14/12

Stonehambank, A Co-Operative Bank

S

09/04/12

Webster Five Cents Savings Bank

O

08/13/12

CHECK CASHER LICENSES

Hearing

March 7, 2013
Lowell City Hall
375 Merrimack Street
Mayor’s Reception Room, 2nd Floor
Lowell, Massachusetts

At 6:00 p.m.

Lowell Variety Store Inc. d/b/a 4 M’s Variety, Lowell – permission to operate a check casher office at 271 School Street, Lowell. Comment period ends March 14, 2013.


THE COMMONWEALTH OF MASSACHUSETTS

DIVISION OF BANKS

NOTICE OF PUBLIC HEARING

Pursuant to the provisions of Massachusetts General Laws chapter 244, section 35B, as most recently added by Chapter 194 of the Acts of 2012, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, February 6, 2013 at 10:30 a.m., 1000 Washington Street, Hearing Room 1-E, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 56.00: Right To Cure A Mortgage Default.

The proposed amendments would: establish the process for both borrower and creditor in connection with the right to request a mortgage loan modification; set forth the actions which constitute a borrower’s good faith response to a creditor’s notice of the right to request a mortgage loan modification; define good faith efforts by creditors to avoid foreclosure; establish safe harbors for compliance for creditors in the loan modification process; and change the title of the regulation to 209 CMR 56.00: Foreclosure Prevention Options. 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 Friday, February 15, 2013. 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.