By the Division of Banks


DIVISION OF BANKS

Decisions

Belmont Savings Bank, Belmont – notice to establish a branch office within Star Supermarket at 699 Mt. Auburn Street, Cambridge, MA – non-objection issued April 3, 2013.

Belmont Savings Bank, Belmont – notice to establish a branch office within Shaw’s Supermarket at 33 Austin Street, Newton – non-objection issued April 3, 2013.

Berkshire Bank, Pittsfield, Massachusetts – permission to relocate its branch office from 68 South Street, West Hartford, Connecticut to 927 Farmington Avenue, West Hartford, Connecticut – approved April 16, 2013.

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch office located at 105 Threet Industrial Road, Smyrna, Tennessee – approved April 18, 2013.

Boston Private Bank & Trust Company, Boston, Massachusetts – permission to close its branch offices located at (1) 10885 Northeast 4th Street, Suite 100, Bellevue, Washington; (2) 7535 164th Avenue NE, Redmond, Washington; and (3) 601 Union Street, Suite 3030, Seattle, Washington – approved April 18, 2013.

Bristol County Savings Bank, Taunton – notice to establish a branch office at One Chace Road, East Freetown – non-objection issued April 16, 2013.

Crescent Credit Union ("Crescent"), Brockton and Brockton Postal Employees Credit Union ("Brockton Postal"), Brockton – permission to merge under the charter, by-laws and name of Crescent. The main office of Crescent would remain the main office of the continuing credit union and the sole banking office of Brockton Postal would be closed within 120 days of the merger – approved April 25, 2013.

Enterprise Bank and Trust Company, Lowell – permission to establish a branch office at 86-88 Main Street, Nashua, New Hampshire – approved April 30, 2013.

Haverhill Bank, Haverhill – permission to establish a branch office at 396 Main Street, Salem, New Hampshire – approved April 30, 2013.

Northern Massachusetts Telephone Workers Community Credit Union, Lowell – notice to establish a branch office at 19 Haverhill Road, Amesbury- non-objection issued April 29. 2013.

Premier Source Credit Union, East Longmeadow – permission to close its branch office located at 443 Shaker Road, East Longmeadow- approved April 23, 2013.

Stoneham Savings Bank, Stoneham – permission to close its branch office located at 443 Charles Street, Malden – approved April 18, 2013.

Wellesley Bank, Wellesley – notice to establish a branch office at One Federal Street, Boston – non-objection issued April 16, 2013.

Applications/Notices Pending

Energy Credit Union, West Roxbury – permission to close its branch office located at 52 Second Street, Waltham. Filed April 18, 2013.

Fidelity Management Trust Company, Boston – permission to convert from a state-chartered trust company to a limited purpose trust company. Comment period ends May 3, 2013.

Hoosac Bank ("Hoosac"), North Adams and South Coastal Bank, Rockland – permission to merge under the charter and by-laws of Hoosac Bank and under the name of MountainOne Bank. The main office of Hoosac will remain the main office of the continuing institution and the banking offices of South Coastal Bank would be retained as branch offices of Hoosac. Comment period ended April 24, 2013.

Hoosac Bank, North Adams – permission to close its branch office located at 296 Main Street, Williamstown. Comment period ended April 12, 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.

Webster Five Cents Savings Bank, Webster – permission to close its branch office located at 349 Grafton Street, Worcester. Comment period ended April 12, 2013.

MAY 2013 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., Wednesday, May 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

City of Boston Credit Union

S

11/27/12

St. Anne’s Credit Union of Fall River

S

09/25/12

The Needham Bank

S

12/10/12


 

Mortgage LenderRatingDate of Examination

Crescent Mortgage Company

S

04/04/12

GMH Mortgage Services, LLC

S

09/20/12

Mortgage Network, Inc.

S

08/06/11

CHECK CASHER LICENSES

Applications Pending

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 ended March 14, 2013.


REGULATIONS

Proposed amendments to 209 CMR 18.00: CONDUCT OF THE BUSINESS OF DEBT COLLECTORS AND LOAN SERVICERS and 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT remain pending. Additional updates will be posted on the Division’s website 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.