By the Division of Banks


BOARD OF BANK INCORPORATION

Hearings

September 4, 2013
1000 Washington Street
First Floor, Hearing Room 1-E
Boston, Massachusetts

At 11:00 a.m.

Equitable Co-operative Bank, Lynn, Massachusetts – permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Equitable Bancorp, MHC, with a mid-tier holding company, Equitable Bancorp, Inc.  The continuing bank will operate under the name Equitable Co-operative Bank.  Comment period ends September 10, 2013.

At 11:30 a.m.

Independent Bank Corp. (the “Petitioner”), Hanover, Massachusetts – permission to acquire Mayflower Bancorp, Inc., Middleboro in a multi-step transaction.  The Petitioner is the holding company for Rockland Trust Company, Rockland. Mayflower Bancorp, Inc. is the holding company for Mayflower Co-operative Bank. Comment period ends September 27, 2013.

Applications Pending

Hometown Bank, A Cooperative Bank, Webster, Massachusetts – permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Hometown Community Bancorp, MHC with a mid-tier holding company, Hometown Community Bancorp, Inc. The continuing bank will operate under the name Hometown Bank. Comment period ended June 25, 2013.

DIVISION OF BANKS

Decisions

Cambridge Savings Bank, Cambridge – notice to establish a branch office at 140 Middlesex Turnpike, Burlington – non-objection issued July 8, 2013.

Cape Cod Five Cents Savings Bank, Harwich Port – notice to establish a branch office at 10 Rosebrook Place, Wareham – non-objection issued July 8, 2013.

Eastern Bank, Boston – permission to relocate its branch office from 3821 Falmouth Road, Marstons Mills to 1560 Old Post Road, Marstons Mills – approved July 8, 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 – approved July 8, 2013.

Mechanics Co-operative Bank, Taunton – permission to relocate its main office from 308 Bay Street, Taunton to 316 Broadway, Taunton – approved July 25, 2013.

Applications/Notices Pending

Cape Cod Co-operative Bank (The), Yarmouth Port – notice to establish a branch office at 3840 Falmouth Road, Marstons Mills.  Filed May 16, 2013.

Clinton Savings Bank, Clinton – notice to establish a branch office within Tahanto Regional High School, 1001 Main Street, Boylston.  Filed July 22, 2013.

Crescent Credit Union, Brockton – 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 attend school, college or university or having a place of business in the following counties: Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth, and Suffolk Counties of Massachusetts; and Bristol and Newport Counties of Rhode Island; and cities and towns in Middlesex County and Worcester County in Massachusetts and Kent County, Providence County, and Washington County in Rhode Island as listed in the proposed by-laws. Related definitions and other changes are set out in the proposed by-law.  Comment period ends August 15, 2013.

Eastern Bank, Boston – permission to close its branch offices located at (1) 348 Bedford Street, Lakeville; and (2) 1 South Main Street, Middleboro.  Comment periods end August 2, 2013.

Equitable Co-operative Bank, Lynn – permission to reorganize into a mutual holding company, Equitable Bancorp, Inc. with a mid-tier holding company, Equitable Bancorp, Inc. in a multi-step transaction. Comment period ends September 10, 2013.

Fall River Municipal Credit Union, Fall River – permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to now add persons who are educated in Bristol, Plymouth, and Barnstable Counties in Massachusetts and members of their immediate family or household and individuals who reside, work, have a place of business, or are educated in Kent, Providence, Bristol and Newport Counties in Rhode Island and to members of their immediate family or household.  Related definitions and other changes are set out in the proposed by-law.  Comment period ends August 22, 2013.

Freedom Credit Union, Springfield - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to now add persons who attend school in the Hampden, Hampshire, Franklin, or Berkshire Counties. Related definitions are set out in the proposed by-law.  Comment period ends August 13, 2013.

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

First Choice Credit Union, Lawrence – permission to relocate its main office from 55 Marston Street, Lawrence to 236 Pleasant Street, Methuen.  Filed June 21, 2013.

Hometown Bank, A Cooperative Bank, Webster – permission to reorganize into a mutual holding company, Hometown Community Bancorp, MHC with a mid-tier holding company, Hometown Community Bancorp, Inc. in a multi-step transaction. Comment period ended June 25, 2013.

Middlesex Savings Bank, Natick – permission to close its branch office located at 140 South Main Street, Milford. Comment period ended July 12, 2013.

Mutual Federal Savings Bank of Plymouth County (“Mutual”), Whitman – permission to convert from a federal charter to a state-chartered co-operative bank. The converted bank will be known as Mutual Bank.  All the present banking offices of Mutual will continue to operate following the conversion. Comment period ends August 27, 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.

Polish National Credit Union, Chicopee – permission to close its branch office located at 730 Worcester Street, Springfield. Filed May 28, 2013.

Rockland Trust Company (“Rockland”), Rockland and Mayflower Co-operative Bank (“Mayflower”), Middleboro – 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.  As part of this merger transaction, Rockland has petitioned to close its branch office located at 8B Station Street, Middleboro and Mayflower has petitioned to close its branch offices located at: (1) 5 Scotland Boulevard, Bridgewater; (2) 166 County Street, Lakeville; (3) 57 Obery Street, Plymouth; and (4) 396 Onset Avenue, Wareham. The remaining banking offices of Mayflower would be retained as branch offices of Rockland. Comment period ends September 27, 2013.

Salem Five Cents Savings Bank (“Salem Five”), Salem and Stoneham Savings Bank, (“Stoneham”), Stoneham – permission to merge under the charter, by-laws and name of Salem Five Cents Savings Bank.  The main office of Salem Five will remain the main office of the continuing institution and the banking offices of Stoneham would be retained as branch offices of Salem Five.  Salem Five and Stoneham are subsidiary banking institutions of Salem Five Bancorp. Comment period ended June 28, 2013.

Savage Arms Credit Union (“Savage Arms”), Westfield – permission to merge with Pioneer Valley Federal Credit Union (“Pioneer Valley”), Springfield. Under the terms of the merger, Savage Arms will merge with and into Pioneer Valley under the charter, by-laws and name of Pioneer Valley.  The main office of Pioneer Valley would remain the main office of the continuing institution and the sole banking office of Savage Arms would be retained as a branch office.  Comment period ends August 16, 2013.

UniBank for Savings, Whitinsville – notice to establish a branch office at 101 Barry Road, Worcester.  Filed June 13, 2013.

August 2013 FILING DATE

Complete applications for the August Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, August 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 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
Commonwealth Cooperative Bank, Hyde Park

S

04/22/13

Marlborough Savings Bank

S

02/04/13

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 remain pending.  Additional updates will be posted on the Division’s website at www.mass.gov/dob.

The Division held an informational hearing on July 30, 2013 to gather input regarding several regulations that have not recently been amended.  These regulations included Operation of Electronic Branches, Disclosure of Consumer Credit Costs and Terms, and Unfair and Deceptive Practices in Consumer Transactions.  The Division will hold a second informational hearing on Tuesday, August 13, 2013, at 10 a.m., 1000 Washington Street, First Floor, Hearing Room 1E, Boston, Massachusetts to receive comments on certain other regulations including the licensing of Mortgage Lenders and Brokers, Foreign Transmittal Agencies, Check Cashers, Small Loan Companies, and Sales Finance Companies, as well as Licensee Record Keeping requirements.  The Division will accept written comments until 5 p.m. on Tuesday, August 20, 2013.


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.