By the Division of Banks


BOARD OF BANK INCORPORATION

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

Brookline Bank, Brookline – notice to establish a branch office at 456 Main Street, Waltham – non-objection issued June 25, 2013.

Greenfield Co-operative Bank, Greenfield – notice to establish a branch office at 176 Avenue A, Village of Turners Falls, Montague – non-objection issued June 7, 2013.

Hoosac Bank, North Adams – permission to close its branch office located at 296 Main Street, Williamstown – approved June 7, 2013.

Applications/Notices Pending

Cambridge Savings Bank, Cambridge – notice to establish a branch office at 140 Middlesex Turnpike, Burlington. Filed June 12, 2013.

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

Cape Cod Five Cents Savings Bank, Harwich Port – notice to establish a branch office at 10 Rosebrook Place, Wareham. Filed June 11, 2013.

Eastern Bank, Boston – permission to relocate its branch office from 3821 Falmouth Road, Marstons Mills to 1560 Old Post Road, Marstons Mills. Comment period ended May 24, 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.

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.

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.

Mechanics Co-operative Bank, Taunton – permission to relocate its main office from 308 Bay Street, Taunton to 316 Broadway, Taunton. Filed June 3, 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.

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.

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

JULY 2013 FILING DATE

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

Members Plus Credit Union, Medford

S

02/11/13

Merrimac Savings Bank

S

01/04/13

Salem Five Cents Savings Bank

S

01/14/13

Washington Savings Bank, Lowell

O

02/19/13

Worcester Police Department Credit Union

S

01/28/13


 

Mortgage LenderRatingDate of Examination

Member Advantage Mortgage, LLC

NI

08/12/10

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

Amendments to 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT became effective on June 21, 2013.  The form of notice for the "Right to Request a Modified Mortgage Loan" set forth in 209 CMR 56.09 may be followed on a voluntary basis until September 17, 2013.  Use of the form of notice specifically provided under 209 CMR 56.09 will become mandatory on Wednesday, September 18, 2013. Additional information is posted on the Division’s website at www.mass.gov/dob.

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.


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.