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.

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 ended September 27, 2013.

DIVISION OF BANKS

Decisions

BayCoast Bank, Fall River – notice to establish a branch office at 299 State Road, Dartmouth – non-objection issued October 22, 2013.

Berkshire Bank, Pittsfield – permission to close its branch office located at 43 East Street, Pittsfield – approved October 11, 2013.

Berkshire Bank, Pittsfield –  permission to (1) purchase certain assets and assume certain deposit and other liabilities of Bank of America, National Association, Charlotte, North Carolina, and, in connection therewith, (2) establish and maintain branch offices at the following locations: 14 La Rose Street, Glens Falls, New York; 183 Quaker Road, Queensbury, New York; 51 West Main Street, Johnstown, New York; 140 Sanford Farms Plaza, Amsterdam, New York; 1 Central Plaza, Ilion, New York; One West Main Street, Little Falls, New York; 381 West Main Street, West Winfield, New York; 50 Genesee Street, New Hartford, New York; 268 Genesee Street, Utica, New York; 911 Cornelia Street, Utica, New York; 1100 Mohawk Street, Utica, New York; 50       Auert Avenue, Utica, New York; 34 Oriskany Boulevard, Whitesboro, New York; 50-52 Main Street, Chatham, New York; 561 Warren Street, Hudson, New York; Hwy 20 and Hwy 22, New Lebanon, New York; 440 Main Street, Cairo, New York; 11565 Highway 32, Greenville, New York; and, in connection therewith, (3) establish and relocate branch offices at the following locations: 200 West Dominick Street, Rome, New York to Berkshire Bank’s existing branch located at 100 West Dominick Street, Rome, New York; 1714 Black River Boulevard, Rome, New York to Berkshire Bank’s existing branch office located at 1629 Black River Boulevard, Rome, New York – approved October 18, 2013.

Blue Hills Bank, Hyde Park – permission to (1) purchase certain assets and assume certain deposit and other liabilities of Sovereign Bank, N.A. (Santander), Wilmington, Delaware; and, in connection therewith, (2) establish and maintain branch offices at the following locations: 104 Pleasant Street, Nantucket; 2 Orange Street, Nantucket; and 1 Amelia Drive, Nantucket – approved October 31, 2013.

Brookline Bank, Brookline – permission to relocate its main office from 160 Washington Street, Brookline to 2 Harvard Street, Brookline – approved October 18, 2013.

Brookline Bank, Brookline – permission to relocate its branch office located at 45 Lincoln Street, Newton to 1156-1160 Walnut Street, Newton – approved October 18, 2013.

Eagle Bank, Everett – notice to establish a branch office at 389 Hanover Street, Boston – non-objection issued October 11, 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 – approved October 24, 2013.  Approval reduced the size of the geographic expansion by deleting the Counties of Kent and Providence, Rhode Island.

Jeanne D’Arc Credit Union, Lowell – notice to establish a branch office at 196 Littleton Road, Westford – approved October 31, 2013.

Polish National Credit Union, Chicopee – permission to close its branch office located at 730 Worcester Street, Springfield – approved October 11, 2013.

Rockland Trust Company, Rockland – permission to close a branch office located at 836 North Main Street, Brockton – approved October 11, 2013.

Southern Mass Credit Union, Fairhaven – notice to establish a branch office within Plymouth North High School, 41 Obery Street, Plymouth – non-objection issued October 9, 2013.

UniBank for Savings, Whitinsville – notice to establish a branch office at 101 Barry Road, Worcester – non-objection issued October 24, 2013.

Applications/Notices Pending

Belmont Savings Bank, Belmont – permission to close its branch office located at 78 Trapelo Road, Belmont. Comment period ends November 18, 2013.

Energy Credit Union, Boston – permission to close its branch office located at 70 Fargo Street, Boston. Comment period ended October 21, 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 ended 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.

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.

Mass Bay Credit Union, South Boston – permission to close its branch office located at MBTA Wellington Bus Station, 85 Revere Beach Parkway, Medford.  Comment period extended until November 15, 2013.

Rockland Trust Company (“Rockland”), Rockland and Mayflower Co-operative Bank (“Mayflower”), Middleborough – 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, Middleborough 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 ended September 27, 2013.

November 2013 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., Friday, November 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
State Street Bank and Trust Company, Boston

O

01/14/13


Mortgage LenderRatingDate of Examination
Mid-Island Mortgage Corp.

S

05/09/13

CHECK CASHER LICENSES

Applications Withdrawn

Lowell Variety Store Inc. d/b/a 4 M’s Variety, Lowell – permission to operate a check casher office at 271 School Street, Lowell – withdrawn October 1, 2013.


REGULATIONS

Amendments to 209 CMR 18.00: CONDUCT OF THE BUSINESS OF DEBT COLLECTORS AND LOAN SERVICERS were filed with the Secretary of the Commonwealth on September 26, 2013 and became effective October 11, 2013. The final regulation 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.