By the Division of Banks


BOARD OF BANK INCORPORATION

Decisions

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- approved September 30, 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.

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

Berkshire Bank, Pittsfield – permission to close its branch office located at 409 Stockbridge Road, Great Barrington – approved September 17, 2013. 

Clinton Savings Bank, Clinton – notice to establish a branch office within Tahanto Regional High School, 1001 Main Street, Boylston – approved September 9, 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 live, work or 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 – approved September 16, 2013; approval reduced the size of the geographic expansion by deleting the cities and towns within Kent County and Washington County in Rhode Island.

Easthampton Savings Bank, Easthampton – permission to relocate its branch office from 175 State Street Belchertown to 40 State Street, Belchertown – approved September 20, 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 – approved September 30, 2013.

First Choice Credit Union, Lawrence – permission to relocate its main office from 55 Marston Street, Lawrence to 236 Pleasant Street, Methuen – approved September 17, 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 – approved September 20, 2013.

River Works Credit Union ("River Works"), Lynn – permission to (1) merge with Delta-Wye Federal Credit Union, (“Delta-Wye”), Dorchester; and (2) as part of this merger transaction, amend the by-laws of River Works to include Delta-Wye’s current membership eligibility.   Under the terms of the merger, Delta-Wye will merge with and into River Works under the charter, by-laws and name of River Works Credit Union. The main office of River Works would remain the main office of the continuing credit union and the sole banking office of Delta-Wye would be retained as a branch office of River Works – approved September 27, 2013.

Sharon Credit Union, Sharon – permission to relocate its branch office located at 31 North Washington Street, North Attleboro to 73 North Washington Street, North Attleboro – approved September 16, 2013.

Applications/Notices Pending

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, Glen 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.  Comment period ended September 10, 2013.

Berkshire Bank, Pittsfield – permission to close its branch office located at 43 East Street, Pittsfield.  Comment period ended September 20, 2013.

Blue Hills Bank, Hyde Park – permission to (1) purchase certain assets and assume certain deposit and other liabilities of Sovereign Bank, N.A., 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.  Comment period ended September 19, 2013.

Brookline Bank, Brookline – permission to relocate its main office from 160 Washington Street, Brookline to 2 Harvard Street, Brookline. Comment period ended September 13, 2013.

Brookline Bank, Brookline – permission to relocate its branch office located at 45 Lincoln Street, Newton to 1156-1160 Walnut Street, Newton. Comment period ended September 13, 2013.

Eagle Bank, Everett – notice to establish a branch office at 389 Hanover Street, Boston. Filed August 29, 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 ended 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 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.

Polish National Credit Union, Chicopee – permission to close its branch office located at 730 Worcester Street, Springfield. Comment period ends October 3, 2013. 

Rockland Trust Company (“Rockland”), Rockland and Mayflower Co-operative Bank, 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 Bank 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.

Rockland Trust Company, Rockland – permission to close a branch office located at 836 North Main Street, Brockton.  Comment period ends October 2, 2013

Southern Mass Credit Union, Fairhaven – notice to establish a branch office within Plymouth North High School, 41 Obery Street, Plymouth.  Filed August 28, 2013.

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

October 2013 FILING DATE

Complete applications for the October Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, October 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
Barre Savings Bank

S

05/28/13

Bristol County Savings Bank, Taunton

HS

04/01/13

Haverhill Fire Department Credit Union

S

05/21/13

Metro Credit Union, Chelsea

HS

11/19/12

Nuvo Bank & Trust Company, Springfield

S

05/28/13


 

Mortgage LenderRatingDate of Examination
United Shore Financial Services, LLC d/b/a United Wholesale Mortgage

S

12/12/12

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 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 become 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.