By the Division of Banks



Independent Bank Corp., Hanover, Massachusetts – permission to acquire Peoples Federal Bancshares, Inc., Brighton, Massachusetts in a multi-step transaction. Peoples Federal Bancshares, Inc. is the holding company for Peoples Federal Savings Bank, Brighton, Massachusetts.  Independent Bank Corp. is the holding company for Rockland Trust Company, Rockland, Massachusetts - approved January 20, 2015.



Boston Private Bank & Trust Company, Boston – permission to establish a branch office at 9465 Wilshire Boulevard, Suite 110, Beverly Hills, California – approved January 15, 2015.

Rockland Trust Company (Rockland), Rockland and Peoples Federal Savings Bank (Peoples Federal), Brighton – permission for the merger of Peoples Federal with and into Rockland. The main office of Rockland would remain the main office of the continuing institution and the banking offices of Peoples Federal would be retained as branch offices – approved January 20, 2015.

Applications/Notices Pending

Eastern Bank, Boston – permission to close its branch office located at 17 North Road, Chelmsford. Comment period ended January 22, 2015.

East Cambridge Savings Bank (East Cambridge), Cambridge and Chelsea Bank (Chelsea), Chelsea – permission to merge under the charter and by-laws of East Cambridge. The main office of East Cambridge would remain the main office of the continuing institution and the sole banking office of Chelsea would be retained as a branch office of East Cambridge.  Comment period ends February 3, 2015.

Greenfield Co-operative Bank (Greenfield), Greenfield and Northampton Co-operative Bank (Northampton), Northampton – permission to merge under the charter, by-laws and name of Greenfield. The main office of Greenfield would remain the main office of the continuing institution and the banking offices of Northampton would be retained as branch offices. Comment period ended January 2, 2015.

OneUnited Bank, Boston – permission to close its branch office located at 4143 Crenshaw Boulevard, Los Angeles, California.  Comment period ended December 1, 2014.

Southbridge Savings Bank, Southbridge – permission to relocate a branch office from 70 West Main Street, Spencer to 130 West Main Street, Spencer. Comment period ended January 22, 2015.

The Needham Bank, Needham – notice to establish a branch office at 857 Main Street, Millis. Filed December 11, 2014.


Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, February 17, 2015.


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

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
Century Bank and Trust Company, Medford



Commerce Bank & Trust Company, Worcester



Holyoke Credit Union, Holyoke



Lowell Firefighters Credit Union, Lowell



Naveo Credit Union, Somerville



One Twenty Credit Union, Roslindale



Southbridge Savings Bank, Southbridge





The Division filed final amendments to 209 CMR 32.00: Disclosure of Consumer Costs and Terms. The purpose of 209 CMR 32.00 is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The regulation also gives consumers the right to cancel certain transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. The regulation is applicable to state-chartered banks, credit unions, licensees and other creditors. The amendments are intended to streamline the regulation for easier compliance by providing that compliance with cited provisions of the regulations of the federal Consumer Financial Protection Bureau (CFPB) constitutes compliance with the cited provisions of 209 CMR 32.00. The purpose of the amendments is to amend the Truth in Lending regulation in a way to incorporate future federal changes while preserving the Massachusetts differences deemed more advantageous to consumers. In addition, the title of the regulation was amended to “Truth in Lending” to correspond with the title of the federal regulation. The amendments became effective on January 2, 2015.



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.

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If you need assistance or have questions, please contact Bernard N. Waxman at 617-521-7581.