By the Division of Banks

 


BOARD OF BANK INCORPORATON

Applications Pending

ESB Bancorp, MHC (MHC) and ESB Bancorp, Inc. (Bancorp), Easthampton – permission to each become a bank holding company through the direct and indirect acquisition of Hometown Bank, Oxford.  MHC and Bancorp are the mutual holding company and mid-tier stock holding company, respectively, of Easthampton Savings Bank, Easthampton.  Upon consummation of the transaction, MHC and Bancorp would be the mutual holding company and mid-tier holding company for both Easthampton Savings Bank and Hometown Bank. Comment period ended January 26, 2016.

DIVISION OF BANKS

Decisions

Cape Cod Co-operative Bank, Hyannis – permission to relocate its branch office from 649 Main Street, Falmouth to 238 Worcester Court, Falmouth – approved January 12, 2016.

Jeanne D’Arc Credit Union, Lowell – permission to establish a branch office at 102 Spit Brook Road, Nashua, New Hampshire – approved January 5, 2016.

Rockland Trust Company, Rockland – permission to close its branch offices located at (1) 137 Pleasant Street, Malden; and (2) 2722 County Road, Somerset – approved January 12, 2016.

South Shore Bank, South Weymouth – notice to establish a branch office at 680 Hancock Street, Quincy – non-objection issued January 12, 2016.

Applications/Notices Pending

Align Credit Union, Lowell – permission to relocate its branch office from 969 Concord Street, Framingham to 235 Old Connecticut Path, Framingham. Comment period ended January 29, 2016.

Blue Hills Bank, Hyde Park – notice to establish a branch office at 85 Seaport Boulevard, Boston. Filed January 15, 2016.

Cambridge Trust Company, Cambridge – permission to close its branch office located at 152 Lincoln Road, Lincoln.  Comment period ends February 12, 2016.

Fidelity Co-operative Bank (Fidelity), Fitchburg and Barre Savings Bank (Barre), Barre – permission for Barre to merge with and into Fidelity under the charter and by-laws of Fidelity.  The main office of Fidelity would remain the main office of the continuing institution and the banking offices of Barre would be retained as branch offices.  Comment period ended December 23, 2015.

Pentucket Bank, Haverhill – permission to reorganize into a mutual holding company, Pentucket Bank Holdings, MHC with a mid-tier holding company, Pentucket Bancorp, Inc., in a multi-step transaction.  Comment period ended December 16, 2015.

Randolph Savings Bank (Randolph), Randolph and First Federal Savings Bank (First Federal), Boston – permission for First Federal to merge with and into Randolph under the charter, by-laws and name of Randolph as part of a multi-step transaction. The main office of Randolph would remain the main office of the continuing institution and the sole banking office of First Federal would be retained as a branch office of Randolph.  This multi-step transaction includes the merger of Randolph’s mutual holding company, Randolph Bancorp, with First Federal’s holding company, First Eastern Bankshares Corporation.  Comment period ended November 12, 2015.

St. Mary’s Credit Union, Marlborough – 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 membership for persons residing, working, attending school, or having a place of business in the counties of Norfolk and Suffolk and those attending school or having a place of business in the counties of Middlesex and Worcester – comment period ended January 22, 2016.

Applications Withdrawn

Chicopee Municipal Employees Credit Union, Chicopee – permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility now proposes to allow membership for individuals who live, work, or attend educational organizations within the counties of Hampden and Hampshire – application withdrawn January 13, 2016.

February 2016 FILING DATE

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 16, 2016.

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
Alpha Credit Union, Boston

S

10/05/2015

Colonial Co-operative Bank, Gardner

S

10/19/2015

Fidelity Co-operative Bank, Leominster

S

09/28/2015


Mortgage LenderRatingDate of Examination
American Internet Mortgage, Inc.

NI

05/19/2015


 

BANK INSURANCE SALES

Equitable Co-operative Bank - pending

REGULATIONS

Proposed amendments to regulation 209 CMR 50.00: Parity with Federal Credit Unions remain pending. Additional updates will be posted on the Division’s website at www.mass.gov/dob.

               __________________________________________

The Division’s review of each of the Division’s regulations is ongoing pursuant to Executive Order 562, issued by Governor Baker on March 31, 2015.   Updates on the Division’s review of its regulations 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.