By the Division of Banks


DIVISION OF BANKS

Decisions

Alden Credit Union, Chicopee – notice to establish a branch office at 175 State Street, Belchertown – non-objection issued November 14, 2016.

BayCoast Bank, Swansea – permission to relocate its branch office from 174 Taunton Avenue, Seekonk to 110 Taunton Avenue, Seekonk – approved November 7, 2016.

Berkshire Bank (Berkshire), Pittsfield and First Choice Bank (First Choice), Lawrenceville, New Jersey – permission for First Choice to merge with and into Berkshire under the charter, by-laws and name of  Berkshire.  The main office of Berkshire would remain the main office of the continuing institution and the banking offices of First Choice would be retained as branch offices of Berkshire – approved November 29, 2016.

Eastern Bank, Boston – permission to close its branch office located at 755 Lakeview Avenue, Lowell – approved November 17, 2016.

Enterprise Bank and Trust Company, Lowell – permission to establish a branch office at 13-15 Indian Rock Road, Windham, New Hampshire – approved November 9, 2016.

Tremont Credit Union, Boston – 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 employees of Eliassen Group, LLC who work in Massachusetts – approved November 15, 2016.

Applications/Notices Pending

Berkshire Bank, Pittsfield – permission to close its branch office located at 14 Larose Street, Glens Falls, New York.  Comment period ended November 3, 2016.

Berkshire Bank, Pittsfield – permission to close its branch office located at 6310 Elmer Hill Road, Rome, New York. Comment period ended November 3, 2016.

Berkshire Bank, Pittsfield – permission to close its branch office located at 916 Shaker Road, Longmeadow. Comment period ended November 3, 2016.

Blue Hills Bank, Hyde Park – permission to close its branch office located at 1337 Beacon Street, Brookline. Comment period ended November 15, 2016.

Eagle Bank, Everett – permission to relocate its main office from 466 Broadway, Everett to 350 Broadway, Everett.  Comment period ended November 17, 2016.

Eastern Bank, Boston – permission to close its branch office located at 102 Lynn Street, Peabody. Comment period ended November 29, 2016.

Energy Credit Union, West Roxbury – permission to close its branch office located at 40 Sylvan Road, Waltham. Comment period ended November 7, 2016.

Institution for Savings in Newburyport and its Vicinity, Newburyport – notice to establish a branch office at 545 Bay Road, Hamilton. Filed November 29, 2016.

Marlborough Savings Bank (Marlborough), Marlborough and North Middlesex Savings Bank (North Middlesex), Ayer – permission for North Middlesex to merge with and into Marlborough under the charter and by-laws of Marlborough. The main office of Marlborough would remain the main office of the continuing institution and the banking offices of North Middlesex would be retained as branch offices. Comment period ends December 30, 2016.

PeoplesBank, Holyoke – permission to (1) redesignate its main office from 314 High Street, Holyoke to 330 Whitney Avenue, Holyoke; and in connection therewith (2) maintain its current main office as a branch office. Comment period ends December 12, 2016.

December 2016 Filing Date

Complete applications for the December Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, December 15, 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

Athol Credit Union, Athol

HS

08/15/2016


Clinton Savings Bank, Clinton

S

01/19/2016


First Priority Credit Union, Boston

S

05/31/2016


North Shore Bank, a Cooperative Bank, Peabody

S

07/05/2016



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:

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If you need assistance or have questions, please contact Bernard N. Waxman at 617-573-1963.