By the Division of Banks



Event Detail


Event:
POWER CORPORATION OF CANADA and POWER FINANCIAL CORPORATION, Montreal, Quebec, Canada - approval to acquire ownership and control of Putnam Fiduciary Trust Company, a de novo New Hampshire-chartered nondepository trust company (in formation) 
Type of Event:Public Hearing
Date:01/24/2008, 2:15 PM
Description:

THE COMMONWEALTH OF MASSACHUSETTS
BOARD OF BANK INCORPORATION
AND
DIVISION OF BANKS

POWER CORPORATION OF CANADA and POWER FINANCIAL CORPORATION, Montreal, Quebec, Canada ("Power" or the "Petitioners"), have petitioned the Board of Bank Incorporation ("Board"), pursuant to Massachusetts General Laws chapter 167A, sections 2 and 4, for approval to acquire ownership and control of Putnam Fiduciary Trust Company ("Putnam Fiduciary Trust NH"), a de novo New Hampshire-chartered nondepository trust company (in formation). The acquisition is part of the corporate reorganization of Putnam Fiduciary Trust Company ("Putnam Fiduciary Trust MA"), Boston, Massachusetts, a Massachusetts chartered trust company and indirect subsidiary of the Petitioners. A related application has been filed with the Division of Banks (the "Division") for approval of a subsequent merger of Putnam Fiduciary Trust MA with and into Putnam Fiduciary Trust NH.

In determining whether or not to approve the matter before it, the Board must decide, among other things, whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A public hearing will be given to all interested parties on the petition before the Board on January 24, 2008 at 2:15 p.m. in Hearing Room A, Fifth Floor, One South Station, Boston, Massachusetts.

Any interested party other than the Petitioner should file communications, including briefs in favor or protest, with the Board by January 31, 2008, at the following address. The applications and all communications relative to these matters are available for public inspection at One South Station, Third Floor, Boston, Massachusetts 02110.

Board of Bank
Incorporation

Steven L. Antonakes
______________________
Commissioner of Banks


Henry Dormitzer
______________________
Commissioner of Revenue


Timothy P. Cahill
______________________
Treasurer and Receiver-General

Written comments:

accepted until: 01/31/2008

Location:5th Floor Hearing Room A, DOB Main Office
One South Station
Boston, MA
Contact:DOB -- Massachusetts Division Of Banks
 
Registration:No Registration
Fee:none