BOARD OF BANK INCORPORATION
Hearings
September 30, 1999
Hearing Room A, 5 th Floor
One South Station
Boston, Massachusetts
At 1:30 p.m.
RBSG International Holdings Limited, Edinburgh, Scotland - permission to become a bank holding company through its direct ownership of Citizens Financial Group, Inc., Providence, Rhode Island. In the Commonwealth, Citizens Financial Group, Inc. is the holding company of Citizens Bank of Massachusetts, Boston. The Petitioner is a direct subsidiary of The Royal Bank of Scotland, plc. Comment period ends October 14, 1999.
At 2:00 p.m.
Lighthouse Bank, Waltham - permission to establish a new savings bank which will conduct business over the Internet. Lighthouse Bank will operate as a direct and indirect subsidiary of Brookline Bancorp, Inc. and Brookline Bancorp, MHC, respectively, which have applied to become bank holding companies. Currently, both entities are the holding companies for Brookline Savings Bank, Brookline, Massachusetts. Comment period ends October 14, 1999.
October 20, 1999
Hearing Room A, 5th Floor
One South Station
Boston, Massachusetts
At 1:30 p.m.
Citizens Financial Group, Inc., Providence, Rhode Island - permission to acquire UST Corp, Boston. UST Corp is the holding company for USTrust and United States Trust Company, Boston, Massachusetts. Comment period ends November 1, 1999.
Applications Pending
Fleet Financial Group, Inc. ("Fleet"), Boston - permission to acquire BankBoston Corporation and its wholly owned subsidiary bank in the Commonwealth, BankBoston, N.A. by merger of BankBoston Corporation with and into Fleet Financial Corporation, Inc. which will change its name to Fleet Boston Corporation upon consummation of the transaction. Comment period ended July 27, 1999.
Provident Bank (The), Amesbury - permission to establish a mutual savings bank, The Provident Mutual Savings Bank and a stock savings bank, The Provident Interim Savings Bank, Amesbury in connection with its multi-step reorganization into a mutual holding company, Provident Bancorp. Comment period ends September 10, 1999.
Westborough Savings Bank, Westborough - permission to establish a mutual savings bank, Westborough DeNovo Savings Bank and a stock savings bank in conjunction with its multi-step reorganization into a mutual holding company, Westborough Bancorp, MHC. This transaction also involves the formation of an intermediate holding company, Westborough Financial Services, Inc. and the issuance of up to 30% of the stock of the intermediate holding company. Comment period ended July 27, 1999.
DIVISION OF BANKS
Decisions
Community Bank, A Massachusetts Co-operative Bank (The), Brockton - permission to relocate a branch office from 1280 Belmont Street to 1265 Belmont Street, Brockton - approved August 31, 1999.
Danvers Savings Bank, Danvers - permission to establish a branch office at 21-37 Harnden Street, Reading - approved August 30, 1999.
Dukes County Savings Bank, Edgartown - permission to establish a branch office at Four Uncas Avenue, Oak Bluffs - approved August 27, 1999.
Florence Savings Bank ("Florence"), Florence - permission to merge with Bank of Easthampton, A Co-operative Bank ("Easthampton"), Easthampton. Under the terms of the Agreement and Plan of Merger, Easthampton will merge with and into Florence under the charter, by-laws and name of Florence Savings Bank. The main office of Florence would remain the main office of the continuing institution and the sole banking office of Easthampton would be maintained as a branch office - approved August 31, 1999.
Jeanne D'Arc Credit Union ("Jeanne D'Arc"), Lowell - permission to merge with Colonial Gas Employees Federal Credit Union ("Colonial Gas"), Lowell. Under the terms of the merger, Colonial Gas will merge with and into Jeanne D'Arc under the charter, by-laws and name of Jeanne D'Arc Credit Union. The main office of Jeanne D'Arc will remain the main office of the continuing credit union and the sole banking office of Colonial Gas will not be retained as a branch office - approved August 17, 1999.
Southbridge Credit Union, Southbridge - permission to establish a branch office at the Center at Hobbs Brook, Route 20, Sturbridge - approved August 31, 1999.
Woronoco Savings Bank, Westfield - permission to close a branch office located at Westfield High School, 177 Montgomery Road, Westfield - approved August 23, 1999.
Applications Pending
Aldenville Credit Union, Chicopee - permission to establish a branch office at White Birch Plaza, Burnett Road, Chicopee. Comment period ends September 24, 1999.
Boston Edison Employees' Credit Union, Boston - permission to establish a branch office at 151 University Avenue, Westwood. Comment period ends September 23, 1999.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located at 77 Granite Street, Quincy. Comment period ended August 23, 1999.
Citizens Bank of Massachusetts, Boston - permission to merge with USTrust, Boston. Under the merger agreement, USTrust will merge with and into Citizens Bank of Massachusetts under the charter, by-laws and name of Citizens Bank of Massachusetts. Other related approvals are set out in the application. Comment period ends November 1, 1999.
Elgasco Credit Union ("Elgasco"), Lawrence and The Lowell Electric Light Employees Credit Union ("Lowell Electric"), Haverhill - permission to merge Lowell Electric with and into Elgasco under the charter and by-laws of Elgasco and name of First Choice Credit Union. As part of this transaction, the by-laws of Elgasco would be amended to change the name of Elgasco Credit Union to First Choice Credit Union. Comment period ends September 24, 1999.
Marlborough Savings Bank, Marlborough - permission to establish a branch office within Sudbury Farms Market, 439 Boston Post Road, Sudbury. Comment period ends September 20, 1999.
Middlesex Savings Bank, Natick - permission to establish a branch office at 495 Main Street, Medfield. Comment period ends September 1, 1999.
Pentucket Five Cents Savings Bank, Haverhill - permission to relocate its main office from 35 Merrimack Street to One Merrimack Street, Haverhill. Comment period ends September 17, 1999.
Provident Bank (The), Amesbury - permission to reorganize into a mutual holding company, Provident Bancorp, as part of a multi-step transaction. Comment period ends September 10, 1999.
Summit Bank, Medway -permission to relocate a branch office from 281A East Central Street to 511 East Central Street, Franklin. Comment period ends September 20, 1999.
Tremont Credit Union, Boston - permission to amend its by-laws to expand the association which qualify persons for membership. The amendment relative to membership eligibility would now include (1) employees of The Boston Herald, Boston; (2) employees of Bradco Supply Corp., Woburn; (3) employees of Wediko Children's Services, Boston; (4) employees of Unitarian Universalist Service Committee, Cambridge; and (5) members of International Association of Bridge, Structural, Ornamental & Reinforcing Iron Workers-Local 7 Boston, Boston. Comment period ends September 24, 1999.
Westborough Savings Bank, Westborough - permission to reorganize into a mutual holding company, Westborough Bancorp MHC, as part of a multi-step transaction which involves the formation of an intermediate holding company, Westborough Financial Services, Inc. and the issuance of up to 30% of the stock of the intermediate holding company. Comment period ended July 27, 1999.
SEPTEMBER 1999 FILING DATE
Complete applications for the September 1999 Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, September 15, 1999.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered institutions have Community Reinvestment Act Descriptive Ratings and Evaluations describing the basis for the Rating issued by the Division of Banks pursuant to Massachusetts General Laws chapter 167, section 14. The ratings, as set out in the statute, for a bank's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC").
DATE OF | ||
BANK | RATING | |
Avon Co-operative Bank, Avon | S | 05/24/99 |
Charter Bank, A Co-operative Bank, Waltham | S | 05/24/99 |
Dedham Co-operative Bank, Dedham | HS | 05/31/99 |
Fiduciary Trust Company, Boston | S | 06/07/99 |
Lynn Postal District Employees Credit Union, Lynn | S | 06/21/99 |
Massachusetts Co-operative Bank, Dorchester | S | 05/24/99 |
Melrose Co-operative Bank, Melrose | S | 05/10/99 |
Quincy Municipal Credit Union, Quincy | S | 05/12/99 |
St. Vincent Hospital Credit Union, Worcester | S | 05/17/99 |
State Street Bank and Trust Company, Boston | HS | 04/05/99 |
Stoughton Co-operative Bank, Stoughton | S | 05/17/99 |
Ware Co-operative Bank, Ware | S | 05/11/99 |
Washington Savings Bank, Lowell | HS | 05/03/99 |
Westfield Savings Bank, Westfield | S | 04/08/99 |
Williamstown Savings Bank, Williamstown | S | 05/10/99 |
APPLICATIONS TO SELL INSURANCE
Canton Institution for Savings (The), The Bank of Canton - approved August 18, 1999
Hampden Savings Bank, Springfield - approved August 27, 1999
Andover Bank, Andover - pending
Cape Cod Five Cents Savings Bank, Harwich Port - pending
Eastern Bank, Lynn - pending
Peoples Savings Bank, Holyoke - pending
Stoneham Savings Bank, Stoneham - pending
Miscellaneous
The Division of Banks' regulations, 209 CMR 50.00 et seq., granting state-chartered credit unions parity with federally-chartered credit unions became effective on August 20, 1999.
For information relative to current Activity Reports please contact the Consumer Assistance Unit.