February 26, 1999 Activity Report

BOARD OF BANK INCORPORATION

Hearings

There are no hearings scheduled for the month of March 1999.

DIVISION OF BANKS

Decisions

Andover Bank, Andover and Andover Bank NH, Salem, New Hampshire - permission to merge Andover Bank NH with and into Andover Bank under the charter, by-laws and name of Andover Bank. The main office of Andover Bank would remain the main office of the continuing institution and all of the banking offices of Andover Bank NH would be maintained as branch offices. Andover Bank and Andover Bank NH are both subsidiaries of Andover Bancorp, Inc., Andover, Massachusetts, a bank holding company - approved February 12, 1999.

Cambridgeport Bank, Cambridge - permission to establish a branch office at 100 Cambridge Park Drive, Cambridge - approved February 12, 1999.

Citizens Bank of Massachusetts, Boston - permission to establish a branch office at One Financial Center, Boston - approved February 19, 1999.

Compass Bank for Savings, New Bedford - permission to establish a branch office at 715 West Main Street, Hyannis - approved February 25, 1999.

Foxborough Savings Bank, Foxborough - permission to relocate a branch office from 931 Main Street, Walpole to the southeast corner of Main Street and East Street, Walpole - approved February 25, 1999.

Mansfield Co-operative Bank, Mansfield - permission to (1) close its branch office located at Ten West Main Street, Norton; and (2) establish a branch office at 225 West Main Street, Norton - approved February 25, 1999.

USTrust, Boston - permission to close a branch office located at 36 Cambridge Street, Burlington - approved February 24, 1999.

Applications Pending

Abington Savings Bank, Abington - permission to establish a branch office within Shaw's Supermarket, 75 Washington Street, Cobbs Corner, Canton. Comment period ends March 22, 1999.

ABN AMRO Bank, N.V., Amsterdam, The Netherlands - permission to close its branch office located at One Post Office Square, Boston and to maintain such location as a representative office. Comment period ends March 22, 1999.

Cambridge Trust Company, Cambridge - permission to close its branch office located at 124 Mount Auburn Street, Cambridge. Comment period ends March 22, 1999.

Community Bank, A Massachusetts Co-operative Bank (The), Brockton - permission to establish a branch office at 337 Cotuit Road, South Sandwich. Comment period ends March 22, 1999.

Eastern Bank, Lynn - permission to close a branch office located at One Salisbury Square, Salisbury. Comment period ended February 22, 1999.

Investors Bank & Trust Company, Boston - permission to relocate its main office from 24 Federal Street to 200 Clarendon Street, Boston. Comment period ended February 23, 1999.

Quincy Municipal Credit Union, Quincy - permission to relocate its main office from 380 Washington Street to 100 Quincy Avenue, Quincy. Comment period ended January 21, 1999.

Southbridge Credit Union, Southbridge - permission to close its branch office located at 14 Mechanic Street, Southbridge. Comment period ends March 19, 1999.

Southbridge Savings Bank, Southbridge - permission to (1) close its branch office located at 331 Main Street, Sturbridge; and (2) establish a branch office at 200 Charlton Road, Sturbridge. Comment periods end March 22, 1999.

South Shore Co-operative Bank, Weymouth - permission to establish a branch office at 28-34 Franklin Street, Quincy. Comment period ends March 22, 1999.

Summit Bank, Medway - permission to establish a branch office at the Forge Hill Senior Living Center, Four Forge Hill Road, Franklin. Comment period ends March 22, 1999.

Westborough Savings Bank, Westborough - permission to establish a branch office within Shaw's Supermarket, White City Plaza, Route 9, Shrewsbury. Comment period ends March 22, 1999.

MARCH 1999 FILING DATE

Complete applications for the March 1999 Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, March 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").

APPLICATIONS TO SELL INSURANCE

Citizens Bank of Massachusetts, Boston - pending.

USTrust, Boston - pending.

HomeVest Mortgage Corporation, Newton - pending.

DIVISION OF BANKS

Notice

Relative To Reverse Mortgage Loans

Pursuant to the provisions of 209 CMR 34.04, the Division of Banks is to announce, as of March 1st of each year, the maximum dollar amount for a reverse mortgage loan. However, Chapter 283 of the Acts of 1998 rewrote the reverse mortgage statutes and deleted the specific requirement that the maximum amount for such a loan be set by regulations of the Division. Accordingly, the provisions of 209 CMR 34.04 are negated and the maximum dollar amount for a reverse mortgage loan is deregulated. The Division will repeal 209 CMR 34.04 at the earliest opportunity. The amendments to the reverse mortgage laws contained in said Chapter 283 granted to the Division the authority to issue regulations and the Division reserves the right to do so in the future.

For information relative to current Activity Reports please contact the Consumer Assistance Unit.