BOARD OF BANK INCORPORATION
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 - approved January 6, 2000.
Peoples Heritage Financial Group, Inc., Portland, Maine - permission to acquire Banknorth Group, Inc., Burlington, Vermont. In Massachusetts, Banknorth Group, Inc. is the bank holding company for First Massachusetts Bank, N.A., Worcester, Massachusetts and Peoples Heritage Financial Group, Inc. is the bank holding company for Family Bank, FSB, Haverhill, Massachusetts. Comment period after public hearing extended until March 10, 2000.
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 ended October 14, 1999.
TeleCom Co-operative Bank, Boston - permission to relocate its main office from 155 Federal Street, Boston to One Salem Street, Malden. Comment period ended January 18, 2000.
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
Aldenville Credit Union, Chicopee - permission to establish a branch office at White Birch Plaza, Burnett Road, Chicopee - approved January 5, 2000.
Berkshire Bank, Pittsfield - permission to close a branch office located at 69 Veterans Memorial Drive, North Adams - approved January 20, 2000.
Boston Private Bank & Trust Company, Boston - permission to establish a branch office at 500 Boylston Street, Boston - approved January 25, 2000.
Canton Institution for Savings (The), The Bank of Canton, Canton - permission to establish a branch office at 67 North Main Street, Randolph - approved January 25, 2000.
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. This transaction includes the proposed closings of thirty-seven specified branch offices. Other related approvals are set out in the application - merger and thirty-six branch office closings approved January 6, 2000.
Community Bank (The), A Massachusetts Co-operative Bank, Brockton - permission to (i) redesignate the location of its main office from 1090 Main Street to 1265 Belmont Street, Brockton; and (ii) maintain its current main office as a branch office - approved January 25, 2000.
Newburyport Five Cents Savings Bank, Newburyport - permission to establish a branch office at Merrimack Place, 85 Storey Avenue, Newburyport - approved January 10, 2000.
Watertown Savings Bank, Watertown - permission to relocate a branch office from 550 Arsenal Street to 321 Arsenal Street, Watertown - approved January 25, 2000.
Bristol County Savings Bank, Taunton - permission to establish a branch office at 215 Armistice Boulevard, Pawtucket, Rhode Island. Comment period ends February 18, 2000.
Cambridgeport Bank, Cambridge - permission to close a branch office located at 100 Cambridge Park Drive, Cambridge. Comment period ends February 10, 2000.
Cambridgeport Mutual Holding Company, Cambridge, Massachusetts - permission to convert from a mutual holding company to a stock holding company pursuant to Massachusetts General Laws chapter 167H, section 9. If approved, following the conversion, the holding company will be known as Port Financial Corp. Cambridgeport is the holding company for Cambridgeport Bank. Comment period after the January 31, 2000 public hearing ends February 4, 2000.
Citizens Bank of Massachusetts, Boston - permission to establish a branch office within the Scotiabank Building, Cardinal Avenue, George Town, Grand Cayman, Cayman Islands. Comment period ends February 22, 2000.
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, among other provisions, the name of Elgasco Credit Union to First Choice Credit Union. Comment period ended September 24, 1999.
Medford Co-operative Bank, Medford - permission to establish a branch office at 856 Massachusetts Avenue, Arlington. Comment period ends February 17, 2000.
Salem Five Cents Savings Bank, Salem - permission to establish a branch office at 52 Congress Street, Boston. Comment period ends February 17, 2000.
South Shore Savings Bank, Weymouth - permission to close a branch office located at 47 Washington Street, Weymouth. Comment period ends February 17, 2000.
Watertown Savings Bank, Watertown - permission to establish a branch office at 637 Main Street, Waltham. Comment period ends February 14, 2000.
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.
FEBRUARY 2000 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 15, 2000.
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").
Aldenville Credit Union, Chicopee
Boston Globe Employees Credit Union, Boston
Braintree Co-operative Bank (The), Braintree
Brookline Co-operative Bank, Brookline
Holyoke Credit Union, Holyoke
Metropolitan Credit Union, Chelsea
St. Anne's Credit Union of Fall River, Fall River
Wellesley Co-operative Bank, Wellesley
TEMPORARY CHECK CASHER LICENSES
Thursday, February 24, 2000 at 2:00 p.m.
Room 220, Springfield City Hall
36 Court Street, Springfield, Massachusetts
St. James Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher business within Winchester Liquors, 800 State Street, Springfield. Comment period ends March 2, 2000.
APPLICATIONS TO SELL INSURANCE
Abington Savings Bank, Abington - pending
Cambridgeport Bank, Cambridge - pending
Cape Cod Five Cents Savings Bank, Harwich Port - pending
Century Bank and Trust Company, Somerville - pending
Citizens-Union Savings Bank, Fall River - pending
Fall River Five Cents Savings Bank, Fall River - pending
Framingham Co-operative Bank, Framingham - pending
Monson Savings Bank, Monson - pending
Provident Bank (The), Amesbury - pending
For information relative to current Activity Reports please contact the Consumer Assistance Unit.