BOARD OF BANK INCORPORATION
Decisions
Seacoast Financial Services Corporation ("Seacoast"), New Bedford, Massachusetts - permission to acquire Home Port Bancorp, Inc. and its subsidiary, Nantucket Bank, Nantucket, Massachusetts. Seacoast is the holding company for Compass Bank for Savings, New Bedford - approved November 29, 2000.
DIVISION OF BANKS
Decisions
Cambridgeport Bank, Cambridge - permission to close a branch office within Roche Bros. Supermarket, 101 Falls Boulevard, Quincy. In connection with the petition, Cambridgeport Bank has entered into an agreement whereby South Shore Savings Bank, Weymouth would purchase certain deposit accounts from this branch office - approved November 28, 2000.
Eagle Bank, Everett - permission to close a branch office located within Foodmaster Supermarket, 651 Squire Road, Revere - approved November 28, 2000.
Members Plus Credit Union, Boston - permission to (1) redesignate the location of its main office from 101 Huntington Avenue, Boston to 1165 Massachusetts Avenue, Dorchester and close its current main office; and (2) establish a branch office at 111 South Street, Somerville - approved November 22, 2000.
Peoples Savings Bank, Holyoke - permission to establish a branch office at 610 Memorial Drive, Chicopee - approved November 22, 2000.
Plymouth Savings Bank, Wareham - permission to relocate a branch office from 330 Bedford Street, Lakeville to 348 Bedford Street, Lakeville - approved November 28, 2000.
South Shore Savings Bank, Weymouth - permission to establish a branch office at 138 Franklin Street, Quincy - approved November 28, 2000.
Springfield Street Railway Employees Credit Union, Springfield - permission to relocate its main office from 458 Bridge Street, Springfield to 640 Page Boulevard, Springfield - approved November 20, 2000.
Applications Pending
555 Credit Union, Canton and Rockland Federal Credit Union ("Rockland Federal"), Rockland - permission to merge 555 Credit Union with and into Rockland Federal under the charter, by-laws and name of Rockland Federal Credit Union. The main office of Rockland Federal would remain the main office of the continuing credit union and the sole banking office of 555 Credit Union would be retained as a branch office. Comment period ended November 20, 2000.
Berkshire Bank, Pittsfield - permission to close a branch office located at 75 Cheshire Road at the Allendale Shopping Center, Pittsfield. Comment period ends December 11, 2000.
Brockton Credit Union, Brockton - permission to establish a branch office at 295 Bedford Street, Bridgewater. Comment period ends December 11, 2000.
Boston Bank of Commerce (The) ("the Bank"), Boston, Massachusetts and Founders National Bank of Los Angeles ("Founders"), Los Angeles, California- permission to merge Founders with and into the Bank under the charter, by-laws and name of The Boston Bank of Commerce. The main office of the Bank would remain the main office of the continuing institution and all of the banking offices of Founders would be retained as branch offices. Comment period ended November 24, 2000.
Citizens Bank of Massachusetts, Boston - permission to establish a branch office at 474-552 Washington Street, Boston. Comment period ended November 29, 2000.
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 205 Tremont Street, Boston. Comment period ends December 18, 2000.
Commerce Bank & Trust Company, Worcester - permission to establish a branch office at 53 Auburn Street, Drury Square, Auburn. Comment period ends December 8, 2000.
First Essex Bank, FSB ("Bank"), Lawrence - permission to convert to a state-chartered savings bank under the name First Essex Bank. The main office of the Bank will remain at 296 Essex Street, Lawrence. Comment period ends December 21, 2000.
Gas & Electric Employees Credit Union ("Gas & Electric"), Melrose and Cape Cod Gas Employees Federal Credit Union ("Cape Cod Gas"), South Yarmouth - permission to merge Cape Cod Gas with and into Gas & Electric under the charter, by-laws and name of Gas & Electric Employees Credit Union. As part of this transaction, the by-laws of Gas & Electric would be amended to change membership eligibility. Comment period ended August 18, 2000.
General Electric River Works Employees Credit Union (the "Credit Union"), Lynn - permission to amend its by-laws to (1) expand membership eligibility to now include those who live, work or worship in Essex County or reside within twenty-five miles of the main office of the Credit Union, as well as other changes which include, but are not limited to, various relationships with General Electric Company, as specified in the proposed by-law; and (2) change the name of the Credit Union to West Lynn Credit Union. Comment periods ended June 22, 2000.
Mt. Washington Co-operative Bank, South Boston - permission to establish a branch office at 501 Southampton Street, Andrew Square, South Boston. Coment period ends December 8, 2000.
Norwood Co-operative Bank, Norwood - permission to close a branch office located at 11 Vanderbilt Avenue, Norwood. Comment period ended November 13, 2000.
Provident Bank (The) ("Provident"), Amesbury and The Amesbury Co-operative Bank ("Amesbury"), Amesbury - permission to merge Amesbury with and into Provident under the charter, by-laws and name of The Provident Bank. As part of this transaction, a petition has been filed to close the sole banking office of Amesbury after the merger, if the application is approved. Comment period ended November 20, 2000.
Springfield Mass. Municipal Employees Credit Union, Springfield - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility would now include individuals who work, reside or attend school in Hampden and Hampshire Counties. Comment period ends December 21, 2000.
Tremont Credit Union, Boston - permission to amend its by-laws to expand membership eligibility to now include (1) Employees of the Academy of the Pacific Rim, Hyde Park; (2) Employees of The Olive Group, Charlestown; (3) Employees of Peets Coffee & Tea; (4) Employees of Elron Telesoft, Inc., Burlington; (5) Employees of Health Watch, Inc., Medford; (6) Employees of The Boston Park Plaza Hotel, Boston; and (7) Students and Alumnae of Simmons College, Boston. Comment period ends December 15, 2000.
United Co-operative Bank, West Springfield - permission to relocate a branch office from 1954 Wilbraham Road, Springfield to 1930 Wilbraham Road, Springfield. Comment period ends December 18, 2000.
DECEMBER 2000 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., Friday, December 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").
DATE OF | ||
BANK | RATING | EXAMINATION |
Brockton Credit Union, Brockton | O | 08/07/00 |
Luso-American Credit Union, Peabody | HS | 09/01/00 |
Medford Savings Bank, Medford | S | 07/24/00 |
The Bank of Western Massachusetts, Springfield | O | 05/22/00 |
APPLICATIONS TO SELL INSURANCE
East Boston Savings Bank, East Boston - approved November 16, 2000
South Shore Co-operative Bank, Weymouth - approved November 20, 2000
Bridgewater Savings Bank, Bridgewater - pending
City Savings Bank, Pittsfield - pending
East Cambridge Savings Bank, Cambridge - pending
radius financial group, inc., Braintree - pending
Savings Bank (The), Wakefield - pending
NEW SERVICE
PLEASE NOTE: The Division of Banks now offers email delivery of its publications, including the Monthly Activity Report. You now have the option of receiving the publication in an email addressed to you instead of by postal mail. Your participation is encouraged. To subscribe, simply send an email to:
dobactivityreport-subscribe@listserv.state.ma.us
If you need assistance or have questions, please contact Bernard N. Waxman at 617.956.1571.
For information relative to current Activity Reports please contact the Consumer Assistance Unit.