October 31, 2000 Activity Report

BOARD OF BANK INCORPORATION

Applications Pending

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. Comment period after public hearing extended until October 20, 2000.

DIVISION OF BANKS

Decisions

Landmark Credit Union, North Adams - 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 live, work or attend school in Adams, Cheshire, Clarksburg, Florida, North Adams, Savoy and Williamstown, as well as other provisions specified in the proposed by-law - approved October 27, 2000.

Members Plus Credit Union, Boston - permission to relocate a branch office from 281A Neponset Avenue to 782 Adams Street, Dorchester - approved October 25, 2000.

Savers Co-operative Bank, Southbridge - permission to relocate its main office from 15 Elm Street to 270 Main Street, Southbridge - approved October 24, 2000.

St. Vincent Hospital Credit Union, Worcester - permission to permanently close a branch office located at 25 Winthrop Street, Worcester - approved October 25, 2000.

State Street Bank and Trust Company, Boston - permission to establish a branch office within the Kwanghwamun Building, 64-8 Taepyung-ro 1-ka, Chung-ku, K.P.O. Box 1544, Seoul, Korea - approved October 11, 2000.

Stoneham Savings Bank, Stoneham - permission to establish a branch office at 2171 Main Street, Tewksbury - approved October 5, 2000.

Strata Bank, Medway - permission to establish a branch office at the Westborough Shopping Center, 140 Turnpike Road, Westborough - approved October 24, 2000.

Western Massachusetts Telephone Workers' 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 employees of companies whose primary business is telecommunication and persons who work or reside in Hampden, Hampshire, Franklin and Berkshire Counties, as well as other provisions specified in the proposed by-law - approved October 24, 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 ends November 20, 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 ends November 24, 2000.

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. Comment period ends November 20, 2000.

Eagle Bank, Everett - permission to close a branch office located within Foodmaster Supermarket, 651 Squire Road, Revere. Comment period ends November 20, 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.

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. Comment periods end November 16, 2000.

Norwood Co-operative Bank, Norwood - permission to close a branch office located at 11 Vanderbilt Avenue, Norwood. Comment period ends November 13, 2000.

Peoples Savings Bank, Holyoke - permission to establish a branch office at 610 Memorial Drive, Chicopee. Comment period ends November 14, 2000.

Plymouth Savings Bank, Wareham - permission to relocate a branch office from 330 Bedford Street, Lakeville to 348 Bedford Street, Lakeville. Comment period ends November 16, 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 periods end November 20, 2000.

South Shore Savings Bank, Weymouth - permission to establish a branch office at 138 Franklin Street, Quincy. Comment period ends November 20, 2000.

Springfield Street Railway Employees Credit Union, Springfield - permission to relocate its main office from 458 Bridge Street, Springfield to 640 Page Boulevard, Springfield. Comment period ends November 13, 2000.

NOVEMBER 2000 FILING DATE

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

APPLICATIONS TO SELL INSURANCE

East Boston Savings Bank, East Boston - pending
South Shore Co-operative Bank, Weymouth - 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:

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If you need assistance or have questions, please contact Bernard N. Waxman at 617.956.1571.

THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING

Pursuant to the provisions of Massachusetts General Laws chapter 167F, section 2, paragraph 31, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, November 7, 2000 at 10:00 a.m. at One South Station, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to proposed amendments to 209 CMR 47.00: Parity With National Banks. The purpose of these amendments is to authorize state-chartered banks to exercise additional powers and engage in financial activities that are permissible for a national bank with its main office in the Commonwealth, consistent with the passage of the Federal Gramm-Leach-Bliley Financial Modernization Act of 1999. The proposed new activities include but are not limited to non-controlling or minority investments in certain entities either directly by the bank or through a financial subsidiary and expanding the financial activities which may be engaged in by a bank through a financial subsidiary. Additional changes may be made based on the comments received at the public hearing or during the comment period.

Written comments may be submitted to the Division of Banks on the proposed amendments until 5:00 p.m. on Thursday, November 16, 2000. Copies of the proposed amendments are available for public inspection at and may be obtained from the Division of Banks, One South Station, Boston, Massachusetts 02110.

COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
LEGAL HOLIDAYS DURING 2001

FR - Refers to those holidays on which the Federal Reserve Bank of Boston will be closed during calendar year 2001.

Note: Banks, in their discretion, may open for business on any day of the year except Columbus Day before Noon and Veteran's Day before 1:00 P.M. This is the result of Chapter 276 of the Acts of 1996 which gave banks the authority to open for business on Sundays and, by cross-reference, legal holidays.

M1 - Refers to those days defined as "legal holidays" under Massachusetts General Laws chapter 4, section 7, paragraph 18 which previously have been subject to the Sunday "blue law" restrictions contained in Massachusetts General Laws chapter 136, sections 5 to 11, inclusive. Pursuant to Chapter 276 of the Acts of 1996, banks and credit unions are no longer required to close on these days, but may, in the discretion of management, open for business.

M2 - Refers to those days defined as "legal holidays" under Massachusetts General Laws chapter 4, section 7, paragraph 18 which are exempt from the Sunday "blue law" restrictions contained in Massachusetts General Laws chapter 136, sections 5 to 11, inclusive. Banks may, in the discretion of management, open for business on these days. Please note that two of the days listed in this category, Evacuation Day and Bunker Hill Day, are legal holidays in Suffolk County only.

M3 - Refers to a day defined as a "legal holiday" under Massachusetts General Laws chapter 4, section 7, paragraph 18 but which is subject to a special rule contained in Massachusetts General Laws chapter 136, section 13. Banks may, in the discretion of management, open for business on this day, Veteran's Day, but not until 1:00 P.M.

M4 - Refers to a day defined as a "legal holiday" under Massachusetts General Laws chapter 4, section 7, paragraph 18 but which is subject to a special rule contained in Massachusetts General Laws chapter 136, section 13, as amended by Chapter 287 of the Acts of 1989. Effective as of 1989, banks may, in the discretion of management, open for business on this day, Columbus Day, the second Monday in October, but not until 12:00 Noon.

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