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
Brockton Credit Union, Brockton - permission to (1) close a branch office located at 785 Washington Street, Canton; and (2) establish a branch office at Village Shoppes, 95 Washington Street, Canton - approved September 13, 2000.
Century Bank and Trust Company, Somerville - permission to establish branch offices at (1) the Lower Mall at Chestnut Hill, 31 Boylston Street, Chestnut Hill; and (2) 24 Federal Street, Boston - approved September 22, 2000.
Citizens Bank of Massachusetts, Boston - permission to establish a branch office within Shaw's Supermarket, 465 William Canning Boulevard, Fall River - approved September 18, 2000.
Danvers Savings Bank, Danvers - permission to establish a branch office at 125 Canal Street, Salem - approved September 29, 2000.
Eagle Bank, Everett - permission to establish a branch office at 171 Massachusetts Avenue, Lexington - approved September 18, 2000.
Hampden Savings Bank, Springfield - permission to establish a branch office at the Southgate Shopping Center, 820 Suffield Street, Agawam - approved September 18, 2000.
Holyoke Credit Union, Holyoke - permission to (i) redesignate the location of its main office from its current site at 235 Maple Street to an approved but unopened office at 490 Westfield Road, Holyoke; and in conjunction therewith (ii) close its current main office - approved September 7, 2000.
Monsanto 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 those who work or reside in Hampden, Hampshire and Franklin Counties, as well as family members of such individuals - approved September 26, 2000.
People's Savings Bank of Brockton, South Easton - permission to relocate its main office from 580 Washington Street to 73 Belmont Street, South Easton - approved September 21, 2000.
State Street Bank and Trust Company ("State Street Bank"), Boston, Massachusetts and Investors Fiduciary Trust Company ("Investors"), Kansas City, Missouri - permission to merge Investors with and into State Street Bank under the charter, by-laws and name of State Street Bank and Trust Company. The main office of State Street Bank would remain the main office of the continuing institution and the sole banking office of Investors would be maintained as a branch office. State Street Bank and Investors are both subsidiaries of State Street Corporation, Boston, a bank holding company - approved September 13, 2000.
Strata Bank, Medway - permission to establish a branch office at Notre Dame duLac, 555 Plantation Street, Worcester - approved September 22, 2000.
Wainwright Bank & Trust Company, Boston - permission to establish branch offices at (1) 647 Massachusetts Avenue, Cambridge; and (2) 250 Elm Street, Somerville - approved September 29, 2000.
Webster Five Cents Savings Bank, Webster - permission to establish a branch office at 200 Commercial Street, Worcester - approved September 7, 2000.
Wrentham Co-operative Bank, Wrentham - permission to establish a branch office at 1005 South Street, Wrentham - approved September 18, 2000.
Applications Pending
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.
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. Comment period ended June 22, 2000.
Members Plus Credit Union, Boston - permission to relocate a branch office from 281A Neponset Avenue to 782 Adams Street, Dorchester. Comment period ends October 17, 2000.
Savers Co-operative Bank, Southbridge - permission to relocate its main office from 15 Elm Street to 270 Main Street, Southbridge. Comment period ends October 17, 2000.
St. Vincent Hospital Credit Union, Worcester - permission to permanently close a branch office located at 25 Winthrop Street, Worcester. Comment period ends October 13, 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. Comment period ended September 25, 2000.
Stoneham Savings Bank, Stoneham - permission to establish a branch office at 2171 Main Street, Tewksbury. Comment period ended September 27, 2000.
Strata Bank, Medway - permission to establish a branch office at the Westborough Shopping Center, 140 Turnpike Road, Westborough. Comment period ends October 12, 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. Comment period ended March 29, 2000.
OCTOBER 2000 FILING DATE
Complete applications for the October Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, October 16, 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 |
Cambridge Trust Company, Cambridge | S | 06/02/00 |
Hingham Institution for Savings, Hingham | S | 06/02/00 |
Martha's Vineyard Co-operative Bank Vineyard Haven | O | 04/26/00 |
Massbank, Reading | HS | 04/27/00 |
North Abington Co-operative Bank North Abington | S | 05/26/00 |
St. Jean's Credit Union, Lynn | S | 07/11/00 |
Wrentham Co-operative Bank, Wrentham | S | 06/26/00 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Graham's Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office at 715 Main Street, West Springfield - approved September 13, 2000.
Pioneer Check Cashing, Inc., Springfield - permission to operate a check casher office at 747 Carew Street, Springfield - approved September 13, 2000.
APPLICATIONS TO SELL INSURANCE
Spencer Savings Bank, Spencer - approved September 19, 2000
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:
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.