BOARD OF BANK INCORPORATION
Hearings
Thursday, May 3, 2001
One South Station, Fifth Floor, Boston
At 10:00 a.m.
Boston Private Financial Holdings, Inc. (the "Petitioner"), Boston, Massachusetts - permission to acquire Sand Hill Private Bank & Trust Company (in organization), Menlo Park, California and become a bank holding company under chapter 167A of the General Laws. The Petitioner is currently the holding company for Boston Private Bank & Trust Company, Boston. Comment period ends May 17, 2001.
Decisions
Chittenden Corporation ("Chittenden"), Burlington, Vermont - permission to acquire Maine Bank Corp., Portland, Maine and its subsidiary bank, Maine Bank & Trust Company. In the Commonwealth Chittenden is the holding company for Flagship Bank and Trust Company, Worcester, Massachusetts and The Bank of Western Massachusetts, Springfield, Massachusetts - approved April 27, 2001.
DIVISION OF BANKS
Decisions
Abington Savings Bank, Abington - permission to establish a branch office at 303 Columbia Road, Hanover - approved April 26, 2001.
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 - approved April 18,2001.
Danvers Savings Bank, Danvers - permission to establish a branch office at 579 Main Street, Wilmington - approved April 20, 2001.
MetroWest Bank, Framingham - permission to establish a branch office at 1641 Beacon Street, Brookline - approved April 5, 2001.
Salem Five Cents Savings Bank, Salem - permission to establish a branch office at 20 State Street, Lynn - approved April 20, 2001.
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 - approved April 12, 2001.
Westfield Savings Bank, Westfield - permission to establish branch offices at (1) 1642 Northampton Street, Holyoke; and (2) 1342 Liberty Street, Springfield - approved April 20, 2001.
Applications Pending
Belmont Savings Bank, Belmont - permission to establish a branch office at the Watertown Square Plaza, 53 Mount Auburn Street, Watertown. Comment period ends May 17, 2001.
Cambridge Savings Bank, Cambridge - permission to establish a branch office at 632 Massachusetts Avenue, Cambridge. Comment period ends May 9, 2001.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located at 105 Broadway, Somerville. Comment period ended March 20, 2001.
Commonwealth Utilities Employees' Credit Union, Wareham - permission to relocate its main office from 2421 Cranberry Highway, Wareham to 312 Wareham Road, Marion. Comment period ends May 16, 2001.
City of Boston Credit Union, Boston - permission to establish a branch office at 53-55 Tolman Street, Dorchester. Comment period ended January 16, 2001.
FHBT Credit Union, Northampton, permission to close a branch office located at 1124 Berkshire Avenue, Springfield. Comment period ends May 10, 2001.
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.
Kelko Credit Union ("Kelko"), Springfield and Spalding Employees Credit Union ("Spalding"), Chicopee - permission to merge Spalding with and into Kelko under the charter, by-laws and name of Kelko Credit Union. The main office of Kelko would remain the main office of the continuing credit union and the sole banking office of Spalding would be retained as a branch office. The by-laws of Kelko would be amended to change membership eligibility to reflect this transaction as well as a previous merger. Comment period ended April 23, 2001.
Lawrence Savings Bank (the "Bank"), North Andover - permission to reorganize the Bank into a holding company structure pursuant to a Plan of Reorganization and Acquisition dated as of March 12, 2001 between the Bank and LSB Corporation, a Massachusetts corporation formed to effect the reorganization. Comment period ends May 21, 2001.
Southern Massachusetts Telephone Workers' Credit Union, Fairhaven - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility would now include persons who live, work, worship or attend school in Barnstable, Bristol, Dukes, Nantucket, Norfolk and Plymouth Counties, as well as other provisions specified in the proposed by-law. Comment period ended April 23, 2001.
MAY 2001 FILING DATE
Complete applications for the May Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, May 15, 2001.
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 |
| Benjamin Franklin Savings Bank, Franklin | S | 01/08/01 |
| Northeast Community Credit Union, Haverhill | S | 01/31/01 |
| South Shore Savings Bank, Weymouth | S | 11/24/00 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Bay State Check Express, Inc., Attleboro, Massachusetts - permission to operate a check casher business at 1039 Washington Street, Attleboro, Massachusetts - approved April 27, 2001.
Medina Financial, Inc., Springfield, Massachusetts - permission to operate a check casher business within Medina's Supermarket located at 2705 Main Street, Springfield, Massachusetts - approved April 30, 2001.
APPLICATIONS TO SELL INSURANCE
Central Co-operative Bank, Somerville - approved April ll, 2001
Chicopee Savings Bank, Chicopee - approved April 6, 2001
Randolph Savings Bank, Randolph - approved April 20, 2001
Strata Bank, Medway - approved April 27, 2001
Bay State Savings Bank, Worcester - pending
Fidelity Co-operative Bank, Fitchburg - pending
Mansfield Co-operative Bank, Mansfield - pending
Mt. Washington Co-operative Bank, South Boston - pending
Stoneham Savings Bank, Stoneham - pending
UniBank for Savings, Whitinsville - pending
Miscellaneous
The Division of Banks' (the "Division") regulations, 209 CMR 40.00: Unfair and Deceptive Practices in Consumer Transactions went into effect on Friday, April 27, 2001. The Division's amendments to 209 CMR 47.00 et. seq., Parity With National Banks, also went into effect on April 27, 2001
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.