BOARD OF BANK INCORPORATION
Hearings
Wednesday, January 9, 2002
One South Station, Boston
At 10:00 a.m.
Chittenden ("Chittenden") Corporation, Burlington, Vermont - permission to acquire Ocean National Corporation and its subsidiary bank, Ocean National Bank, Kennebunk, Maine. In the Commonwealth, Chittenden is the bank holding company for Flagship Bank and Trust Company, Worcester and The Bank of Western Massachusetts, Springfield. Comment period ends January 16, 2002.
Wednesday, January 9, 2002
One South Station, Boston
At 10:30 a.m.
FIRSTFED AMERICA BANCORP, INC. ("FIRSTFED"), Swansea, Massachusetts - permission to acquire People's Bancshares, Inc., New Bedford and its banking subsidiary, People's Savings Bank of Brockton ("People's Savings"), South Easton, Massachusetts. Subsequent to the acquisition, People's Savings will merge with and into First Federal Savings Bank of America, Swansea, the bank subsidiary of FIRSTFED. Comment period ends February 6, 2002.
Wednesday, February 6, 2002
One South Station, Boston
At 10:00 a.m.
South Coastal Bank, Rockland, Massachusetts - permission to establish a mutual savings bank, South Coastal Interim Bank, and a stock savings bank in conjunction with its multi-step reorganization into a mutual holding company, South Coastal Holdings MHC, Inc. Comment period ends February 18, 2002.
Decisions
Williamstown Savings Bank, Williamstown, Massachusetts - permission to establish a mutual savings bank, Williamstown Mutual Savings Bank and a stock savings bank in conjunction with its multi-step reorganization into a mutual holding company, Williamstown Mutual Holding Company - approved December 31, 2001.
Applications Pending
GBC Bancorp, Inc. and General Bank, Los Angeles, California - permission to acquire Liberty Bank and Trust Company, Boston, Massachusetts and become bank holding companies in a multi-step transaction. Comment period ended December 14, 2001.
MountainOne Financial Partners, MHC ("MountainOne MHC") and MountainOne Financial Partners, Inc., North Adams, Massachusetts - permission to become bank holding companies for Hoosac Bank, North Adams and Williamstown Savings Bank, Williamstown, Massachusetts. As part of this transaction the then existing mutual holding company of each bank will merge with and into MountainOne MHC (In Organization). Comment period ended December 14, 2001.
DIVISION OF BANKS
Decisions
AllCom Credit Union ("AllCom"), Worcester and Commonwealth Gas Employees' Credit Union ("Commonwealth"), Southborough - permission to merge Commonwealth with and into AllCom under the charter, by-laws and name of AllCom Credit Union. The main office of AllCom would remain the main office of the continuing credit union and the sole banking office of Commonwealth would be retained as a branch office for up to three months after the merger. As part of this transaction, the by-laws of AllCom would be amended to change membership eligibility - merger approved December 19, 2001; by-law amendment provision remained pending after comment period deadline November 26, 2001.
Cambridgeport Bank, Cambridge - permission to establish a branch office at 315 Harvard Street, Brookline - approved December 21, 2001.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices within Stop & Shop Supermarkets located at 1) 100 Macy Street, Amesbury; 2) 337 Great Road, Bedford; 3) 224 Elliott Street, Beverly; 4) 300 Grove Street, Braintree; 5) 300 V.F.W. Parkway, Dedham; 6) 221 Huttleston Avenue, Fairhaven; 7) 501 Rodman Street, Fall River; 8) 100 Worcester Street, North Grafton; 9) 337 Chauncy Street, Mansfield; 10) 90 Pleasant Valley Street, Methuen; 11) 422 West Grove Street, Middleboro; 12) 1001 King's Highway, New Bedford; 13) 757 Turnpike Street, North Andover; 14) 97 Main Street, North Reading; 15) North River Plaza, Route 139, Pembroke; 16) 127 Samoset Street, Plymouth; 17) 259 Main Street, Stoneham; and 18) 541A Lincoln Street, Lincoln Plaza, Worcester - approved December 3, 2001.
City Savings Bank ("City"), Pittsfield and Lenox Savings Bank ("Lenox"), Lenox - permission to merge Lenox with and into City under the charter and by-laws of City and the name of Legacy Banks. The main office of City would remain the main office of the continuing institution and all of the banking offices of Lenox would be retained as branch offices. City and Lenox are both subsidiaries of Legacy Group, Inc. and its parent company, Mutual Bancorp of the Berkshires, Inc. - approved December 13, 2001.
Compass Bank for Savings, New Bedford - permission to establish a branch office at Home Depot Drive, Plymouth - approved December 20, 2001.
East Boston Savings Bank, East Boston - permission to close a branch office located within Shaw's Supermarket, 246 Border Street, East Boston - approved December 21, 2001.
Eastern Bank, Lynn - permission to close a branch office located at 39 State Street, Lynn - approved December 21, 2001.
Haverhill Fire Department Credit Union, Haverhill - permission to relocate its main office from 131 Water Street to the Armory Building, 75 Kenoza Avenue, Haverhill - approved December 21, 2001.
Williamstown Savings Bank, Williamstown - permission to reorganize into a mutual holding company, Williamstown Mutual Holding Company, as part of a multi-step transaction - approved December 31, 2001.
Applications Pending
Aldenville Credit Union, Chicopee - permission to establish a branch office within the Hampden County House of Correction, 627 Randall Road, Ludlow. Comment period ends January 17, 2002.
Athol Credit Union, Athol - 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 Franklin County, Hampshire County and the following municipalities in Worcester County: Ashburnham, Athol, Barre, Brookfield, East Brookfield, Gardner, Hardwick, Holden, Hubbardston, Leicester, New Braintree, North Brookfield, Oakham, Paxton, Petersham, Phillipston, Princeton, Royalston, Rutland, Spencer, Templeton, Warren, West Brookfield, Westminster and Winchendon. Comment period ended November 26, 2001.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices within Stop & Shop Supermarkets located at 1) 60 Everett Street, Allston; 2) 37 Enon Street, Beverly; 3) 683 Belmont Street, Brockton; 4) 1277 Liberty Street, East Springfield; 5) 333 Mariano Bishop Boulevard, Fall River 6) 35 Washington Street, Lynn; 7) 99 Charles Street, Malden; 8) 30 Commercial Street, Medford; 9) 196 East Main Street, Milford; 10) 829 Worcester Street, Natick; 11) 438 Dartmouth Street, New Bedford; 12) 65 Newport Avenue, Quincy; 13) 36 New State Highway, Raynham; 14) 887 Grand Army Highway, Somerset; 15) 278 Washington Street, Stoughton; 16) 171 Watertown Street, Watertown; 17) 700 Pleasant Street, Watertown; and 18) 935 Riverdale Road, West Springfield. Comment periods ended December 24, 2001.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located within Shaw's Supermarket, 780 South Main Street, Sharon. Common period ends January 18, 2002.
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.
Hoosac Financial Services, Inc. ("Hoosac Financial"), North Adams and Williamstown Mutual Holding Company (In Organization) ("Williamstown MHC"), Williamstown - permission to merge with and into MountainOne Financial Partners, MHC (In Organization) ("MountainOne MHC"), North Adams. Hoosac Financial is the mutual holding company for Hoosac Bank and Williamstown MHC is the proposed mutual holding company for Williamstown Savings Bank. Upon consummation of the proposed transaction both banks will be maintained as separate subsidiaries of MountainOne Financial Partners, Inc., the mid-tier holding company subsidiary of MountainOne MHC. Comment period ended December 14, 2001.
Liberty Bank and Trust Company ("Liberty Bank"), Boston, Massachusetts and General Bank, Los Angeles, California - permission to merge Liberty Bank with and into General Bank in a multi-step transaction. Under the proposed transaction the banking offices of Liberty Bank will be retained as branch offices. Comment period ended December 14, 2001.
Postal Community Credit Union, Boston - 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 reside in or are employed by entities with a location in Essex, Middlesex, Norfolk, Plymouth and Suffolk Counties. Comment period ended August 27, 2001.
South Coastal Bank, Rockland - permission to reorganize into a mutual holding company, South Coastal Holdings MHC, Inc., as part of a multi-step transaction. Comment period ends February 18, 2002.
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.
Springfield Mass. Municipal Employees Credit Union, Springfield - permission to establish a branch office within the Hampden County Hall of Justice, 50 State Street, Springfield. Comment period ends January 17, 2002.
Miscellaneous
Fall River Municipal Employees Credit Union, Fall River - permission to establish a branch office at the intersection of G.A.R. Highway (Route 6) and Greystone Avenue, North Dartmouth - application withdrawn December 18, 2001.
JANUARY 2002 FILING DATE
Complete applications for the January Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, January 15, 2002.
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 |
Dukes County Savings Bank, Edgartown | S | 10/17/01 |
Fidelity Management Trust Company, Boston | S | 10/23/01 |
Middlesex Savings Bank, Natick | O | 09/11/01 |
North Cambridge Co-operative Bank, Cambridge | S | 10/23/01 |
Salem Five Cents Savings Bank, Salem | S | 08/17/01 |
Southern Massachusetts Telephone Workers Credit Union, Fairhaven | S | 10/17/01 |
The Co-operative Bank, Roslindale | S | 10/09/01 |
Woronoco Savings Bank, Westfield | HS | 09/10/01 |
TEMPORARY CHECK CASHER LICENSES
Applications Pending
All Checks Cashed, Inc., Somerville, Massachusetts - permission to operate a check casher office at 12 Union Square, Somerville, Massachusetts. Comment period ends January 4, 2002.
APPLICATIONS TO SELL INSURANCE
Clinton Savings Bank, Clinton - approved December 10, 2001
Easthampton Savings Bank, Easthampton - approved December 6, 2001
Auburndale Co-operative Bank, Auburndale - pending
CHANGE IN SERVICE
PLEASE NOTE: Beginning January 1, 2002, all publications of the Division will be delivered electronically. 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.