BOARD OF BANK INCORPORATION
Hearings
Wednesday, August 29, 2001
One South Station, Fifth Floor
At 10:00 a.m.
Danvers Bancorp, Inc., Danvers, Massachusetts - permission to acquire ownership and control of the stock of Revere Federal Savings Bank ("Revere Federal"), Revere, Massachusetts through its merger with Revere MHC, the mutual holding company of Revere Federal. As part of this mult-step transaction an application has also been filed with the Division of Banks for the merger of Revere Federal with and into Danvers Savings Bank, the subsidiary bank of Danvers Bancorp, Inc. Comment periods end September 14, 2001.
Wednesday, August 29, 2001
One South Station, Fifth Floor
At 10:45 a.m.
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. Comment period ends September 10, 2001.
Friday, September 7, 2001
One South Station, Fifth Floor
At 10:00 a.m.
Citizens Financial Group, Inc., Providence, Rhode Island and related parties permission to acquire (i) Citizens Bank of Pennsylvania (In Organization), Philadelphia, Pennsylvania and (ii) Citizens Bank (In Organization), Wilmington, Delaware. This application is filed in conjunction with a proposed transaction between Citizens Financial Group, Inc. and Mellon Financial Corporation, Pittsburgh, Pennsylvania. In the Commonwealth, Citizens Financial Group, Inc. is the holding company for Citizens Bank of Massachusetts, Boston, Massachusetts. Comment period ends September 14, 2001.
Applications Pending
Berkshire Financial Services, Inc., Lee, Massachusetts - permission to become a bank holding company through its establishment of Freedom National Bank (in organization), Greenville, Rhode Island. Berkshire Financial Services, Inc. is the mutual holding company for Lee Bank, Lee, Massachusetts. Comment period ended July 20, 2001.
DIVISION OF BANKS
Decisions
Brockton Brotherhood Credit Union, Brockton - permission to close a branch office located at 25 Torrey Street, Brockton - approved July 31, 2001.
Cape Cod Co-operative Bank, Yarmouth Port - permission to establish a branch office at Independence Park, 31 Attucks Lane, Hyannis - approved July 24, 2001.
Chelms Credit Union (the "Credit Union"), Chelmsford - permission to amend its by-laws to (1) expand membership eligibility to now include individuals who work or reside in Chelmsford; and (2) change the name of the Credit Union to Chelmsford Credit Union - approved July 24, 2001.
East Boston Savings Bank, East Boston - permission to establish a branch office at 67 Prospect Street, Peabody - approved July 24, 2001.
FHBT Credit Union, Northampton - permission to close a branch office located at 1124 Berkshire Avenue, Springfield - approved July 3, 2001.
First Essex Bank, Lawrence - permission to establish a branch office at 794 Rogers Street, Lowell - approved July 24, 2001.
Hometown Bank, A Co-operative Bank, Webster - permission to establish a branch office at 331 Main Street, Sturbridge - approved July 24, 2001.
Hudson Savings Bank, Hudson - permission to establish a branch office adjacent to Woodruff Plaza, Main Street, Clinton - approved July 20, 2001.
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 - approved July 24, 2001.
MetroWest Bank, Framingham - permission to establish a branch office at 542 Boston Post Road, Weston - approved July 17, 2001.
Rockland Trust Company, Rockland - permission to establish a branch office at 100 Belmont Street, Brockton - approved July 13, 2001.
Ware Co-operative Bank, Ware - permission to relocate a branch office from 2024 Main Street, Three Rivers to 2060 Main Street, Three Rivers - approved July 24, 2001.
Applications Pending
Cambridge Trust Company, Cambridge - permission to establish a branch office at 152 Lincoln Road, Lincoln. Comment period ends August 17, 2001.
Citizens Bank of Massachusetts, Boston - permission to establish a branch office within Stop & Shop Supermarket, 29 Lincoln Street, Holyoke. Comment period ended July 26, 2001.
Danvers Savings Bank ("Danvers"), Danvers and Revere Federal Savings Bank ("Revere Federal"), Revere - permission to merge under the charter, by-laws and name of Danvers. The main office of Danvers would remain the main office of the continuing institution and all the banking offices of Revere Federal would be retained as branch offices. Comment period ends September 14, 2001.
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. Comment period ended June 12, 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.
Holyoke Credit Union, Holyoke - permission to close branch offices located within (1) the Hampden County Hall of Justice, 50 State Street, Springfield; and (2) the Hampden County Correctional Center, 627 Randall Road, Ludlow. Comment periods end August 23, 2001.
Members Plus Credit Union, Dorchester - permission to relocate a branch office from 151 University Avenue to 26 Dartmouth Street, Westwood. Comment period ends August 10, 2001.
Park West Bank and Trust Company ("Park West"), West Springfield and Cargill Bank ("Cargill"), Putnam, Connecticut - permission to merge under the charter and by-laws of Park West and name of Westbank. The main office of Park West would remain the main office of the continuing institution and all of the banking offices of Cargill would be retained as branch offices. Park West and Cargill are both subsidiaries of Westbank Corporation, West Springfield, Massachusetts, a bank holding company. Comment period ended July 23, 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 ends August 27, 2001.
Rockland Trust Company, Rockland - permission to relocate a branch office from 363 Court Street to 428 Court Street, North Plymouth. Comment period ended July 31, 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.
Tremont Credit Union ("Tremont"), Boston and Greater Boston Federal Credit Union ("Greater Boston"), Boston - permission to merge Greater Boston with and into Tremont under the charter, by-laws and name of Tremont Credit Union. The main office of Tremont would remain the main office of the continuing credit union and the sole banking office of Greater Boston would be retained as a branch office. The by-laws of Tremont would be amended to change membership eligibility to reflect this transaction and to include employees of The B.E.L.L. Foundation, Dorchester; The Massachusetts Historical Society, Boston; and South Boston Harbor Academy Charter School, South Boston. Comment periods end August 3, 2001.
Williamstown Savings Bank, Williamstown - permission to reorganize into a mutual holdings company, Williamstown Mutual Holding Company, as part of a multi-step transaction. Comment period ends September 10, 2001.
AUGUST 2001 FILING DATE
Complete applications for the August Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, August 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 |
Bristol County Savings Bank, Taunton | HS | 04/17/01 |
Fiduciary Trust Company, Boston | S | 04/26/01 |
Investors Bank & Trust Company, Boston | HS | 05/29/01 |
Key Credit Union, Revere | HS | 04/10/01 |
Sharon Credit Union, Sharon | S | 05/22/01 |
State Street Bank and Trust Company, Boston | HS | 03/19/01 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Dimitrios Koufopoulos d/b/a Main Check Cashing, Springfield, Massachusetts - permission to operate a check casher business at 1228 Main Street, Springfield, Massachusetts - approved July 31, 2001.
APPLICATIONS TO SELL INSURANCE
Bay State Savings Bank, Worcester - approved July 3, 2001
Community Bank, A Massachusetts Co-operative Bank (The), Brockton - approved July 25, 2001
Braintree Co-operative Bank, Braintree - pending
NEW SERVICE
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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.