BOARD OF BANK INCORPORATION
Thursday, July 12, 2001
One South Station, Boston
At 11:00 a.m.
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 ends July 20, 2001.
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 ended May 17, 2001.
DIVISION OF BANKS
Belmont Savings Bank, Belmont - permission to establish a branch office at the Watertown Square Plaza, 53 Mount Auburn Street, Watertown - approved May 23, 2001.
Cambridge Savings Bank, Cambridge - permission to establish a branch office at 632 Massachusetts Avenue, Cambridge - approved May 21, 2001.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located at 105 Broadway, Somerville - approved May 30, 2001.
Commonwealth Utilities Employees' Credit Union, Wareham - permission to relocate its main office from 2421 Cranberry Highway, Wareham to 312 Wareham Road, Marion - approved May 30, 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. Comment periods end June 25, 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.
Commerce Bank & Trust Company, Worcester - permission to establish a branch office at 565 Main Street, Leominster. Comment period ends June 8, 2001.
Eastern Bank, Lynn - permission to close a branch office located at 71 Main Street, Hingham. Comment period ends June 19, 2001.
Enterprise Bank and Trust Company, Lowell - permission to establish a branch office at 430-448 Gorham Street, Lowell. Comment period ends June 19, 2001.
FHBT Credit Union, Northampton - permission to close a branch office located at 1124 Berkshire Avenue, Springfield. Comment period ended May 10, 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 ends 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.
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 ended May 21, 2001.
Southbridge Savings Bank, Southbridge - permission to establish a branch office at the Village Point Plaza, at the intersection of U.S. Route 67 and Ware Road, Warren. Comment period ends June 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.
Stoneham Co-operative Bank, Stoneham - permission to relocate a branch office from 490 Boston Road to 493 Boston Road, Billerica. Comment period ends June 13, 2001.
Weymouth Co-operative Bank, East Weymouth - permission to establish a branch office at 83 Summer Street, Kingston. Comment period ends June 21, 2001.
JUNE 2001 FILING DATE
Complete applications for the June Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, June 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").
Commerce Bank & Trust Company, Worcester
Massachusetts State Employees Credit Union, Boston
Plan Credit Union, Boston
Pittsfield Co-operative Bank (The), Pittsfield
Warren Five Cents Savings Bank, Peabody
Winchester Co-operative Bank, Winchester
APPLICATIONS TO SELL INSURANCE
Mt. Washington Co-operative Bank, South Boston - approved May 10, 2001
Mansfield Co-operative Bank, Mansfield - approved May 31, 2001
Bay State Savings Bank, Worcester - pending
Braintree Co-operative Bank, Braintree - pending
Fidelity Co-operative Bank, Fitchburg - pending
Stoneham Savings Bank, Stoneham - pending
UniBank for Savings, Whitinsville - pending
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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.