BOARD OF BANK INCORPORATION
Hearings
Wednesday, December 5, 2001
One South Station, Boston
At 10:00 a.m.
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 ends December 14, 2001.
Wednesday, December 5, 2001
One South Station, Boston
At 10:30 a.m.
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 ends December 14, 2001.
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.
Decisions
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 - approved November 16, 2001.
Navis Bank, Gloucester, Massachusetts - permission to establish a new trust company - approved November 13, 2001.
Applications Pending
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 ended September 10, 2001.
DIVISION OF BANKS
Decisions
Beverly Co-operative Bank, Beverly -permission to establish a branch office within the Axcelis Technologies, Inc. building, 108 Cherry Hill Drive, Beverly - approved November 21, 2001.
Chicopee Savings Bank, Chicopee - permission to establish a branch office at 477 Center Street, Ludlow - approved November 26, 2001.
East Cambridge Savings Bank, Cambridge - permission to establish a branch office at the Wal-Lex Shopping Center, 860 Lexington Street, Waltham - approved November 21, 2001.
Medford Co-operative Bank, Medford - permission to establish a branch office at 164 Great Road, Bedford - approved November 21, 2001.
Westfield Mutual Holding Company, Westfield - permission to issue up to 47% of the common stock of an intermediate holding company, Westfield Financial, Inc. which is being formed as part of this transaction. Westfield Bank would become a direct subsidiary of the intermediate holding company - approved November 8, 2001 to proceed with subscription offering.
Applications Pending
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. Comment period ended November 26, 2001.
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.
Cambridgeport Bank, Cambridge - permission to establish a branch office at 315 Harvard Street, Brookline. Comment period ends December 17, 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 pPlaza, Route 139, Pembroke; 16) 127 Samoset Street, Plymouth; 17) 259 Main Street, Stoneham; and 18) 541A Lincoln Street, Lincoln Plaza, Worcester. Comment period ended November 19, 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. Comment period ended November 26, 2001.
Compass Bank for Savings, New Bedford - permission to establish a branch office at Home Depot Drive, Plymouth. Comment period ends December 5, 2001.
East Boston Savings Bank, East Boston - permission to close a branch office within Shaw's Supermarket, 246 Border Street, East Boston. Comment period ends December 12, 2001.
Eastern Bank, Lynn - permission to close a branch office at 39 State Street, Lynn. Comment period ends December 17, 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.
Haverhill Fire Department Credit Union, Haverhill - permission to relocate its main office from 131 Water Street to the Armory Building, 75 Kenoza Avenue, Haverhill. Comment period ends December 17, 2001.
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 ends 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 ends 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.
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.
Williamstown Savings Bank, Williamstown - permission to reorganize into a mutual holding company, Williamstown Mutual Holding Company, as part of a multi-step transaction. Comment period ended September 10, 2001.
DECEMBER 2001 FILING DATE
Complete applications for the December Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, December 14, 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 |
Alpha Credit Union, Boston | HS | 10/10/01 |
Belmont Savings Bank, Belmont | S | 08/01/01 |
Colonial Co-operative Bank, Gardner | S | 08/20/01 |
Enterprise Bank and Trust Company, Lowell | O | 07/16/01 |
Granite Savings Bank, Rockport | S | 09/10/01 |
NEBCO Credit Union, Boston | S | 09/06/01 |
Westfield Savings Bank, Westfield | S | 08/06/01 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Peabody Check Cashing, Inc., Peabody, Massachusetts - permssion to operate a check casher office at 42 Foster Street, Peabody, Massachusetts - approved November 19, 2001.
APPLICATIONS TO SELL INSURANCE
Clinton Savings Bank, Clinton - pending
Easthampton Savings Bank, Easthampton - pending
CHANGE IN SERVICE
PLEASE NOTE: Beginning January 1, 2002, all publications of the Division will be delivered electronically. The Division currently 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.