BOARD OF BANK INCORPORATION
Hearings
Wednesday, October 10, 2001
Conference Room 2, 21 st Floor
One Ashburton Place, Boston
At 9:30 a.m.
Banknorth Group, Inc., Portland, Maine - permission to acquire Andover Bancorp, Inc., Andover, Massachusetts and its subsidiary banks, Andover Bank, Andover and Gloucester Bank & Trust Company, Gloucester, Massachusetts. Subsequent to the acquisition, Andover Bank and Gloucester Bank & Trust Company will merge with and into First Massachusetts Bank, National Association, Worcester, Massachusetts which is Banknorth Group, Inc.'s bank subsidiary in the Commonwealth. Comment period ends October 19, 2001.
Wednesday, October 10, 2001
Conference Room 2, 21 st Floor
One Ashburton Place, Boston
At 10:00 a.m.
Banknorth Group, Inc., Portland, Maine - permission to indirectly acquire MetroWest Bank, Framingham, Massachusetts in a multi-step transaction involving MetroWest Bank merging with and into an interim national bank and a subsequent merger with and into First Massachusetts Bank, National Association, Worcester, Massachusetts, which is Banknorth Group, Inc.'s bank subsidiary in the Commonwealth. Comment period ends October 19, 2001.
Wednesday, October 10, 2001
Conference Room 2, 21 st Floor
One Ashburton Place, Boston
At 10:30 a.m.
Boston Private Financial Holdings, Inc. (the "Petitioner"), Boston, Massachusetts - permission to acquire Borel Bank & Trust Companey, San Mateo, California and become a bank holding company. In the Commonwealth, the Petitioner is the holding company for Boston Private Bank & Trust Company, Boston, Massachusetts. Comment period ends October 19, 2001.
Wednesday, October 10, 2001
Conference Room 2, 21 st Floor
One Ashburton Place, Boston
At 10:45 a.m.
Navis Bank, Gloucester, Massachusetts - permission to establish a new trust company. Comment period ends October 19, 2001.
Decisions
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 multi-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. - approved September 21, 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.
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 and United States Trust Company, Boston, Massachusetts. Comment period ended September 14, 2001.
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
Bank of Nova Scotia (The), Boston - permission to close its branch office at 28 State Street, Boston - approved September 18, 2001.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices within Stop & Shop Supermarkets located at: 1) 469 Pleasant Street, Attleboro; 2) 672 Memorial Drive, Chicopee; 3) 25 Faunce Corner Road, Dartmouth; 4) 1690 Revere Beach Parkway, Everett; 5) 131 Main Street, Foxboro; 6) 372 Timpany Boulevard, Gardner; 7) 89 French King Highway, Greenfield; 8) 440 Russell Street, Hadley; 9) 400 Lincoln Street, Hingham; 10) 2265 Northampton Street, Holyoke; 11) 36 Bedford Street, Lexington; 12) 876 State Road, North Adams; 13) 228 King Street, Northampton; 14) 19 Howley Street, Peabody; 15) 660 Merrill Road, Pittsfield; 16) Dan Fox Road, Pittsfield; 17) 495 Southern Artery, Quincy; 18) 540 Squire Road, Revere; 19) 1530 Boston Road, Springfield; 20) 32 Lyman Street, Westborough; 21) 57 Main Street, Westfield; and 22) 2 Elm Street, Woburn - approved September 13, 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 - approved September 21, 2001.
Greenfield Savings Bank, Greenfield - permission to establish a branch office at Six University Drive, Amherst - approved September 24, 2001.
Marlborough Co-operative Bank, Marlborough - permission to close a branch office located at 19 Main Street, Hudson - approved September 18, 2001.
Plan Credit Union, Boston - permission to establish branch offices at (1) 100 Hancock Street, Quincy; and (2) 1022 Hingham Street, Rockland - approved September 20, 2001.
United Co-operative Bank, West Springfield - permission to (1) close its branch office located at 398 Longmeadow Street, Longmeadow; and (2) establish a branch office at 674 Bliss Road, Longmeadow - approved September 26, 2001.
Applications Pending
Charter Bank, A Co-operative Bank, Waltham - permission to close a branch office located at 450 South Street, Hyannis. Comment period ends October 18, 2001.
Citizens Bank of Massachusetts, Boston - permission to relocate a branch office from 571 Washington Street, Wellesley to 75 Central Street, Wellesley. Comment period ends October 2, 2001.
Compass Bank for Savings, New Bedford - permission to purchase certain assets and assume certain deposit liabilities of the branch office of Charter Bank, A Co-operative Bank, Waltham located at 450 South Street, Hyannis. Comment period ends October 18, 2001.
Country Bank for Savings, Ware - permission to establish a branch office within the Big Y Supermarket, 425 Center Street, Ludlow. Comment period ends October 18, 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.
Florence Savings Bank, Northampton - permission to establish a branch office at 385 College Street, Amherst. Comment period ends October 4, 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.
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.
South Shore Savings Bank, Weymouth - permission to establish a branch office at Commercial Square, 1515 Commercial Street, Weymouth. Comment period ends October 15, 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. Comment period ends October 24, 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.
OCTOBER 2001 FILING DATE
Complete applications for the October Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, October 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 |
Andover Bank, Andover | O | 05/23/01 |
Brown Brothers Harriman & Company, Boston | S | 07/18/01 |
Graphic Arts Credit Union, Southboro | S | 07/02/01 |
Putnam Fiduciary Trust Company, Boston | S | 07/12/01 |
Telelphone Workers' Credit Union, Boston | S | 07/16/01 |
Westbank, West Springfield (Name changed from Park West Bank and Trust Company on 9/07/01) | S | 06/21/01 |
TEMPORARY CHECK CASHER LICENSES
Hearings
Thursday, October 11, 2001
Revere City Hall
>281 Broadway, Revere, Massachusetts
At 3:00 p.m.
Boston Check Cashers, Inc., Boston, Massachusetts - permission to operate a check casher office at 25 American Legion Highway, Revere, Massachusetts. Comment period ends Thursday, October 18, 2001.
APPLICATIONS TO SELL INSURANCE
Savers Co-operative Bank, Southbridge - approved September 12, 2001
Woronoco Savings Bank, Westfield - 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.