BOARD OF BANK INCORPORATION
Hearings
A hearing has not been scheduled for the month of September 2002.
Applications Pending
Abington Bancorp, Inc., Abington, Massachusetts - permission to acquire Massachusetts Fincorp., Inc., Quincy, Massachusetts and its bank subsidiary, The Massachusetts Co-operative Bank, Dorchester, Massachusetts. In the Commonwealth, Abington Bancorp, Inc. is the holding company for Abington Savings Bank. Comment period ends September 4, 2002.
Citizens Financial Group, Inc., Providence, Rhode Island and related parties - permission to acquire Medford Bancorp, Inc. and its subsidiary bank, Medford Savings Bank, Medford, Massachusetts. In the Commonwealth, Citizens Financial Group, Inc. is the holding company for Citizens Bank of Massachusetts, Boston, Massachusetts. Comment period after the public hearing changed to October 11, 2002.
DIVISION OF BANKS
Decisions
Compass Bank for Savings, New Bedford - permission to establish a branch office at 880 Plain Street, Marshfield - approved August 26, 2002.
Enterprise Bank and Trust Company, Lowell - permission to establish a branch office at 420 John Fitch Highway, Fitchburg - approved August 8, 2002.
Lowell Five Cent Savings Bank, Lowell - permission to establish a branch office at Primrose Plaza, 65 Groton Street, Pepperell - approved August 20, 2002.
North Brookfield Savings Bank, North Brookfield - permission to establish a branch office at the corner of Route 9 and Route 202, Belchertown - approved August 14, 2002.
Tremont Credit Union, Boston - permission to amend its by-laws to expand the associations which qualify persons for membership eligibility to now include (1) Employees of National Educational Travel Council, Boston; (2) Employees of Baan Process Solutions, Newton; (3) Employees of SpeechWorks International, Inc., Boston; (4) Employees of Babson Street Motor Cars, Mattapan; (5) Employees of New England Advisory Group, Newton; (6) Employees of Berkeley Investments, Inc., Boston; (7) Employees of HR2, Woburn; (8) Employees of the IQ Business Group Inc., Cambridge; and (9) Employees of Boston Plasterers' & Cement Masons' - Asphalt Layers' Union Local 534, Boston, Massachusetts - approved August 28, 2002.
Applications Pending
Abington Savings Bank, Abington - permission to merge with The Massachusetts Co-operative Bank, Dorchester under the charter and name of Abington Savings Bank. Comment period ends September 4, 2002.
AllCom Credit Union, Worcester - permission to amend its by-laws to expand the associations which qualify persons for membership. This application was filed in conjunction with the application for the merger of Commonwealth Gas Employees' Credit Union, Southborough with and into AllCom Credit Union. The merger was approved December 19, 2001. Comment period ended November 26, 2001.
Benjamin Franklin Savings Bank, Franklin - permission to close a branch office located at Franklin High School, 218 Oak Street, Franklin. Comment period ends September 16, 2002.
Cambridge Savings Bank, Cambridge - permission to establish a branch office at Brookside Shops, 145 Great Road, Acton. Comment period ends September 9, 2002.
Citizens Bank of Massachusetts, Boston - permission to merge with Medford Savings Bank, Medford under the charter and name of Citizens Bank of Massachusetts. Comment period changed to October 11, 2002.
Citizens-Union Savings Bank, Fall River - permission to establish a branch office on Crandall Road, Tiverton, Rhode Island. Comment period ended August 16, 2002.
Eastern Bank ("Eastern"), Lynn and Eastern Bank & Trust Company ("Trust"), Salem - permission to merge Trust with and into Eastern under the charter, by-laws and name of Eastern Bank. The main office of Eastern would remain the main office of the continuing institution and all of the banking offices of Trust would be retained as branch offices. Comment period ends September 16, 2002.
Monsanto Employees Credit Union, Springfield - permission to (1) relocate its main office from 730 Worcester Street, Springfield to Five Town Plaza, Cooley Street, Springfield; and (2) maintain its current main office as a branch office. Comment period ended August 19, 2002.
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.
Slade's Ferry Trust Company, Somerset - permission to close its branch office located within Walgreens, 838 Pleasant Street, New Bedford. Comment period ended June 14, 2002.
SEPTEMBER 2002 FILING DATE
Complete applications for the September Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, September 16, 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 |
Central Co-operative Bank, Somerville | S | 04/24/02 |
Hampden Savings Bank, Springfield | HS | 04/24/02 |
Hyde Park Cooperative Bank, Hyde Park | S | 03/04/02 |
NEMCH Credit Union, Boston | S | 06/26/02 |
South Coastal Bank, Rockland | S | 05/28/02 |
Springfield Mass. Municipal Employees Credit Union, Springfield | S | 05/22/02 |
Strata Bank, Medway | S | 06/04/02 |
TEMPORARY CHECK CASHER LICENSES
Hearings
Thursday, September 12, 2002
Stoneham Town Hall, Hearing Room
35 Central Street, Stoneham, Massachusetts
At 3:00 p.m.
Diamond Check Cashing Services, Inc., Stoneham, Massachusetts - permission to operate a check casher office at 200C Main Street, Stoneham, Massachusetts. Comment period ends September 19, 2002.
Thursday, September 5, 2002
Haverhill City Hall, Room 301
4 Summer Street, Haverhill, Massachusetts
At 3:00 p.m.
Peabody Check Cashing, Inc., Peabody, Massachusetts - permission to operate a check casher office at 278 Main Street, Haverhill, Massachusetts. Comment period ends September 12, 2002.
APPLICATIONS TO SELL INSURANCE
Florence Savings Bank, Florence - pending
Mercantile Bank and Trust Company, Boston - pending
CHANGE IN SERVICE
PLEASE NOTE: All publications of the Division of Banks are now 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.