BOARD OF BANK INCORPORATION
Hearings
Wednesday, February 6, 2002
One South Station, Boston
At 10:00 a.m.
South Coastal Bank, Rockland, Massachusetts - permission to establish a mutual savings bank, South Coastal Interim Bank, and a stock savings bank in conjunction with its multi-step reorganization into a mutual holding company, South Coastal Holdings MHC, Inc. Comment period ends February 18, 2002.
Applications Pending
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 ended December 14, 2001.
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.
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 ended January 16, 2002.
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 ended December 14, 2001.
DIVISION OF BANKS
Decisions
Aldenville Credit Union, Chicopee - permission to establish a branch office within the Hampden County House of Correction, 627 Randall Road, Ludlow - approved January 25, 2002.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices within Stop & Shop Supermarkets located at 1) 60 Everett Street, Allston; 2) 37 Enon Street, Beverly; 3) 683 Belmont Street, Brockton; 4) 1277 Liberty Street, East Springfield; 5) 333 Mariano Bishop Boulevard, Fall River 6) 35 Washington Street, Lynn; 7) 99 Charles Street, Malden; 8) 30 Commercial Street, Medford; 9) 196 East Main Street, Milford; 10) 829 Worcester Street, Natick; 11) 438 Dartmouth Street, New Bedford; 12) 65 Newport Avenue, Quincy; 13) 36 New State Highway, Raynham; 14) 887 Grand Army Highway, Somerset; 15) 278 Washington Street, Stoughton; 16) 171 Watertown Street, Watertown; 17) 700 Pleasant Street, Watertown; and 18) 935 Riverdale Road, West Springfield - approved January 7, 2002.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located within Shaw's Supermarket, 780 South Main Street, Sharon - approved January 25, 2002.
Springfield Mass. Municipal Employees Credit Union, Springfield - permission to establish a branch office within the Hampden County Hall of Justice, 50 State Street, Springfield - approved January 25, 2002.
Applications Pending
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.
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.
Commerce Bank & Trust Company, Worcester - permission to establish a branch office at 340 Maple Street, Marlboro. Comment period ends February 11, 2002.
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.
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 ended 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 ended 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.
South Coastal Bank, Rockland - permission to reorganize into a mutual holding company, South Coastal Holdings MHC, Inc., as part of a multi-step transaction. Comment period ends February 18, 2002.
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, Boston - permission amend its by-laws to expand its membership eligibility to now include (1) Employees of Eze Castle Software, Inc., Boston; (2) Employees of Global Ventures Ltd., Boston; (3) Employees of Bromberg and Sunstein LLP, Boston; (4) Employes of STEP Inc., Boston; (5) Employees of Ticketmaster LLC, Boston; (6) Employees of Extraprise, Boston; (7) Employees of Mount Auburn Cemetery, Cambridge; (8) Employees of Codman Academy Charter School, Dorchester; (9) Employees of Dorchester House, Dorchester; (10) Employees of Metro Investigation and Recovery Services, Quincy; (11) Employees of the Urban League of Eastern Massachusetts, Roxbury; and (12) Members of the National Association for the Advancement of Colored People, Boston, Massachusetts. Comment period ends February 21, 2002.
UniBank for Savings, Whitinsville - permission to establish a branch office at Sutton Square Mall, 160 Worcester-Providence Turnpike (Route 146), Sutton. Comment period ended January 24, 2002.
FEBRUARY 2002 FILING DATE
Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, February 15, 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 |
Cape Ann Savings Bank, Gloucester | O | 10/29/01 |
Citizens-Union Savings Bank, Fall River | HS | 10/02/01 |
Southbridge Savings Bank, Southbridge | HS | 10/31/01 |
TEMPORARY CHECK CASHER LICENSES
Hearings
Thursday, February 14, 2002
Springfield City Hall, Room 220
36 Court Street, Springfield, Massachusetts
St. James Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office within the Allen Package Store located at 390 Allen Street, Springfield, Massachusetts. Comment period ends February 21, 2002.
Decisions
All Checks Cashed, Inc., Somerville, Massachusetts - permission to operate a check casher office at 12 Union Square, Somerville, Massachusetts - approved January 8, 2002.
APPLICATIONS TO SELL INSURANCE
Auburndale Co-operative Bank, Auburndale - approved January 7, 2002
Commerce Bank & Trust Company, Worcester - pending
Dedham Institution for Savings, Dedham - pending
Greenfield Savings Bank, Greenfield - pending
CHANGE IN SERVICE
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
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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.