BOARD OF BANK INCORPORATION
Hearings
Tuesday, August 6, 2002
Hearing Room A, Fifth Floor
One South Station
Boston Massachusetts
At 10:30 a.m.
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.
Tuesday, August 6, 2002
Hearing Room A, Fifth Floor
One South Station
Boston Massachusetts
At 11:15 a.m.
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 ends September 6, 2002.
Applications Pending
Banknorth Group, Inc. ("Banknorth"), Portland Maine - permission to acquire Ipswich Bancshares, Inc. ("Bancshares"), Ipswich, Massachusetts. In the Commonwealth, Bancshares is the holding company for Ipswich Savings Bank, Ipswich, Massachusetts. As part of this multi-step transaction Ipswich Savings Bank will merge with and into Banknorth's banking subsidiary, Banknorth, N.A. Comment period ended June 28, 2002.
Randolph Savings Bank (the "Petitioner"), Randolph, Massachusetts - permission to reorganize into a mutual holding company, Randolph Bancorp. The reorganization is structured as a multi-step transaction involving a new mutual savings bank caused to be chartered by the Petitioner and the subsequent merger of the Petitioner with and into the stock subsidiary banking institution formed by the reorganization which will operate under the name of Randolph Savings Bank. Comment period ended June 28, 2002.
DIVISION OF BANKS
Decisions
Dedham Institution for Savings, Dedham - permission to establish a branch office at 1077 Great Plain Avenue, Needham - approved June 24, 2002.
Medford Co-operative Bank, Medford - permission to close a branch office located at Medford High School 489 Winthrop Street, Medford - approved June 25, 2002.
North Middlesex Savings Bank, Ayer - permission to establish a branch office at 947 Massachusetts Avenue, Lunenberg - approved June 19, 2002.
Westport National Bank ("Westport"), Westport, Connecticut - permission to establish and maintain a branch office at 188 Needham Street, Newton, Massachusetts through the merger of Middlesex Bank & Trust Company, Newton, Massachusetts with and into Westport - approved June 13, 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.
Asian American Bank & Trust Company, Boston - permission to close a branch office located at 15 Bow Street, Somerville. Comment period ends July 19, 2002.
Athol Savings Bank, Athol - permission to establish a branch office at 560 Summer Street, Barre. Comment period ends July 17, 2002.
Citizens Bank of Massachusetts, Boston, Massachusetts - permission to merge with Medford Savings Bank, Medford under the charter and name of Citizens Bank of Massachusetts. Comment period ends September 6, 2002.
Greenfield Co-operative Bank, Greenfield - permission to establish a branch office at 10 and 18 Amherst Road, Sunderland. Comment period ends July 18, 2002.
Jeanne D'Arc Credit Union, Lowell - permission to establish a branch office at 245 Chelmsford Street, Chelmsford. Comment period ends July 11, 2002.
Northeast Community Credit Union, Haverhill - permission to establish a branch office at One Cushing Avenue, Haverhill. Comment period ends July 1, 2002.
Peoples Savings Bank, Holyoke - permission to establish a branch office at 56 Amity Street, Amherst. Comment period ended June 28, 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.
Worcester Fire Department Credit Union, Worcester - permission to relocate its main office from 2 Eastern Avenue, Worcester to 34 Glennie Street, Worcester. Comment period ended June 21, 2002.
Worcester Police Department Credit Union, Worcester - permission to relocate its main office from 9-11 Union Square to 2 Eastern Avenue, Worcester. Comment period ends July 22, 2002.
JULY 2002 FILING DATE
Complete applications for the July Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, July 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 |
Brockton Brotherhood Credit Union, Brockton | S | 04/16/02 |
Brookline Municipal Credit Union, Brookline | S | 04/01/02 |
Hometown Bank, A Co-operative Bank, Webster | S | 03/29/02 |
Medway Co-operative Bank, Medway | S | 04/16/02 |
Needham Co-operative Bank (The), Needham | S | 04/01/02 |
Sturdy Credit Union, Attleboro | S | 05/01/02 |
Watertown Savings Bank, Watertown | HS | 02/22/02 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Vizcaino & Vizcaino, Inc. D/B/A Salem Business & Personal Financial Center, Salem, Massachusetts - permission to operate a check casher office at 119 Lafayette Street, Salem, Massachusetts - approved June 13, 2002.
APPLICATIONS TO SELL INSURANCE
Marlborough Savings Bank, Marlborough - approved - June 11, 2002
Westborough Bank, Westborough - approved - June 11, 2002
Woronoco Savings Bank, Westfield - approved - June 4, 2002
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.