BOARD OF BANK INCORPORATION
There have been no public hearings scheduled for April 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.
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 ended February 18, 2002.
DIVISION OF BANKS
Commerce Bank & Trust Company, Worcester - permission to establish a branch office at 340 Maple Street, Marlboro - approved March 11, 2002.
Eastern Bank, Lynn - permission to establish branch offices at (1) 265 Franklin Street, Boston; and (2) the Dedham Mall, 300 VFW Parkway, Dedham - approved March 21, 2002.
Wellesley Co-operative Bank, Wellesley - permission to establish a branch office at 195-197 Linden Street, Wellesley - approved March 26, 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.
Boston Safe Deposit and Trust Company, Boston - permission to close its branch office located at Princess House, Bush Lane, London, England. Comment period ends April 19, 2002.
Danvers Savings Bank, Danvers - permission to establish a branch office at 400 West Cummings Park, Woburn. Comment period ends April 11, 2002.
Haverhill Co-operative Bank, Haverhill - permission to establish at branch office at 1094 Main Street, Haverhill. Comment period ends April 19, 2002.
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.
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.
Southbridge Savings Bank, Southbridge - permission to establish a branch office at 1073 Main Street, Holden. Comment period ended March 27, 2002.
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 ended February 18, 2002.
The Co-operative Bank, Roslindale - permission to establish a branch office at 265 Washington Street, Westwood. Comment period ends April 18, 2002.
United Co-operative Bank, West Springfield - permission to establish a branch office at 528-530 Center Street, Ludlow. Comment period ends April 5, 2002.
APRIL 2002 FILING DATE
Complete applications for the April Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, April 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").
Eagle Bank, Everett
Landmark Credit Union, North Adams
Lawrence Postal Employees Credit Union, Lawrence
Metropolitan Credit Union, Chelsea
Pentucket Bank, Haverhill
Worcester Postal Credit Union, Worcester
APPLICATIONS TO SELL INSURANCE
Commerce Bank & Trust Company, Worcester - deferred
Dedham Institution for Savings, Dedham - approved March 22, 2002
Danvers Savings Bank, Danvers - pending
United Co-operative Bank, West Springfield - pending
CHANGE IN SERVICE
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THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
Notice of Public Hearing
Pursuant to the provisions of Massachusetts General Laws chapter 171, section 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Friday, April 5, 2002 at 10:00 a.m., One South Station, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS. The purpose of the proposed amendments is to authorize state-chartered credit unions to exercise additional powers and engage in additional activities and services that are permissible for a federal credit union provided any such activity is not otherwise prohibited by law. These additional activities include among other things: the origination of certain ninety-seven percent loan-to-value mortgage loans; authorizing open-end and closed-end home equity loans; authorizing certain activities to be implemented by notice for a Credit Union Service Organization ("CUSO"); new authority for CUSOs to engage in activities related to routine, daily operations and to invest in or lend to federally-chartered CUSOs; clarifying a credit union's indirect automobile lending authority and adding to the authorities under group purchasing activities. Certain technical changes and clarifications are also being made to the existing regulations. Additional changes may be made based on comments received at the public hearing or during the comment period.
The Division's proposed regulations establish categories of activities authorized as incidental powers. The Division is seeking specific comment on whether the incidental powers authority should include, subject to the written approval of the Commissioner, any activity which is convenient or useful in carrying out the mission or business of credit unions consistent with the Federal Credit Union Act; is the functional equivalent or logical outgrowth of activities that are part of the mission or business of credit unions; and involves risks similar in nature to those already assumed as part of the business of credit unions.
The Division is also seeking specific comment on whether the National Credit Union Administration's ("NCUA") proposed rulemaking on expanded investment activities pursuant to 12 CFR 703 contains any revisions or clarifications for consideration in 209 CMR 50.00 et seq.
Written comments may be submitted to the Division on the proposed regulations until 5:00 p.m. on Wednesday, April 17, 2002. A copy of the proposed regulations is available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/reg_cu_a.htm
For information relative to current Activity Reports please contact the Consumer Assistance Unit.