BOARD OF BANK INCORPORATION
Hearings
A hearing has not been scheduled for the month of October 2002.
Decisions
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 - approved September 6, 2002.
Applications Pending
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
Abington Savings Bank, Abington - permission to merge with The Massachusetts Co-operative Bank, Dorchester under the charter and name of Abington Savings Bank - approved September 6, 2002.
Cambridge Savings Bank, Cambridge - permission to establish a branch office at Brookside Shops, 145 Great Road, Acton - approved 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 - approved September 26, 2002.
Northampton Co-operative Bank, Northampton - permission to establish a branch office at 15 Amherst Road, Sunderland - approved September 30, 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.
Bank of Western Massachusetts (The), Springfield - permission to (1) relocate its main office from 29 State Street, Springfield to 1391 Main Street, Springfield; and (2) maintain its current main office as a branch office. Comment periods end October 11, 2002.
BPABank National Association, Newark, New Jersey - permission to (i) purchase the branch office of Woronoco Savings Bank, Westfield, Massachusetts located within Big Y World Class Market, 800 Boston Road, Springfield, Massachusetts; and in connection therewith (ii) establish and maintain a branch office at that location. Comment periods end October 10, 2002.
Benjamin Franklin Savings Bank, Franklin - permission to close a branch office located at Franklin High School, 218 Oak Street, Franklin. Comment period ended September 16, 2002.
Central Co-operative Bank, Somerville - permission to establish a branch office at Woburn High School, 88 Montvale Avenue, Woburn. Comment period ends October 10, 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, Lynn - permission to establish a branch office within Shaw's Supermarket, 246 Border Street, East Boston. Comment period ends October 16, 2002.
Eastern Bank, Lynn - permission to establish a branch office within Shaw's Supermarket, 780 South Main Street, Sharon. Comment period ends October 18, 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 ended September 16, 2002.
Easthampton Savings Bank, Easthampton - permission to establish a branch office at the Belchertown Office Park at the intersection of Route 202 and 21, Belchertown. Comment period ends October 16, 2002.
Martha's Vineyard Co-operative Bank, Vineyard Haven - permission to establish a branch office at 14 Oak Bluffs Avenue, Oak Bluffs. Comment period ended September 17, 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.
St. Anne's Credit Union of Fall River, Fall River - permission to establish a branch office at 1675 President Avenue, Fall River. Comment period ends October 21, 2002.
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.
Southbridge Savings Bank, Southbridge - permission to (i) purchase certain assets and assume certain deposit liabilities of the branch offices of Woronoco Savings Bank, Westfield within the Big Y World Class Markets located at 175 University Drive, Amherst and 503 Memorial Avenue, West Springfield, Massachusetts; and in connection therewith (ii) establish and maintain branch offices at those locations. Comment periods end October 10, 2002.
Tremont Credit Union, Boston - permission to close a branch office located at 20A Acorn Park, Cambridge. Comment period ends October 7, 2002.
Workers' Credit Union, Fitchburg - permission to establish a branch office at 452 Great Road, Acton. Comment period ends October 10, 2002.
Woronoco Savings Bank, Westfield, Massachusetts - permission to close branch offices located within Big Y World Class Markets located at 1) 175 University Drive, Amherst; 2) 800 Boston Road, Springfield; and 3) 503 Memorial Avenue, West Springfield, Massachusetts. In connection with these petitions, Woronoco Savings has entered into agreements whereby, subject to regulatory approvals and consummation of the transactions, Southbridge Savings Bank, Southbridge, Massachusetts would purchase and maintain as branch offices the offices in Amherst and West Springfield and BPABank National Association, Newark, New Jersey would purchase and maintain as a branch office the branch office in Springfield. Comment periods end October 10, 2002.
OCTOBER 2002 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., Tuesday, October 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 |
Chelmsford Credit Union, Chelmsford | S | 07/26/02 |
Dedham Institution for Savings, Dedham | S | 03/19/02 |
East Cambridge Savings Bank, Cambridge | S | 05/21/02 |
Falmouth Co-operative Bank, Falmouth | HS | 06/18/02 |
Grafton Suburban Credit Union, North Grafton | S | 07/02/02 |
Mechanics Co-operative Bank, Taunton | O | 06/24/02 |
Northmark Bank, North Andover | S | 06/12/02 |
Salem Italian-American Credit Union, Salem | S | 07/15/02 |
Watertown Municipal Credit Union, Watertown | S | 07/22/02 |
TEMPORARY CHECK CASHER LICENSES
Decisions
Diamond Check Cashing Services, Inc., Stoneham, Massachusetts - permission to operate a check casher office at 200C Main Street, Stoneham, Massachusetts - approved September 30, 2002.
Peabody Check Cashing, Inc., Peabody, Massachusetts - permission to operate a check casher office at 278 Main Street, Haverhill, Massachusetts - approved September 20, 2002.
APPLICATIONS TO SELL INSURANCE
Florence Savings Bank, Florence - approved September 5, 2002
Mercantile Bank and Trust Company, Boston - approved September 27, 2002
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.