February 28, 2003 Activity Report

BOARD OF BANK INCORPORATION

Hearings

Tuesday, March 25, 2003
One South Station, Boston
At 10:00 a.m.

South Shore Co-operative Bank, Weymouth, Massachusetts - permission to establish a mutual co-operative bank, South Shore Interim Mutual Bank, and a stock co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, South Shore Mutual Holding Company. Comment period ends March 31, 2003.

Tuesday, March 25, 2003
One South South Station, Boston
At 10:30 a.m.

Eastern Bank, Lynn, Massachusetts - permission to redesignate the location of its main office from 112 Market Street, Lynn to 265 Franklin Street, Boston, Massachusetts in conjunction with a petition before the Division of Banks to maintain its current main office at 112 Market Street, Lynn as a branch office. Comment period ends March 31, 2003.

Decisions

Chittenden Corporation ("Chittenden"), Burlington, Vermont - permission to acquire Granite State Bankshares, Inc., Keene, New Hampshire, and its subsidiary bank, Granite Bank. In the Commonwealth, Chittenden is the holding compny for Flagship Bank and Trust Company, Worcester and The Bank of Western Massachusetts, Springfield - approved February 27, 2003.

DIVISION OF BANKS

Decisions

Brockton Postal Employees Credit Union, Brockton - permission to expand the associations which qualify persons for membership to include government employees as defined who work or live in the counties now authorized in the by-laws and to expand eligibility to such government employees and certain United States Postal Service employees who live or work in Suffolk County. Other changes are set out in the proposed by-law - approved February 24, 2003; additional by-law proposed to include Suffolk County was deleted.

WestBank, West Springfield - permission to establish a branch office at 115 East Main Street, Webster - approved February 24, 2003.

Applications Pending

Belmont Savings Bank, Belmont - permission to establish branch offices at (1) 440 Massachusetts Avenue, Arlington; and (2) 695 Main Street, Waltham. Comment periods ended February 14, 2003.

Beverly Co-operative Bank, Beverly - permission to establish a branch office within the Electric Insurance Company building, 152 Conant Street, Beverly. Comment period ends March 18, 2003.

Citizens Bank of Massachusetts, Boston - permission to (1) relocate a branch office from 1628 Tremont Street to One Brigham Circle, Boston; and (2) establish a branch office at 65 Leonard Street, Belmont. Comment periods end March 6, 2003.

Compass Bank for Savings, New Bedford - permission to establish a branch office at 1582 Iyanough Road, Route 132, Hyannis. Comment period ended February 28, 2003.

Eastern Bank, Lynn - permission to relocate a branch office from 235 Derby Street to 19 Congress Street, Salem. Comment period ends March 7, 2003.

Eastern Bank, Lynn - permission to maintain its present main office at 112 Market Street, Lynn as a branch office in conjunction with a petition before the Board of Bank Incorporation to redesignate the location of its main office to 265 Franklin Street, Boston. Comment period ends March 31, 2003.

East Boston Savings Bank, East Boston - permission to establish a branch office at 108 Main Street, Melrose. Comment period ended February 27, 2003.

Medford Co-operative Bank, Medford - permission to establish a branch office at 280 Medford Street, Malden. Comment period ends March 20, 2003.

Monsanto Employees Credit Union, Springfield - permission to (1) relocate its main office from 730 Worcester Street, Springfield to 2002 Boston Road, Wilbraham; and (2) maintain its current main office as a branch office. Comment periods ended February 20, 2003.

Mt. Washington Co-operative Bank, South Boston - permission to establish a branch office at 489 Gallivan Boulevard, Dorchester. Comment period ended February 28, 2003.

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 Shore Co-operative Bank, Weymouth - permission to reorganize into a mutual holding company, South Shore Mutual Holding Company, as a part of a multi-step transaction. Comment period ends March 31, 2003.

The Hyde Park Savings Bank, Hyde Park -permission to establish a branch office at 1920 Centre Street, West Roxbury. Comment period ends March 11, 2003.

The Westborough Bank, Westborough - permission to close a branch office located within Shaw's Supermarket, 50 Boston Turnpike Road, White City Plaza, Shrewsbury. Comment period ends March 19, 2003.

Miscellaneous

Eagle Bank, Everett - permission to establish a branch office at 219 Centre Street, Malden - application withdrawn February 24, 2003.

MARCH 2003 FILING DATE

Complete applications for the March Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, March 14, 2003.

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").

TEMPORARY CHECK CASHER LICENSES

Applications Pending

Prem Variety, Inc. d/b/a Dom's Variety Store, Framingham, Massachusetts - permission to operate a check casher office at 269 Hollis Street, Framingham, Massachusetts. Comment period ended February 27, 2003.

Check 2 Cash, Inc., Springfield, Massachusetts - permission to operate a check casher office at 1205 Boston Road, Springfield, Massachusetts. Comment period ended February 11, 2003.

APPLICATIONS TO SELL INSURANCE

Cambridgeport Bank, Cambridge - approved February 3, 2003
The Co-operative Bank, Roslindale - approved February 24, 2003
Greenfield Co-operative Bank, Greenfield - pending
Rockland Trust Company, Rockland - pending

CHANGE IN SERVICE

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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.