BOARD OF BANK INCORPORATION
Hearings
There are no public hearings scheduled for the month of August.
Decisions
Citizens Financial Group, Inc. (the "Petitioner"), Providence, Rhode Island and related parties -permission to acquire indirect ownership of and control of Cambridgeport Bank, Cambridge through its direct or indirect merger with Port Financial Corp., Brighton, Massachusetts and to acquire up to 9.9% of the common stock of Cambridge Bancorp. Port Financial Corp. is the bank holding company of Cambridgeport Bank. An application has also been filed with the Division of Banks to merge Cambridgeport Bank with and into the Petitioner's banking subsidiary in the Commonwealth, Citizens Bank of Massachusetts, Boston, Massachusetts - approved July 28, 2003.
Peoples Savings Bank (the "Petitioner"), Holyoke, Massachusetts - permission to establish a mutual savings bank and a stock savings bank in conjunction with its multi-step reorganization into a mutual holding company, PeoplesBancorp, MHC. The newly established mutual savings bank will modify its charter and by-laws to become a mutual holding company, and the Petitioner will then merge with and into the stock subsidiary banking institution and shall operate under the name PeoplesBank - approved July 24, 2003.
Applications Pending
Beverly Co-operative Bank, Beverly, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Beverly Financial, MHC. Comment period extended after public hearing to August 14, 2003.
Clinton Savings Bank, Clinton, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Clinton Financial Services, MHC with a mid-tier holding company, Wachusetts Financial Services, Inc. Comment period ends August 8, 2003.
DIVISION OF BANKS
Decisions
Cambridge Savings, Cambridge - permission to establish a branch office at 739 Beacon Street, Newton Centre - approved July 15, 2003.
Citizens Bank of Massachusetts, Boston and Cambridgeport Bank, Cambridge - permission to merge under the charter, by-laws and name of Citzens Bank of Massachusetts - approved July 28, 2003.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices within Stop & Shop Supermarkets located at 1) 500 Route 134, South Dennis; 2) 50 Teaticket Highway, East Falmouth; 3) Routes 39 and 137, Harwich Commons, East Harwich; 4) 65 Independence Drive, Hyannis; 5) 3900 Falmouth Road, Marston Mills; 6) 39 Nathan Ellis Highway, Mashpee; 7) Orleans Route 6A, Cranberry Cove Plaza, Orleans; 8) 55 Long Pond Drive, South Yarmouth; 9) 64 Route 6A, Sandwich; 10) 932 North Montello Street, Brockton; 11) 50 Independence Way, Liberty Tree Mall, Danvers; and 12) 95 Highland Avenue, Route 6, Seekonk - approved July 3, 2003.
Citizens Bank of Massachusetts, Boston - permission to establish a branch office within Stop & Shop Supermarket, 539-571 Boston Turnpike, Shrewsbury - approved July 15, 2003.
Equitable Co-operative Bank, Lynn - (i) permission to redesignate the location of its main office from its current site at 87 Oxford Street, Lynn to an approved but unopened office located at 400 Broadway, Lynn; and in connection therewith (ii) close its current main office. The address was corrected from the initial filing which included a reference to 390 Broadway, Lynn as the site for the new main office - approved July 30, 2003.
Grafton Suburban Credit Union, North Grafton - permission to relocate a branch office from 41 Main Street to 377 Providence Road, South Grafton - approved July 31, 2003.
North Middlesex Savings Bank, Ayer - permission to establish a branch office at 95 Front Street, Shirley. The address was corrected from the initial application which referred to 75 Front Street, Shirley as the site of the proposed branch office - approved July 15, 2003.
Peoples Savings Bank, Holyoke - permission to reorganize into a mutual holding company, PeoplesBancorp, MHC, as part of a multi-step transaction - approved July 24, 2003.
Stoneham Savings Bank, Stoneham - permission to establish a branch office at 443 Charles Street, Malden - approved July 9, 2003.
Tremont Credit Union ("Tremont"), Boston and Latvian Credit Union ("Latvian"), Brookline - permission to merge under the charter, by-laws and name of Tremont Credit Union. The main office of Tremont would remain the main office of the continuing credit union and the sole banking office of Latvian would be closed within six months of the merger. As part of the transaction, the by-laws of Tremont would be amended to change membership eligibility - approved July 28, 2003.
Tremont Credit Union ("Tremont"), Boston and Plan Credit Union ("Plan"), Boston -permission to merge under the charter, name and by-laws of Tremont Credit Union. The main office of Tremont would remain the main office of the continuing credit union and the Rockland, Massachusetts branch office of Plan would not be retained as a branch office of Tremont. The other branch offices of Plan would be retained. As part of this transaction, the by-laws of Tremont would be amended to change membership eligibility - approved July 28, 2003.
Applications Pending
Beverly Co-operative Bank, Beverly - permission to reorganize into a mutual holding company, Beverly Financial, MHC, as part of a multi-step transaction. Comment period ends August 8, 2003.
Cambridge Savings Bank, Cambridge - permission to relocate a branch office from 35 Leonard Street, Belmont to a building located at 30-42 Leonard Street, Belmont. Comment period ends August 19, 2003.
Clinton Savings Bank, Clinton - permission to reorganize into a mutual holding company, Clinton Financial Services, MHC, with a mid-tier subsidiary Wachusetts Financial Services, Inc. as part of a multi-step transaction. Comment period ends August 8, 2003.
FHBT Credit Union, Northampton - permission to relocate its main office from 21 Conz Street, Northampton to 39 Carlon Drive, Northampton. Comment period ended July 16, 2003.
Fidelity Co-operative Bank, Fitchburg - permission to establish a branch office at 303 Main Street, Worcester. Comment period ends August 7, 2003.
Members Plus Credit Union, Dorchester - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility would now include residents, employers, employees, and members of fraternal, religious, civic or social organizations having their principal place of business, employment, or assembly within Middlesex, Norfolk, Plymouth and Suffolk Counties. Other changes are set out in the proposed by-law. Comment period ended July 17, 2003.
Middlesex Savings Bank, Natick - permission to relocate a branch office from 180 Linden Street to 200 Linden Street, Wellesley. Comment period ended July 17, 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.
AUGUST 2003 FILING DATE
Complete applications for the August Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, August 15, 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").
DATE OF | ||
BANK | RATING | EXAMINATION |
Embeco Credit Union, East Longmeadow | S | 05/19/03 |
State Street Bank and Trust Company, Boston | O | 04/02/03 |
Ware Co-operative Bank, Ware | S | 04/07/03 |
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.