BOARD OF BANK INCORPORATION
Hearings
May 3, 2005
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:30 a.m.
Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Woronoco Savings Bank ("Woronoco"), Westfield, Massachusetts, through a merger with its holding company, Woronoco Bancorp, Inc., Westfield, Massachusetts. In conjunction with this transaction, a related application has been filed with the Division of Banks for approval to merge Woronoco with and into the Petitioner's subsidiary bank, Berkshire Bank, Pittsfield, Massachusetts. Comment period ends May 10, 2005.
Decisions
Benjamin Franklin Bancorp, MHC, Franklin, Massachusetts - permission to acquire ownership and control of Chart Bank, A Co-operative Bank, Waltham, Massachusetts - approved March 30, 2005.
Fall River Five Cents Savings Bank, Fall River, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, BankFive, MHC, with a mid-tier holding company, BankFive Corporation. The continuing bank will operate under the name Fall River Five Cents Savings Bank - approved March 30, 2005.
Greenfield Savings Bank, Greenfield, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, GSB, MHC. The continuing bank will operate under the name Greenfield Savings Bank - approved March 30, 2005.
DIVISION OF BANKS
Decisions
Benjamin Franklin Bank, Franklin and Chart Bank, A Co-operative Bank, Waltham - permission to merge under the charter, by-laws and name of Benjamin Franklin Bank - approved March 30, 2005.
Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at Shoppers World Plaza, 15 Park Avenue, Clifton Park, New York - approved March 28, 2005.
Bridgewater Credit Union, Bridgewater - permission to establish a branch office at 3A Whiting Road, Dover - approved March 23, 2005.
Cape Cod Co-operative Bank, Yarmouth Port - permission to establish a branch office at King's Way, 64 King's Circuit, Yarmouth Port - approved March 1, 2005.
East Boston Savings Bank, East Boston - permission to establish a branch office at 1755 Revere Beach Parkway, Everett - approved March 1, 2005.
Fall River Five Cents Savings Bank, Fall River - permission to reorganize into a mutual holding company, BankFive, MHC, with a mid-tier holding company, BankFive Corporation, as part of a multi-step transaction - approved March 30, 2005.
Greenfield Savings Bank, Greenfield - permission to reorganize into a mutual holding company, GSB, MHC, as part of a multi-step transaction - approved March 30, 2005.
North Shore Bank, A Co-operative Bank, Peabody - permission to close a branch office located at 254 Humphrey Street, Marblehead - approved March 23, 2005.
River Works Credit Union ("the "Credit Union"), Lynn - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility changes that by-law provision by including references to Middlesex and Suffolk Counties as well as those who work within a twenty-five mile radius of the Credit Union - approved March 23, 2005; the reference to the twenty-five mile radius was deleted and other technical changes were made to the by-law, as approved.
Wainwright Bank & Trust Company, Boston - permission to establish a branch office at 301 Harvard Street, Brookline - approved March 1, 2005.
Webster Five Cents Savings Bank, Webster - permission to establish a branch office at 261 Grafton Street, Shrewsbury - approved March 7, 2005.
Applications Pending
Berkshire Bank, Pittsfield and Woronoco Savings Bank, Westfield - permission to merge under the charter, by-laws and name of Berkshire Bank. Comment period ends May 10, 2005.
Boston Private Bank & Trust Company, Boston - permission to establish branch offices at 1) 7 Central Street, Hingham; and 2) 1666 Massachusetts Avenue, Lexington. Comment periods ended March 29, 2005.
Brookline Municipal Credit Union, Brookline - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to now include those who live in, work in or retire from employment in the Town of Brookline, as well as to increase eligibility from five hundred residents to one thousand other persons who live or work outside of the Town of Brookline. Comment period ends April 19, 2005.
Citizens Bank of Massachusetts, Boston - permission to close branch offices located 1) within Shaws Supermarket, 370 Western Avenue, Brighton; and 2) at 29 High Street, Medford. Comment periods end April 22, 2005.
Community Credit Union of Lynn, Lynn - permission to establish a branch office at 32 Central Street, Peabody. Comment period ends April 8, 2005.
Eastern Bank ("Eastern"), Boston and Plymouth Savings Bank ("Plymouth"), Wareham- permission to merge under the charter, by-laws and name of Eastern Bank. Eastern and Plymouth are both subsidiary banking institutions of Eastern Bank Corporation, a mutual holding company. Comment period ended March 18, 2005.
Luso-American Credit Union, Peabody - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for persons who reside or work in Essex County as well as include references to certain member relationships. Comment period ended December 27, 2004.
PeoplesBank, Holyoke - permission to establish a branch office at 303 East Main Street, Westfield. Comment period ended March 29, 2005.
APRIL 2005 FILING DATE
Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, April 15, 2005.
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 | ||
FINANCIAL INSTITUTION | RATING | EXAMINATION |
Athol Credit Union, Athol | S | 09/13/04 |
Framingham Co-operative Bank, Framinghamr | HS | 10/19/04 |
Merrimac Savings Bank, Merrimac | S | 12/06/04 |
Stoneham Savings Bank, Stoneham | S | 11/17/04 |
Walpole Co-operative Bank, Walpole | S | 09/15/04 |
APPLICATIONS TO SELL INSURANCE
Watertown Savings Bank, Watertown - approved March 2, 2005
Community Bank, A Massachusetts Co-operative Bank (The), Brockton - approved March 14, 2005
St. Mary's Credit Union, Marlborough - pending
TEMPORARY CHECK CASHER LICENSES
Hearings
There are no hearings for the month of April
Applications Pending
There are no applications pending.
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.