BOARD OF BANK INCORPORATION
Hearings
Wednesday, November 9, 2005
Second Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:30 p.m.
UCBH Holdings, Inc. (the "Petitioner"), San Francisco, California - permission to acquire Asian American Bank & Trust Company ("Asian American"), Boston, Massachusetts. The Petitioner is the holding company for United Commercial Bank, San Francisco, California. A related application has been filed with the Division of Bank for approval of a subsequent merger of Asian American with and into United Commercial Bank. As a consequence of the merger, the banking offices of Asian American will become branch offices of United Commercial Bank. Comment period ends November 18, 2005.
Decisions
Florence Savings Bank, Florence, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Florence Bancorp, MHC. The continuing bank will operate under the name Florence Savings Bank - approved October 5, 2005.
Monson Savings Bank, Monson Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Monson Financial Services, MHC, with a mid-tier holding company, Monson Financial Services Corp. The continuing bank will operate under the name Monson Savings Bank - approved October 5, 2005.
Applications Pending
Salem Five Cents Savings Bank, Salem, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Salem Five Bancorp. The continuing bank will operate under the name Salem Five Cents Savings Bank. Comment period ended September 12, 2005.
DIVISION OF BANKS
Decisions/Notices
BankFive, Fall River - notice to establish a branch office at 174 Union Street, New Bedford. Fall River Five Cents Savings Bank, Fall River changed its name to BankFive on October 3, 2005 - non-objection issued October 4, 2005.
Benjamin Franklin Bank, Franklin - notice to establish a branch office at 330 Washington Street, Wellesley Hills - non-objection issued October 26, 2005.
Brotherhood Credit Union, Lynn - notice to establish a branch office at 254 Humphrey Street, Marblehead - non- objection issued October 27, 2005.
Citizens Bank of Massachusetts, Boston - notice to establish a branch office within Stop & Shop Supermarket, 251 Washington Street, Attleboro - non-objection issued October 11, 2005.
Citizens Bank of Massachusetts, Boston - permission to relocate branch offices from within 1) Stop & Shop Supermarket, 180 Providence Highway, Dedham to Stop & Shop Supermarket, 160 Providence Highway, Dedham; and 2) Stop & Shop Supermarket, 8B Allstate Road, Dorchester to Stop & Shop Supermarket, 1100 Massachusetts Avenue, Dorchester - approved October 18, 2005.
East Boston Savings Bank, East Boston - notice to establish a branch office at 353 Broadway, Lynn - non-objection issued October 27, 2005.
First Choice Credit Union, Lawrence - 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, living or working in Essex County, who are also employees of "gas, oil and propane companies", "electric companies" and "communications companies" as such terms are defined in the proposed by-law. Other changes are set out in the proposed by-law - approved October 31, 2005.
Florence Savings Bank, Florence - permission to reorganize into a mutual holding company, Florence Bancorp, MHC, as part of a multi-step transaction - approved October 5, 2005.
Monson Savings Bank, Monson - permission to reorganize into a mutual holding company, Monson Financial Services, MHC, with a mid-tier holding company, Monson Financial Services Corp., as part of a multi-step transaction - approved October 5, 2005.
Pentucket Bank, Haverhill, Massachusetts - permission to establish a branch office at 232-242 North Broadway, Salem, New Hampshire - approved October 25, 2005.
Telephone Workers Credit Union, Boston - permission to expand the associations which qualify persons for membership. As changed from a filing under Option 2 to a filing under Option 3 of Regulatory Bulletin 4.1-104, the amendment relative to membership eligibility would add membership for those who live, work or attend school, as defined in the proposed by-law, within Suffolk County and Norfolk County, as well as twenty-one specified communities within Plymouth County and twenty-one specified communities within Middlesex County. Other changes are set out in the proposed by-law. The filing, as revised, under Option 3 changed the original proposal under Option 2 by limiting a reference in the by-law to "Plymouth County" to twenty-one specified communities within that county and by reducing the number of communities contained in a reference to "Middlesex County" from thirty-two specified communities to twenty-one specified communities within that county. Additionally, the revised filing deleted the only reference in the by-law to "Essex County" by deleting a reference to thirteen communities within that county. Other changes were made to the proposed amendment - approved October 27, 2005.
The Bank of Canton, Canton - notice to establish a branch office at 145 Barnstable Road, Hyannis - non-objection issued October 17, 2005.
Tremont Credit Union, Boston - notice to establish a branch office at 39-59 Warren Street, Roxbury - non-objection issued October 31, 2005.
Applications/Notices Pending
Eastern Bank, Boston - permission to close branch offices located at 1) 270 Union Street, Lynn and 2) 49 Margin Street, Peabody. Comment periods ended October 28, 2005.
Bristol County Savings Bank, Taunton - notice to establish a branch office at the Towne Center West Shopping Center, Corner of Route 6 and Cross Road, North Dartmouth. Filed October 28, 2005.
Haverhill Municipal Employees Credit Union, Haverhill - 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 those who work for the cities and towns of Haverhill, Groveland, Merrimac, West Newbury, Amesbury, Newburyport, Georgetown, Methuen, Lawrence, Andover and North Andover, Massachusetts, as well as those who work for specified "health care facilities", as listed in the proposed by-law, located in those cities and towns. Comment period ends November 28, 2005.
Polish National Credit Union ("Polish National"), Chicopee and Westfield River Federal Credit Union ("Westfield River"), Westfield - permission to merge under the charter, by-laws and name of Polish National Credit Union. The main office of Westfield River would become a branch office of the continuing credit union and the Chicopee branch office of Westfield River would not be retained as a branch office of Polish National. Comment period ends November 28, 2005.
Salem Five Cents Savings Bank, Salem - permission to reorganize into a mutual holding company, Salem Five Bancorp, as part of a multi-step transaction. Comment period ended September 12, 2005.
Salem Five Cents Savings Bank, Salem and Heritage Co-operative Bank, Salem - permission to merge under the charter, by-laws and name of Salem Five Cents Savings Bank. Comment period ends November 28, 2005.
State Street Bank and Trust Company, Boston, Massachusetts - permission to relocate a branch office from Two Exchange Square, 8 Connaught Place to Two International Finance Centre, 8 Finance Street, Central Hong Kong, China. Comment period ended October 28, 2005.
Workers' Credit Union, Fitchburg - notice to establish a branch office at Chelmsford High School, 200 Richardson Road, Chelmsford. Filed October 26, 2005.
NOVEMBER 2005 FILING DATE
Complete applications for the November Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, November 14, 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 |
Investors Bank & Trust Company, Boston | O | 08/16/05 |
Massachusetts State Employees Credit Union, Boston | S | 08/15/05 |
North Shore Bank, A Co-operative Bank, Peabody | O | 07/25/05 |
Slade's Ferry Trust Company, Somerset | S | 07/18/05 |
Tremont Credit Union, Boston | S | 05/25/05 |
APPLICATIONS TO SELL INSURANCE
Southern Mass Credit Union, Fall River - pending
TEMPORARY CHECK CASHER LICENSES
Applications Pending
Parras, Inc. D/B/A ACE Cash Express, Worcester, Massachusetts - permission to operate a check casher office located at 166 Lincoln Street, Worcester, Massachusetts. Comment period ends Thursday, November 3, 2005.
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.