by the Division of Banks

BOARD OF BANK INCORPORATION

Applications Pending

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. Comment period ended September 12, 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. Comment period ended September 12, 2005.

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

Cape Cod Five Cents Savings Bank, Harwich Port - notice to establish a branch office at 688 Main Street, South Dennis - non-objection issued September 8, 2005.

Citizens-Union Savings Bank, Fall River - permission to relocate its branch office from 355 - 357 Acushnet Avenue, New Bedford to 95 William Street, New Bedford - approved September 13, 2005

Applications/Notices Pending

Citizens Bank of Massachusetts, Boston - notice to establish a branch office within Stop & Shop Supermarket, 251 Washington Street, Attleboro. Filed September 29, 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. Comment periods end October 13, 2005.

Fall River Five Cents Savings Bank, Fall River - notice to establish a branch office at 174 Union Street, New Bedford. Filed September 26, 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. Comment period ends October 14, 2005.

Florence Savings Bank, Florence - permission to reorganize into a mutual holding company, Florence Bancorp, MHC, as part of a multi-step transaction. Comment period ended September 12, 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. Comment period ended September 12, 2005.

Pentucket Bank, Haverhill, Massachusetts - permission to establish a branch office at 232-242 North Broadway, Salem, New Hampshire. Filed September 30, 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.

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. Comment period ended September 16, 2005.

OCT0BER 2005 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., Friday, October 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

Avon Co-operative Bank, Avon

S

06/20/05

Billerica Municipal Employees Credit Union, Billerica

S

06/15/05

Dedham Co-operative Bank, Dedham

S

05/31/05

Equitable Co-operative Bank, Lynn

S

05/23/05


APPLICATIONS TO SELL INSURANCE

Southern Mass Credit Union, Fall River - pending

TEMPORARY CHECK CASHER LICENSES

Hearing

Thursday, October 27, 2005
Worcester City Hall - Room 310
455 Main Street
Worcester, Massachusetts

At 6:00 p.m.

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.