BOARD OF BANK INCORPORATION
Hearings
March 2, 2006
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Weymouth Bank, Weymouth, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Wessagussett Mutual Holding Company with a mid-tier holding company, Wessagussett Bancorp, Inc. The continuing bank will operate under the name Weymouth Bank. Comment period ends March 14, 2006.
At 11:20 a.m.
Butler Bank, Lowell, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Butler Bancorp, MHC with a mid-tier holding company, Butler Bancorp, Inc. The continuing bank will operate under the name Butler Bank. Comment period ends March 14, 2006.
DIVISION OF BANKS
Decisions/Notices
Bank of Western Massachusetts (The), Springfield, Massachusetts - permission to establish a branch office at 49 Hazard Avenue, Enfield, Connecticut - approved February 17, 2006.
Boston Private Bank & Trust Company, Boston - notice to establish a branch office at 57 Enon Street, Beverly - non-objection issued February 23, 2006.
Bridgewater Savings Bank, Bridgewater - permission to 1) purchase certain assets and assume certain deposit and other liabilities of the branch office of South Coastal Bank located at 100 Main Street, Carver; and in connection therewith 2) establish and maintain a branch office at that location - approved February 28, 2006.
Citizens Bank of Massachusetts, Boston - permission to close a branch office located within Hannaford Supermarket, 475 Hancock Street, Quincy - approved February 2, 2006.
Fall River Five Cents Savings Bank, Fall River - notice to establish a branch office at 101-107 Huttleston Avenue, Fairhaven - non-objection issued February 2, 2006.
Premier Source Credit Union, Springfield - 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 live or work in Hampden County and Hampshire County, as well as those enrolled, as specified, in any college or university or post-high school technical school or institute located in those counties - approved February 24, 2006.
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 - approved February 2, 2006.
Saugusbank, A Co-operative Bank, Saugus - notice to establish a branch office located at 412 Lynn Fells Parkway, Saugus - non-objection issued February 28, 2006.
Seaport Credit Union, Salem - permission to 1) close its current main office located at Three Harbor Street, Salem; and 2) redesignate its current branch office at 336 Lafayette Street, Salem as the main office - approved February 7, 2006.
Sharon Credit Union, Sharon - notice to establish a branch office at 540 Francis J. Kelley Boulevard, North Attleboro - non-objection issued February 2, 2006.
South Coastal Bank, Rockland - permission to close its branch office located at 100 Main Street, Carver. In connection with this petition, South Coastal Bank has entered into an agreement whereby Bridgewater Savings Bank, Bridgewater, would, subject to regulatory approval and consummation of the transaction, purchase certain assets and assume certain deposit and other liabilities of that office and maintain that location as a branch office - approved February 28, 2006.
Westbank, West Springfield - permission to relocate its branch office from 515 College Highway, Southwick, to 664 College Highway, Southwick - approved February 9, 2006.
Applications/Notices Pending
Butler Bank, Lowell - permission to reorganize into a mutual holding company, Butler Bancorp, MHC, as part of a multi-step transaction. Comment period ends March 14, 2006.
City of Boston Credit Union, Boston - 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 live or work in Middlesex County, Suffolk County and Norfolk County. Other changes are set out in the proposed by-law.
Medway Co-operative Bank, Medway - notice to establish a branch office located within Medway High School, 88 Summer Street, Medway. Filed February 1, 2006.
Metropolitan Credit Union, Chelsea - notice to establish a branch office located at Peabody Veterans Memorial High School, 485 Lowell Street, Peabody. Filed February 6, 2006.
Tremont Credit Union ("Tremont"), Boston and Bakery Drivers Federal Credit Union ("Bakery Drivers"), South Boston - permission for Bakery Drivers to merge with and into Tremont 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 Bakery Drivers would not be retained as a branch office. Comment period ends March 23, 2006.
Weymouth Bank, Weymouth, Massachusetts - permission to reorganize into a mutual holding company, Wessagussett Mutual Holding Company, as part of a multi-step transaction. Comment period ends March 14, 2006.
MARCH 2006 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., Wednesday, March 15, 2006.
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 |
Clinton Savings Bank | S | 10/24/05 |
Lowell Firefighters Credit Union | S | 11/28/05 |
Secure Credit Union, Melrose | S | 12/20/05 |
Stoughton Co-operative Bank | S | 12/12/05 |
APPLICATIONS TO SELL INSURANCE
Cape Cod Co-operative Bank, Yarmouth Port - pending
Freedom Credit Union, Springfield - pending
TEMPORARY CHECK CASHER LICENSES
Hearings
There are no hearings for the month of March
Applications Pending
El Valle De La Sultana Market, Inc., Everett, Massachusetts - permission to operate a check casher office located at 716 Broadway, Everett, Massachusetts. Comment period ended January 16, 2006.
Espo Liquor Company, Inc. d/b/a Broadway Liquors, Lawrence, Massachusetts- permission to operate a check casher office located at 434 Broadway, Lawrence, Massachusetts. Comment period ended December 27, 2005.
Primos Liquors, Inc., Lawrence, Massachusetts - permission to operate a check casher office located at 450 Haverhill Street, Lawrence, Massachusetts. Comment period ended December 27, 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 .