BOARD OF BANK INCORPORATION
Hearings
August 9, 2006
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Fidelity Co-operative Bank, Fitchburg, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Fidelity Mutual Holding Company, with a mid-tier holding company, Life Design Holding Company. The continuing bank will operate under the name Fidelity Co-operative Bank. Comment period ends August 16, 2006.
Decisions
Braintree Co-operative Bank (The), Braintree, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Braintree Bancorp MHC. The continuing bank will operate under the name The Braintree Co-operative Bank - approved July 28, 2006.
Cape Cod Co-operative Bank, Yarmouth Port, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Coastal Affiliates, MHC. The continuing bank will operate under the name Cape Cod Co-operative Bank - approved July 28, 2006.
New England Savings Bank, Hyannis, Massachusetts - permission to establish a savings bank - certificate of public convenience and advantage issued July 27, 2006.
DIVISION OF BANKS
Decisions/Notices
AllCom Credit Union, Worcester - 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, work or attend school, as defined in the proposed by-law, in Middlesex County and Worcester County. Additional changes are set out in the proposed by-law. By-law proposal was modified by limiting the reference to "Middlesex County" to twenty-three specified communities within that county - approved July 27, 2006.
Bank of Canton (The), Canton - permission to relocate a branch office from 1299 Beacon Street, Brookline to 166 Harvard Street, Brookline - approved July 24, 2006.
Belmont Savings Bank, Belmont - notice to establish a branch office at 1075 Waltham Street, Lexington - non-objection issued July 10, 2006.
Braintree Co-operative Bank (The), Braintree - permission to reorganize into a mutual holding company, Braintree Bancorp, MHC, as part of a multi-step transaction - approved July 28, 2006.
Cape Cod Co-operative Bank, Yarmouth Port - permission to reorganize into a mutual holding company, Coastal Affiliates, MHC, as part of a multi-step transaction - approved July 28, 2006.
Citizens Bank of Massachusetts, Boston - notice to establish a branch office within Stop & Shop Supermarket, 470 North Main Street, East Longmeadow - non-objection issued July 31, 2006.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located within Hannaford Supermarket, 55 Russell Street, Waltham - approved July 24, 2006.
North Easton Savings Bank, North Easton - notice to establish a branch office within Shaw's Supermarket, 125 Toner Boulevard, North Attleborough - non-objection issued July 6, 2006.
Ware Co-operative Bank, Ware - notice to establish a branch office at 100 West Main Street, East Brookfield - non-objection issued July 14, 2006.
Applications/Notices Pending
Berkshire Bank, Pittsfield, Massachusetts - permission to establish branch offices at 1) 262 Saratoga Road, Glenville, New York; and 2) Town Center Plaza, 1704 Western Avenue, Guilderland, New York. Filed July 19, 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, as well as organization members, as defined in the proposed by-law, located in those counties. Other changes are set out in the proposed by-law. Comment period ended April 18, 2006.
Fidelity Co-operative Bank, Fitchburg - permission to reorganize into a mutual holding company, Fidelity Mutual Holding Company, as part of a multi-step transaction. Comment period ends August 16, 2006.
Premier Source Credit Union, ("Premier") Springfield and Embeco Credit Union ("Embeco"), East Longmeadow - permission for Embeco to merge with and into Premier under the charter, by-laws and name of Premier Source Credit Union. The main office of Premier would remain the main office of the continuing credit union and the sole banking office of Embeco will be retained as a branch office. As part of this transaction, the by-laws of Premier would be amended to change membership eligibility. Comment period ends August 21, 2006.
Quincy Credit Union ("Quincy"), Quincy and Braintree Educators & Municipal Employees Federal Credit Union ("Braintree"), Braintree - permission for Braintree to merge with and into Quincy under the charter, by laws and name of Quincy Credit Union. The main office of Quincy would remain the main office of the continuing credit union and the sole banking office of Braintree would not be retained as a branch office. Comment period ended July 24, 2006.
Southbridge Credit Union, Southbridge - notice to establish a branch office at 732 Southbridge Street, Auburn. Filed July 17, 2006.
Springfield Mass. Municipal Employees Credit Union, Springfield - permission to close its branch office located within the Hampden County Hall of Justice, 50 State Street, Springfield. Comment period ends August 7, 2006.
ValleyStone Credit Union, Wilbraham - permission to close its branch office located within Wal-Mart, 591 Memorial Drive, Chicopee. Comment period ends August 10, 2006.
AUGUST 2006 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., Tuesday, August 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 |
Bank of Fall River, A Co-operative Bank | O | 03/20/06 |
Hometown Bank, A Co-operative Bank, Webster | S | 05/02/06 |
Northeast Community Credit Union, Haverhill | S | 04/24/06 |
University Credit Union, Boston | S | 04/05/06 |
APPLICATIONS TO SELL INSURANCE
none
TEMPORARY CHECK CASHER LICENSES
Hearings
Thursday, August 17, 2006
Worcester City Hall, Room 310
455 Main Street
Worcester, Massachusetts
at 6:00 p.m.
Kirsch & Davis, Inc. d/b/a Kirsch Package Store, Worcester, Massachusetts - permission to operate a check casher office at 646 Main Street, Worcester. Comment period ends Thursday, August 24, 2006.
Monday, August 28, 2006
Everett City Hall
484 Broadway
Everett, Massachusetts
at 5:00 p.m.
John Tamburo d/b/a Tamburo Check Cashing, Everett, Massachusetts - permission to operate a check casher office at 241 Beacham Street, Everett. Comment period ends Tuesday, September 5, 2006.
Decisions
El Valle De La Sultana Market, Inc., Everett, Massachusetts - permission to operate a check casher office located at 716 Broadway, Everett, Massachusetts - approved July 27, 2006.
Applications Pending
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.
WalMart Stores East, LP d/b/a Wall Mart Stores, Bentonville Arkansas - permission to provide check cashing services at its 44 store locations in Massachusetts. Comment period ended June 28, 2006.
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 .