BOARD OF BANK INCORPORATION
Hearings
May 8, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:00 p.m.
Boston Private Financial Holdings, Inc., (the "Petitioner"), Boston, Massachusetts - permission to acquire Charter Financial Corporation and its wholly-owned banking subsidiary, Charter Bank, Bellevue, Washington. In the Commonwealth, the Petitioner is the holding company for Boston Private Bank & Trust Company, Boston, Massachusetts. Comment period ends June 11, 2007.
At 1:30 p.m.
MountainOne Financial Partners, MHC, North Adams, Massachusetts, and its mid-tier stock holding company subsidiary (the "Petitioners") - permission to acquire ownership of and control of South Coastal Bank ("South Coastal"), Rockland, Massachusetts, through a merger with South Coastal's mutual holding company, South Coastal Holdings MHC, Inc. The Petitioners are the mutual holding company and mid-tier stock holding company for Hoosac Bank, North Adams, Massachusetts and Williamstown Savings Bank, Williamstown, Massachusetts. As a result of this transaction, the Petitioners will control South Coastal Bank in addition to its existing bank subsidiaries, Hoosac Bank and Williamstown Savings Bank. Comment period ends May 11, 2007.
At 2:00 p.m.
The Bank of New York Company, Inc. ("BNY"), New York, New York and Mellon Financial Corporation ("Mellon") - permission to merge and acquire ownership of and control of Mellon Trust of New England, National Association ("Mellon Trust N.A."), Boston, Massachusetts. Comment period ends May 31, 2007.
May 9, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
State Street Corporation, (the "Petitioner"), Boston, Massachusetts - permission to acquire Investors Bank & Trust Company, ("Investors"), Boston, Massachusetts, through the acquisition of its holding company, Investors Financial Services Corp., Boston, Massachusetts. In conjunction with this transaction, a related application has been filed with the Division of Banks for approval to merge Investors with and into the Petitioner's subsidiary bank, State Street Bank and Trust Company, Boston, Massachusetts. Comment period ends May 31, 2007.
May 16, 2007
Second Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Power Corporation Of Canada, Power Financial Corporation, and related parties, ("Power" or the "Petitioners"), Montreal, Quebec, Canada - permission to acquire Putnam Fiduciary Trust Company, ("Putnam") Boston, Massachusetts, a Massachusetts chartered trust company. Putnam is an indirect subsidiary of Putnam Investments Trust, Boston, Massachusetts. Comment period ends May 18, 2007.
At 10:30 a.m.
BankFive, MHC and BankFive Corporation, (the "Petitioners"), Fall River, Massachusetts - permission to acquire Luzo Community Bank, New Bedford, Massachusetts, through the acquisition of its holding company, New Bedford Community Bancorp, New Bedford, Massachusetts in a multi-step transaction involving the Board and the Division of Banks (the "Division"). In the Commonwealth, the Petitioners are the mutual holding company and the mid-tier stock holding company for Fall River Five Cents Savings Bank d/b/a BankFive ("BankFive"), Fall River, Massachusetts. In connection with this multi-step transaction, the approval of the Board will also be required for the establishment of an interim trust company. Applications have also been filed with the Division which include approval for the subsequent merger of Luzo Community Bank with and into BankFive. Comment period ends May 18, 2007.
Decisions
Nuvo Bank and Trust Company, Springfield, Massachusetts - permission to establish a trust company - certificate of public convenience and advantage issued April 27, 2007.
The Toronto-Dominion Bank (the "Petitioner"), Toronto, Canada - permission to acquire 100% control of TD Banknorth Inc. and its banking subsidiary, TD Banknorth, N.A., Portland, Maine. The Petitioner had previously been approved by the Board of Bank Incorporation to control up to 70% of TD Banknorth Inc. - approved April 18, 2007.
Veritas Bank, Lawrence, Massachusetts - permission to establish a savings bank - certificate of public convenience and advantage issued April 27, 2007.
Applications Pending
Butler Bancorp, MHC (the "Petitioner"), Lowell, Massachusetts - permission to become a bank holding company through the indirect acquisition of Marlborough Co-operative Bank ("Marlborough"), Marlborough, Massachusetts, through a merger with its mutual holding company, Marlborough Bancorp, MHC., Marlborough, Massachusetts. Additionally, Butler Bancorp, Inc., a direct subsidiary of the Petitioner, also seeks approval to become a bank holding company through the direct acquisition of the shares of Marlborough. Butler Bancorp, Inc. is the mutual holding company of Butler Bank. Upon consummation of the transaction, the Petitioner would be the holding company for both Butler Bank and Marlborough. Comment period ended April 20, 2007.
Chittenden Corporation, ("Chittenden" or the "Petitioner"), Burlington, Vermont - permission to acquire Merrill Merchants Bank, Bangor, Maine, through the acquisition of its holding company, Merrill Merchants Bancshares, Inc., Bangor, Maine. In the Commonwealth, Chittenden is the holding company for The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts. Comment period ends May 11, 2007.
DIVISION OF BANKS
Decisions/Notices
Bank of Cape Cod, Hyannis - notice to establish a branch office at 57 West Bay Road, Osterville - non-objection issued April 24, 2007.
Danversbank, Danvers - notice to establish a branch office at 51 Commercial Street, Malden - non-objection issued April 24, 2007.
HarborOne Credit Union, Brockton - notice to establish a branch office at The Landing at Commerce Way, Plymouth - non-objection issued April 11, 2007.
Institution for Savings in Newburyport and its Vicinity ("Institution for Savings"), Newburyport, Massachusetts and Ipswich Co-operative Bank ("Ipswich"), Ipswich, Massachusetts - permission to merge under the charter, by-laws and name of Institution for Savings. The main office of Institution for Savings would remain the main office of the continuing institution and the banking offices of Ipswich would be retained as branch offices - approved April 12, 2007.
Springfield Mass. Municipal Employees Credit Union, Springfield - notice to establish a branch office at 157 Shaker Road, East Longmeadow - non-objection issued April 30, 2007.
Applications/Notices Pending
Eastern Bank ("Eastern"), Boston, Massachusetts and The Sharon Co-operative Bank ("Sharon"), Sharon, Massachusetts - permission to merge under the charter, by-laws and name of Eastern. The main office of Eastern would remain the main office of the continuing institution and the sole banking office of Sharon would be retained as a branch office. Comment period ended April 11, 2007.
First Priority Credit Union, Boston - notice to establish a branch office at 480 Bennington Street, East Boston. Filed March 27, 2007.
Holyoke Credit Union, ("Holyoke"), Holyoke, Massachusetts and Agawam Federal Credit Union, ("Agawam"), Agawam, Massachusetts - permission to merge under the charter, by-laws and name of Holyoke. The main office of Holyoke would remain the main office of the continuing credit union and the sole banking office of Agawam would be retained as a branch office. Comment period ends May 2, 2007.
Metro Credit Union, Chelsea - notice to establish a branch office at 1071 Massachusetts Avenue, Boston. Filed April 24, 2007.
Metro Credit Union, Chelsea - permission to close a branch office located at 233 Cochituate Road, Framingham. Comment period ends May 3, 2007.
State Street Bank and Trust Company ("State Street"), Boston, Massachusetts and Investors Bank & Trust Company ("Investors"), Boston, Massachusetts - permission for the merger of Investors with and into State Street with the banking office of Investors to become a branch office of State Street. Comment period ends May 31, 2007.
MAY 2007 FILING DATE
Complete applications for the May Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, May 15, 2007.
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").
| Financial Institution | Rating | Date of Examination |
|---|---|---|
Boston Trust & Investment Management Company | S | 11/08/06 |
Haverhill Municipal Employees Credit Union | S | 01/23/07 |
Marlborough Co-operative Bank | HS | 01/22/07 |
Methuen Co-operative Bank | S | 12/28/06 |
APPLICATIONS TO SELL INSURANCE
None
TEMPORARY CHECK CASHER LICENSES
Decisions
Fast Cash Corp., New Bedford, Massachusetts - permission to operate check casher offices at 211 Union Street, New Bedford and 194 Cove Street, New Bedford - approved April 12, 2007.
Applications Pending
John Tamburo d/b/a Tamburo Check Cashing, Everett, Massachusetts - permission to operate a check casher office at 241 Beacham Street, Everett. Comment period ended Tuesday, September 5, 2006.
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 ended Thursday, August 24, 2006.
Parrot Check Cashing, LLC, Cambridge, Massachusetts - permission to operate a check casher office located at 56 Creighton Street, Cambridge and a mobile check cashing service to serve the North Cambridge, Massachusetts area. Comment period ended Wednesday, February 28, 2007.
Pioneer Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office located within the Chestnut Package Store, 95 Chestnut Street, Springfield, Massachusetts. Comment period ended Tuesday, October 10, 2006.
St. James Checking, Inc., Springfield, Massachusetts - permission to operate a check casher office located at 2217 Northampton Street, Holyoke, Massachusetts. Comment period ended Wednesday, April 11, 2007.
St. James Checking, Inc., Springfield, Massachusetts - permission to operate a check casher office located at 543 Main Street, Southbridge, Massachusetts. Comment period ended Thursday, April 12, 2007.
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For information relative to current Activity Reports please contact the Consumer Assistance Unit .