BOARD OF BANK INCORPORATION
Hearings
August 22, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Factory Point Bancorp, Inc. and its wholly-owned subsidiary, The Factory Point National Bank of Manchester Center, Manchester Center, Vermont. In the Commonwealth, the Petitioner is the holding company for Berkshire Bank, Pittsfield, Massachusetts. In connection with this transaction, an application has been filed with the Division of Banks for approval of the subsequent merger of The Factory Point National Bank of Manchester Center with and into Berkshire Bank. Comment period ends August 30, 2007.
At 10:45 a.m.
Chittenden Corporation, Burlington, Vermont and Ocean Bank, Portsmouth, New Hampshire - permission to acquire Community Bank & Trust Company, Wolfeboro, New Hampshire in a multi-step transaction. In the Commonwealth, Chittenden Corporation is the holding company for The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts. Comment period ends August 30, 2007.
Applications Pending
Assabet Valley Bancorp (the "Petitioner"), Hudson, Massachusetts - permission to acquire ownership and control of Westborough Bancorp, MHC and Westborough Financial Services, Inc., (together referred as "Westborough"), Westborough, Massachusetts in a multi-step transaction. Westborough are the mutual holding company and the mid-tier holding company for The Westborough Bank, Westborough, Massachusetts. In conjunction with this transaction, a related application has been filed with the Division of Banks for approval to merge The Westborough Bank with and into the Petitioner's subsidiary bank, Hudson Savings Bank, Hudson, Massachusetts. Comment period ends August 2, 2007.
DIVISION OF BANKS
Decisions/Notices
Central Credit Union Fund, Inc., Auburn, Massachusetts and Members United Corporate Federal Credit Union ("Members United"), Warrenville, Illinois - permission to merge under the charter, by-laws and name of Members United Corporate Federal Credit Union. The main office of Members United would remain the main office of the continuing institution and the sole banking office of Central Credit Union Fund, Inc. would be retained as a branch office - approved July 18, 2007.
Cape Cod Co-operative Bank, Hyannis - notice to establish a branch office at 1470 Orleans Road, Route 39, East Harwich - non-objection issued July 17, 2007.
Metro Credit Union, ("Metro"), Chelsea, Massachusetts and Lawrence Teachers' Credit Union, ("Lawrence Teachers'"), Lawrence, Massachusetts - permission to merge under the charter, by-laws and name of Metro. The main office of Metro would remain the main office of the continuing credit union and the sole banking office of Lawrence Teachers' would not be retained as a branch office - approved July 23, 2007.
Metro Credit Union, Chelsea - permission to relocate a branch office from 90 Spruce Street, Chelsea to 361 Broadway, Chelsea - approved July 25, 2007.
North Easton Savings Bank, North Easton - notice to establish a branch office at 20 Eastman Street, South Easton - non-objection issued July 27, 2007.
Quincy Credit Union, Quincy - notice to establish a branch office at 519-527 Columbian Street, South Weymouth - non-objection issued July 18, 2007.
Randolph Savings Bank, Randolph - permission to close a branch office located at 305 Turnpike Street, Canton - approved July 25, 2007.
Southbridge Savings Bank, Southbridge - notice to establish a branch office at 64 Leicester Street, North Oxford - non-objection issued July 2, 2007.
Strata Bank, Medway - permission to close a branch office located at the Forge Hill Senior Living Center, 4 Forge Hill Road, Franklin - approved July 27, 2007.
Watertown Savings Bank, Watertown - notice to establish a branch office 1075 Waltham Street, Lexington - non-objection issued July 27, 2007.
Workers' Credit Union, Fitchburg - notice to establish a branch office located at the Acton-Boxborough Regional High School, 36 Charter Road, Acton - non-objection issued July 13, 2007.
Applications/Notices Pending
Berkshire Bank ("Berkshire"), Pittsfield, Massachusetts and The Factory Point National Bank of Manchester Center ("Factory Point"), Vermont - permission to merge under the charter, by laws and name of Berkshire Bank. The main office of Berkshire would remain the main office of the continuing institution and the banking offices of Factory Point would be retained as branch offices. Comment period ends August 30, 2007.
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 500 Boston Post Road, Marlborough. Comment period ended July 12, 2007.
Citizens Bank of Massachusetts, Boston - permission to close branch offices located at (1) 177 Broad Street, Hudson; (2) 35 Edgell Road, Framingham; (3) 448 Main Street, Medford; and (4) 499 Riverside Avenue, Medford. Comment periods ended July 26, 2007.
Hudson Savings Bank, ("Hudson"), Hudson, Massachusetts and The Westborough Bank ("Westborough"), Westborough, Massachusetts - permission for the merger of Westborough with and into Hudson. Comment period ends August 2, 2007.
Lynn Postal District Employees Credit Union (the "Credit Union"), Lynn - permission to (1) expand the associations which qualify persons for membership; and (2) change the name of the Credit Union to Massachusetts Postal Employees Credit Union. The amendment relative to membership eligibility proposes to add membership for employees of the United States Postal Service who live or work in Essex County, Middlesex County, Suffolk County and Worcester County. Additional changes are set out in the proposed membership by-law. Comment period ended July 6, 2007.
Northern Bank & Trust Company, Woburn - permission to (1) relocate its main office from 215 Lexington Street, Woburn to Mishawum Road at the former Mishawum Station, Woburn; and (2) maintain its current main office as a branch office. Comment period ended July 23, 2007.
OneUnited Bank, Boston - permission to relocate its main office from 133 Federal Street, 8 th Floor, Boston to 100 Franklin Street, 6 th Floor, Boston. Comment period ends August 2, 2007.
Washington Savings Bank, Lowell - notice to establish a branch office at Tyngsboro High School, 36 Norris Road, Tyngsboro. Filed May 15, 2007.
AUGUST 2007 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., Wednesday, August 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 |
|---|---|---|
Central Co-operative Bank, Somerville | HS | 05/03/07 |
Colonial Co-operative Bank, Gardner | HS | 03/12/07 |
Southbridge Credit Union | HS | 03/26/07 |
State Street Bank and Trust Company, Boston | O | 04/09/07 |
APPLICATIONS TO SELL INSURANCE
Benjamin Franklin Bank, Franklin - pending
TEMPORARY CHECK CASHER LICENSES
Applications Pending
Cassie H. Farmer d/b/a Family Financial Centers, Framingham, Massachusetts - permission to operate a check casher office at 2 Frederick Street, Framingham. Comment period ends Thursday, August 30, 2007.
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.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
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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 .