BOARD OF BANK INCORPORATION
Hearings
July 26, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:00 p.m.
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.
Decisions
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 - approved June 26, 2007.
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 - approved June 21, 2007.
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 - approved June 1, 2007.
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 - approved June 27, 2007.
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 - approved June 26, 2007.
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 - approved June 25, 2007.
DIVISION OF BANKS
Decisions/Notices
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 421 Lowell Street, Lexington - approved June 29, 2007.
Danversbank, Danvers - permission to relocate a branch office from 579 Main Street, Wilmington to 275 Main Street, Wilmington - approved June 15, 2007.
Dedham Institution for Savings, Dedham - permission to relocate a branch office from 601 High Street, Dedham to 420 Washington Street, Dedham - approved June 21, 2007.
Fall River Five Cents Savings Bank d/b/a BankFive ("BankFive"), Fall River and Luzo Community Bank, New Bedford - permission for the merger of Luzo Community Bank with and into BankFive - approved June 26, 2007.
First Priority Credit Union, Boston - notice to establish a branch office at 466 Bennington Street, East Boston - non-objection issued June 6, 2007. (Note: Although it is the same site, the address had previously been identified as 480 Bennington Street.)
Lynn Postal District Employees Credit Union, Lynn - notice to establish a branch office within the U.S. Postal Facility at 462 Washington Street, Woburn - non-objection issued June 7, 2007.
North Middlesex Savings Bank, Ayer - permission to relocate a branch office from 225 Great Road, Littleton to 220 Great Road, Littleton - approved June 27, 2007.
North Shore Bank, A Co-operative Bank, Peabody - notice to establish a branch office at 248 Andover Street, Peabody - non-objection issued June 8, 2007.
St. Jean's Credit Union, Lynn - permission to close a branch office located at 500 Rutherford Avenue, Charlestown - approved June 22, 2007.
State Street Bank and Trust Company, Boston, Massachusetts - permission to relocate a branch office from Shiroyama Trust Tower, 4-3-1 Toranomon, Minato-ku, Tokyo, Japan to Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo - approved June 14, 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 - approved June 26, 2007.
Applications/Notices Pending
Cape Cod Co-operative Bank, Hyannis - notice to establish a branch office at 1470 Orleans Road, Route 39, East Harwich. Filed June 25, 2007.
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. Comment period ends July 11, 2007.
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 500 Boston Post Road, Marlborough. Comment period ends July 13, 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 ends July 6, 2007.
Metro Credit Union, Chelsea - permission to relocate a branch office from 90 Spruce Street, Chelsea to 361 Broadway, Chelsea. Comment period ended June 28, 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. Comment period ends July 16, 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 ends July 23, 2007.
Quincy Credit Union, Quincy - notice to establish a branch office at 519-527 Columbian Street, South Weymouth. Filed June 21, 2007.
Southbridge Savings Bank, Southbridge - notice to establish a branch office at 64 Leicester Street, North Oxford. Filed June 13, 2007.
Washington Savings Bank, Lowell - notice to establish a branch office at Tyngsboro High School, 36 Norris Road, Tyngsboro. Filed May 15, 2007.
JULY 2007 FILING DATE
Complete applications for the July Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, July 16, 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 |
|---|---|---|
Dukes County Savings Bank, Edgartown | O | 03/20/07 |
Norwood Co-operative Bank | S | 04/09/07 |
The Provident Bank, Amesbury | S | 04/02/07 |
APPLICATIONS TO SELL INSURANCE
None
TEMPORARY CHECK CASHER LICENSES
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.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, July 10, 2007 at 10:00 a.m., Hearing Room A, 5th Floor, One South Station, Boston, Massachusetts, at which comments will be received by the Division of Banks (the "Division") relative to proposed amendments to existing regulation, 209 CMR 42.00: THE LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS.
The purpose of the proposed amendments is to increase the minimum net worth requirement for licensed mortgage lenders and to formalize a minimum net worth requirement to implement the financial responsibility requirement for licensed mortgage brokers. The proposed amendments would also exclude from the calculation of an applicant or a licensee's net worth the value of a residence occupied in whole or in part by the applicant or licensee. The amendments would also require an applicant for a mortgage broker license to submit audited or reviewed financial statements. A surety bond requirement for both licensed entities is also being established.
These amendments were developed to implement the recommendations of a working group, formed as a result of a Mortgage Summit meeting attended by participants from government agencies, non-profit organizations and the mortgage lending industries. Additional changes or amendments may be made based on comments received at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on Friday, July 20, 2007. Copies of the proposed amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.
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 .