BOARD OF BANK INCORPORATION
Hearings
September 24, 2008
Second Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Webster Five Cents Savings Bank, Webster - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, WebFive, MHC, with a mid-tier holding company WebFive Financial Services, Inc. The continuing bank will operate under the name Webster Five Cents Savings Bank. Comment period ends October 1, 2008.
Decisions
Eastern Bank Corporation (the "Petitioner"), Boston, Massachusetts - permission to acquire MASSBANK Corp., and its subsidiary bank, MASSBANK, Reading, Massachusetts. The Petitioner is the mutual holding company for Eastern Bank, Boston, Massachusetts - approved August 15, 2008.
Applications Pending
OneUnited Bank, Boston, Massachusetts - permission to become a bank holding company through the formation of a federally chartered savings bank in connection with its proposed reorganization from a Massachusetts-chartered trust company into a federally-chartered savings bank in a holding company structure. The continuing bank will be known as OneUnited Bank, FSB. Comment period ended October 24, 2007.
Power Corporation of Canada and Power Financial Corporation, Montreal, Quebec, Canada (the "Petitioners") - permission to acquire ownership and control of Putnam Fiduciary Trust Company, a de novo New Hampshire-chartered nondepository trust company (in formation). The acquisition is part of the corporate reorganization of Putnam Fiduciary Trust Company, Boston, Massachusetts, a Massachusetts-chartered trust company and indirect subsidiary of the Petitioners. Comment period ended January 31, 2008.
DIVISION OF BANKS
Decisions/Notices
Cambridge Trust Company, Cambridge - notice to establish a branch office at 361 Trapelo Road, Belmont - non-objection issued August 18, 2008.
Danversbank, Danvers - notice to establish a branch office at 485 Massachusetts Avenue, Cambridge - non-objection issued August 25, 2008.
Eastern Bank ("Eastern"), Lynn and MASSBANK, Reading - permission for the merger of MASSBANK with and into Eastern. The main office of Eastern would remain the main office of the continuing institution and the banking offices of MASSBANK would be retained as branch offices - approved August 15, 2008.
Mechanics- Co-operative Bank ("Mechanics-"), Taunton and Lafayette Federal Savings Bank ("Lafayette"), Fall River - permission for the merger of Lafayette with and into Mechanics-. The main office of Mechanics- would remain the main office of the continuing institution and the banking offices of Lafayette would be retained as branch offices - approved August 12, 2008.
Village Bank (The), Auburndale - notice to establish a branch office at 1365-1369 Washington Street, West Newton - non-objection issued August 28, 2008.
Applications/Notices Pending
AllCom Credit Union, Worcester - permission to close a branch office located at 157 Cordaville Road, Southborough. Comment period ended August 14, 2008.
Berkshire Bank, Pittsfield - notice to establish a branch office at 397 Main Street, Dalton. Filed July 16, 2008.
Haverhill Bank, Haverhill and Northeast Community Credit Union ("Northeast"), Haverhill - permission to merge under the charter, by-laws and name of Haverhill Bank. The main office of Haverhill Bank would remain the main office of the continuing institution and the banking offices of Northeast would be retained as branch offices. Comment period ended January 10, 2008.
Haverhill Teachers Credit Union ("Haverhill Teachers"), Haverhill and Haverhill Municipal Employees Credit Union ("Haverhill Municipal"), Haverhill - permission to merge under the charter and by-laws of Haverhill Teachers. As part of this transaction, Haverhill Teachers would amend it by-laws to change its name to HTM Credit Union and to change membership eligibility to be consistent with Haverhill Municipal-s membership by-law. The main office of Haverhill Teachers would remain the main office of the continuing credit union and the sole banking office of Haverhill Municipal would not be retained as a branch office. Comment period ended August 25, 2008.
Medway Co-operative Bank, Medway - notice to establish a branch office at One Hastings Street, Mendon. Filed August 28, 2008.
OneUnited Bank, Boston - permission to merge with and into a newly formed federally-chartered savings bank, OneUnited Bank, FSB. Comment period ended October 24, 2007.
Putnam Fiduciary Trust Company ("Putnam, MA"), Boston, Massachusetts - permission to merge with and into Putnam Fiduciary Trust Company ("Putnam, NH"), New Hampshire (in formation), a nondepository trust company. The main office of Putnam, MA will remain the main office of Putnam, NH. Comment period ended January 31, 2008.
Randolph Saving Bank, Randolph, Massachusetts - permission to establish a branch office at 875 Pontiac Avenue, Cranston, Rhode Island. Filed August 1, 2008.
Southbridge Savings Bank, Southbridge - permission to close branches offices located within Big Y Supermarkets located at (1) 175 University Drive, Amherst; and (2) 503 Memorial Avenue, West Springfield. Comment periods ended August 26, 2008.
UniBank for Savings, Whitinsville - notice to establish a branch office at 90 Prospect Street, Milford. Filed August 28, 2008.
Webster Five Cents Savings Bank, Webster - permission to reorganize into a mutual holding company, WebFive, MHC, with a mid-tier holding company WebFive Financial Services, Inc., as part of a multi-step transaction. Comment period ends October 1, 2008.
SEPTEMBER 2008 FILING DATE
Complete applications for the September Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, September 15, 2008.
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 |
|---|---|---|
Belmont Savings Bank, Belmont | S | 10/03/07 |
Gloucester Municipal Credit Union, Gloucester | S | 07/09/08 |
Hampden Bank, Springfield | HS | 05/06/08 |
Haverhill Teachers Credit Union, Haverhill | S | 06/10/08 |
Holyoke Postal Credit Union, Holyoke | S | 07/15/08 |
MASSBANK, Reading | S | 10/09/07 |
Savage Arms Credit Union, Westfield | O | 07/16/08 |
Sturdy Credit Union, Attleboro | S | 06/09/08 |
Winchester Savings Bank, Winchester | S | 04/08/08 |
APPLICATIONS TO SELL INSURANCE
Weymouth Bank, Weymouth - pending
Reading Co-operative Bank, Reading - pending
CHECK CASHER LICENSES
Decisions
All Checks Cashed, Inc. Boston, Massachusetts - permission to operate a check casher office located at 9 Broadway, Lawrence, Massachusetts - approved August 19, 2008.
The Store at Providence Street, Inc. D/B/A The Store, Worcester, Massachusetts - permission to operate a check casher office located at 88 Providence Street, Worcester, Massachusetts - approved August 19, 2008.
Worcester CheckCashers, Inc., Worcester, Massachusetts - permission to operate a check casher office located at 91 Stafford Street, Worcester, Massachusetts - approved August 19, 2008.
Applications Pending
BBP, Inc. d/b/a Muckey-s Liquors, Lakeville, Massachusetts - permission to operate a check casher office at 13 Harding Street, Lakeville, Massachusetts. Comment period ended August 26, 2008.
Juma Grocery and Check Services, LLC, Marlborough, Massachusetts - permission to operate a check casher office located at 55 Mechanic Street, Marlborough, Massachusetts. Comment period ended July 29, 2008.
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 .