BOARD OF BANK INCORPORATION
Hearings
June 3, 2008
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:30 a.m.
Hyde Park Savings Bank, Hyde Park, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Hyde Park Bancorp, MHC. The continuing bank will operate under the name Hyde Park Savings Bank. Comment period ends June 10, 2008.
At 11:00 a.m.
Easthampton Savings Bank, Easthampton, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, ESB Bancorp, MHC, with a mid-tier holding company, ESB Bancorp, Inc. The continuing bank will operate under the name Easthampton Savings Bank. Comment period ends June 10, 2008.
June 26, 2008
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:45 a.m.
Southbridge Savings Bank, Southbridge - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Green Valley Bancorp, MHC, with a mid-tier holding company, Green Valley Bancorp, Inc. The continuing bank will operate under the name Southbridge Savings Bank. Comment period ends July 3, 2008.
At 11:10 a.m.
Greenfield Co-operative Bank, Greenfield - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Greenfield Bancorp MHC. The continuing bank will operate under the name Greenfield Co-operative Bank. Comment period ends July 3, 2008.
At 11:30 a.m.
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. Comment period ends July 21, 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
Aldenville Credit Union, Chicopee - permission to close branch offices located (1) at 15 White Birch Plaza, Burnett Road, Chicopee and (2) within the Hampden County House of Correction, 627 Randall Road, Ludlow - approved May 28, 2008.
Eastern Bank, Boston - notice to establish a branch office at 90 Everett Avenue, Chelsea - non-objection issued May 19, 2008.
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to establish a branch office at 47 Crystal Avenue, Derry, New Hampshire - approved May 8, 2008.
Hampden Bank, Springfield - notice to establish a branch office at 916 Shaker Road, Longmeadow - non-objection issued May 14, 2008.
Holbrook Co-operative Bank, Holbrook - notice to establish a branch office at 60 Crescent Street, Brockton - non-objection issued May 28, 2008.
Luso American Credit Union, Peabody - notice to establish a branch office at 4 Colon Street, Beverly - non-objection issued May 14, 2008.
Medway Co-operative Bank, Medway - notice to establish a branch office at 2 South Maple Street, Bellingham - non-objection issued May 5, 2008.
River Bank, North Andover, Massachusetts - permission to establish a branch office at 51 Crystal Avenue, Derry, New Hampshire - approved May 2, 2008.
Salem Five Cents Savings Bank. Salem - notice to establish a branch office at 19 Concord Road, Sudbury - non-objection issued May 28, 2008.
Sharon Credit Union ("Sharon"), Sharon and North Attleboro Federal Credit Union ("North Attleboro"), North Attleborough - permission to merge under the charter, by-laws and name of Sharon. The main office of Sharon would remain the main office of the continuing institution and the sole banking office of North Attleboro would be retained as a branch office - approved May 28, 2008.
Applications/Notices Pending
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. Comment period ends July 21, 2008.
Easthampton Savings Bank, Easthampton - permission to reorganize into a mutual holding company, ESB Bancorp, MHC, with a mid-tier holding company, ESB Bancorp Inc., as part of a multi-step transaction. Comment period ends June 10, 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.
Hyde Park Savings Bank, Hyde Park - permission to reorganize into a mutual holding company, Hyde Park Bancorp, MHC as part of a multi-step transaction. Comment period ends June 10, 2008.
Northeast Community Credit Union, Haverhill - notice to establish a branch office located at Whittier Regional Vocational Technical High School, 115 Amesbury Line Road, Haverhill. Filed May 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.
St. Jeans Credit Union, Lynn - permission to relocate its main office from 527 Western Avenue, Lynn to 250 Maple Street, Lynn. Comment period ends June 25, 2008.
Southbridge Savings Bank, Southbridge - permission to relocate a branch office from 82 Worcester Road, Webster to 86 Worcester Road, Webster. Comment period ends June 18, 2008.
University 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 students and alumni of educational institutions, as defined, located in Norfolk County, Middlesex County, Suffolk County and Essex County. Additional changes are set out in the proposed by-law. Comment period ended May 13, 2008.
JUNE 2008 FILING DATE
Complete applications for the June Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, June 16, 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 |
|---|---|---|
Aldenville Credit Union, Chicopee | S | 10/31/07 |
Alpha Credit Union, Boston | HS | 04/14/08 |
Barre Savings Bank, Barre | S | 03/12/08 |
Bay State Savings Bank, Worcester | HS | 02/08/08 |
Cambridge Trust Company, Cambridge | S | 01/11/08 |
Landmark Credit Union, North Adams | S | 11/14/07 |
Lee Bank, Lee | S | 03/17/08 |
Newton Municipal Credit Union, Newton Centre | S | 04/22/08 |
Northern MA Telephone Workers- Community Credit Union, Lowell | HS | 02/11/08 |
St. Vincent Hospital Credit Union, Worcester | S | 04/17/08 |
Worcester Fire Department Credit Union, Worcester | HS | 04/15/08 |
Worcester Police Department Credit Union, Worcester | S | 04/23/08 |
APPLICATIONS TO SELL INSURANCE
Jeanne D-Arc Credit Union, Lowell - approved May 15, 2008
Weymouth Bank, Weymouth - pending
CHECK CASHER LICENSES
Hearing
June 25, 2008
Worcester City Hall, Room 310
455 Main Street
Worcester, Massachusetts
Worcester CheckCashers, Inc., Worcester, Massachusetts - permission to operate a check casher office located at 91 Stafford Street, Worcester, Massachusetts. Comment period ends July 2, 2008.
Applications Pending
E-Z Telecom Corporation, Chelsea Massachusetts - permission to operate a check casher office at 227 Broadway, Chelsea, Massachusetts. Comment period ended March 11, 2008.
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 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 February 28, 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 .