BOARD OF BANK INCORPORATION
Decisions
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 - approved October 28, 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
Berkshire Bank, Pittsfield - notice to establish a branch office at 397 Main Street, Dalton- non-objection issued October 22, 2008.
Butler Bank ("Butler"), Lowell and Marlborough Co-operative Bank ("Marlborough"), Marlborough - permission to merge under the charter, by-laws and name of Butler. The main office of Butler would remain the main office of the continuing institution and the banking offices of Marlborough would be retained as branch offices - approved October 17, 2008.
Cambridge Savings Bank, Cambridge - permission to relocate a branch office from 160 Great Road, Bedford to 181 Great Road, Bedford - approved October 10, 2008.
Danversbank, Danvers - permission to close a branch office located at One Salem Street, Malden - approved October 10, 2008.
Danversbank, Danvers - notice to establish a branch office at 86 Massachusetts Avenue, Boston - non-objection issued October 21, 2008.
Eastern Bank, Boston - permission to close a branch office located at 88 Broadway, Malden- approved October 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 - approved October 9, 2008.
Rockland Trust Company, Rockland - permission to close a branch office located at 375 Iyanough Road, Hyannis - approved October 10, 2008.
Salem Five Cents Savings Bank, Salem - notice to establish a branch office at 8 Walkers Brook Drive, Reading - non-objection issued October 21, 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 - approved October 28, 2008.
Applications/Notices Pending
Alpha Credit Union ("Alpha"), Boston and NEMCH Credit Union ("NEMCH"), Boston - permission to merge under the charter, by-laws and name of Alpha. As part of this transaction, Alpha would amend it by-laws to change membership eligibility. The main office of Alpha would remain the main office of the continuing credit union and the sole banking office of NEMCH would be retained as a branch office. Comment period ends December 5, 2008.
Century Bank and Trust Company, Somerville - permission to close a branch office located at 710 Albany Street, Boston. Comment period ends November 4, 2008.
Eastern Bank, Boston - permission to close a branch office located at 240 Main Street, Stoneham. Comment period ends November 19, 2008.
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to relocate a branch office from 130 Main Street, Units 101 A and 101 B, Salem, New Hampshire to 130 Main Street, Units 105, 106, 205, 206 B and 206 C, Salem, New Hampshire. Comment period ends November 15, 2008.
Grafton Suburban Credit Union, North Grafton - permission to close a branch office located at 898 Grafton Street, Worcester. Comment period ends November 3, 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 Co-operative Bank ("Hyde Park"), Hyde Park and The Commonwealth Co-operative Bank ("Commonwealth"), Boston - permission to merge under the charter and by-laws of Hyde Park Co-operative Bank and the name Commonwealth Co-operative Bank. The main office of Hyde Park Co-operative Bank would remain the main office of the continuing institution and the sole banking office of The Commonwealth Co-operative Bank would be retained as a branch office. Comment period ended October 24, 2008.
Lynn Teachers Credit Union, Lynn - permission to relocate its main office from 33 North Common Street, Lynn to 90 Commercial Street, Lynn. Comment period ended October 27, 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 Savings Bank, Randolph, Massachusetts - permission to establish a branch office at 875 Pontiac Avenue, Cranston, Rhode Island. Filed August 1, 2008.
Tremont Credit Union, Boston - permission to close a branch office located at 91 Montvale Avenue, Stoneham. Comment period ended September 23, 2008.
The Provident Bank, Amesbury, Massachusetts - permission to establish a branch office at 120 Water Street, Exeter, New Hampshire. Filed October 8, 2008.
NOVEMBER 2008 FILING DATE
Complete applications for the November Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, November 14, 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 |
|---|---|---|
Allcom Credit Union, Worcester | S | 07/01/08 |
North Middlesex Savings Bank, Ayer | HS | 01/16/08 |
Walpole Co-operative Bank, Walpole | S | 07/28/08 |
APPLICATIONS TO SELL INSURANCE
Weymouth Bank, Weymouth - pending
Reading Co-operative Bank, Reading - pending
CHECK CASHER LICENSES
Hearings
November 12, 2008
Leominster City Hall, Room 10
25 West Street
Leominster, Massachusetts
At 6:00 p.m.
Wal-Mart Stores East, LP d/b/a Wal-Mart Stores, Bentonville, Arkansas - permission to operate a check casher office at 11 Jungle Road, Leominster, Massachusetts. Comment period ends November 19, 2008.
November 13, 2008
Fitchburg City Hall, First Floor Veterans Room
718 Main Street
Fitchburg, Massachusetts
At 6:00 p.m.
Castleridge, Inc. Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ends November 20, 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 .