BOARD OF BANK INCORPORATION
Applications Pending
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.
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
AllCom Credit Union, Worcester - permission to close a branch office located at 157 Cordaville Road, Southborough - approved September 24, 2008.
Medway Co-operative Bank, Medway - notice to establish a branch office at One Hastings Street, Mendon - non-objection issued September 10, 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 - approved September 26, 2008.
UniBank for Savings, Whitinsville - notice to establish a branch office at 90 Prospect Street, Milford - non-objection issued September 10, 2008.
Applications/Notices Pending
Berkshire Bank, Pittsfield - notice to establish a branch office at 397 Main Street, Dalton. Filed July 16, 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. Comment period ends October 7, 2008.
Cambridge Savings Bank, Cambridge - permission to relocate a branch office from 160 Great Road, Bedford to 181 Great Road, Bedford. Comment period ends October 2, 2008.
Danversbank, Danvers - permission to close a branch office located at One Salem Street, Malden. Comment period ended September 26, 2008.
Eastern Bank, Boston - permission to close a branch office located at 88 Broadway, Malden. Comment period ends October 2, 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 its 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.
Hyde Park Co-operative Bank, Hyde Park and The Commonwealth Co-operative Bank, Boston - permission to merge under the charter and by-laws 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 ends 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 ends 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.
Rockland Trust Company, Rockland - permission to close a branch office located at 375 Iyanough Road, Hyannis. Comment period ended September 30, 2008.
Tremont Credit Union, Boston - permission to close a branch office located at 91 Montvale Avenue, Stoneham. Comment period ended September 23, 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.
OCTOBER 2008 FILING DATE
Complete applications for the October Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, October 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 |
|---|---|---|
Greenfield Savings Bank, Greenfield | O | 02/19/08 |
Institution for Savings in Newburyport and its Vicinity, Newburyport | S | 03/31/08 |
Northampton Co-operative Bank, Northampton | S | 05/19/08 |
River Works Credit Union, Lynn | S | 06/09/08 |
Spencer Savings Bank, Spencer | HS | 05/05/08 |
Valleystone Credit Union, Wilbraham | S | 04/30/08 |
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 .