BOARD OF BANK INCORPORATION
Hearings
September 24, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Pilgrim Bank, Cohasset, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Conahasset Bancshares, MHC, with a mid-tier holding company, Conahasset Bancshares, Inc. The continuing bank will operate under the name Pilgrim Bank. Comment period ends October 7, 2009.
At 11:30 a.m.
Danvers Bancorp, Inc. (the "Petitioner"), Danvers, Massachusetts - permission to acquire Beverly National Corporation ("Beverly"), Beverly, Massachusetts. Beverly is the holding company for Beverly National Bank, Beverly, Massachusetts. The Petitioner is the holding company for Danversbank, Danvers, Massachusetts. Comment period ends October 15, 2009.
Decisions
Norwood Co-operative Bank, Norwood - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, 1889 Bancorp MHC, with a mid-tier holding company, 1889 Financial Services Corporation. The continuing bank will operate under the name Norwood Co-operative Bank - approved August 10, 2009.
DIVISION OF BANKS
Decisions/Notices
Boston Firefighters 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 employees and retirees of the fire departments whose members comprise the Professional Fire Fighters of Massachusetts, as well as other changes as specified in the proposed by-law - approved August 26, 2009.
Century Bank and Trust Company, Somerville - notice to establish a branch office at 1354 Beacon Street, Brookline - non-objection issued August 11, 2009.
Norwood Co-operative Bank, Norwood - permission to reorganize into a mutual holding company, 1889 Bancorp MHC, with a mid-tier holding company, 1889 Financial Services Corporation, as part of a multi-step transaction - approved August 10, 2009.
Salem Co-operative Bank, Concord, New Hampshire - permission to establish a branch office at 280 Merrimack Street, Methuen, Massachusetts - non-objection issued August 17, 2009.
Applications/Notices Pending
Danversbank, Danvers, Massachusetts and Beverly National Bank ("Beverly"), Beverly, Massachusetts - permission to merge under the charter, by-laws and name of Danversbank. The main office of Danversbank would remain the main office of the continuing bank and the banking offices of Beverly would be retained as branch offices. Comment period ends October 15, 2009.
East Boston Savings Bank ("East Boston"), East Boston and Mt. Washington Co-operative Bank ("Mt. Washington"), South Boston - permission to merge under the charter and by-laws of East Boston. The main office of East Boston would remain the main office of the continuing institution and the banking offices of Mt. Washington would be retained. Comment period ends October 2, 2009.
Eastern Bank, Boston - permission to close a branch office located within Shaw's Supermarket, 780 South Main Street, Sharon. Comment period ends September 18, 2009.
Pilgrim Bank, Cohasset - permission to reorganize into a mutual holding company, Conahasset Bancshares, MHC, with a mid-tier holding company, Conahasset Bancshares, Inc. as part of a multi-step transaction. Comment period ends October 7, 2009.
Salisbury Bank and Trust Company, Lakeville, Connecticut - permission to relocate a branch office from 73 Main Street, Sheffield, Massachusetts to 640 Main Street, Sheffield, Massachusetts. Filed July 23, 2009.
Walpole Municipal Employees Credit Union ("Walpole"), Walpole and Rockland Federal Credit Union ("Rockland"), Rockland - permission to merge under the charter, by laws and name of Rockland. The main office of Rockland would remain the main office of the continuing credit union and the sole banking office of Walpole would not be retained as a branch office. Comment period ends September 14, 2009.
SEPTEMBER 2009 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., Tuesday, September 15, 2009.
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 |
|---|---|---|
Wakefield Co-operative Bank | S | 06/10/09 |
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
Hearing
September 17, 2009
Somerville City Hall
93 Highland Avenue
Somerville, Massachusetts
At 6:00 p.m.
Braz Transfers, Inc., Somerville, Massachusetts - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ends September 24, 2009.
Applications Pending
Bennington Convenience Store, Inc. d/b/a Sava's Market, East Boston - permission to operate a check casher office at 150 Bennington Street, East Boston. Comment period ended June 18, 2009.
Castleridge, Inc., Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
dobactivityreport-subscribe@listserv.state.ma.us
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 .