BOARD OF BANK INCORPORATION
Applications Pending
Independent Bank Corp., (the "Petitioner") Rockland, Massachusetts - permission to acquire Benjamin Franklin Bancorp, Inc., ("Bancorp") Franklin, Massachusetts. Bancorp is the holding company for Benjamin Franklin Bank, Franklin, Massachusetts. The Petitioner is the holding company for Rockland Trust Company, Rockland, Massachusetts. Comment period ended February 20, 2009.
Middlesex Savings Bank, Natick, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Middlesex Bancorp, MHC. The continuing bank will operate under the name Middlesex Savings Bank. Comment period ended February 20, 2009.
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.
Veritas Bank (In Organization), Lawrence, Massachusetts - proposal for a named individual to acquire 51% of the stock of Veritas Bank (In Organization). Comment period ends March 4, 2009.
DIVISION OF BANKS
Decisions/Notices
Eastern Bank, Boston - permission to close a branch office located at 476 Main Street, Melrose - approved February 5, 2009.
Eastern Bank, Boston - permission to close a branch office located within Shaw-s Supermarket, 35 Columbia Road, Hanover - approved February 26, 2009.
Applications/Notices Pending
Eastern Bank, Boston - permission to close a branch office located at 410 Riverside Avenue, Medford. Comment period ended February 26, 2009.
Legacy Banks, Pittsfield, Massachusetts - permission to (1) purchase certain assets and assume certain deposit and other liabilities of the branch office of People-s United Bank, Bridgeport, Connecticut, located at 142 Main Street, Haydenville, Massachusetts; and in connection therewith (2) establish and maintain a branch office at that location. Comment period ended February 19, 2009.
Lowell Five Cent Savings Bank, Lowell - permission to relocate a branch office from 240 Main Street, Wilmington to 270 Main Street, Wilmington. Comment period ends March 4, 2009.
Martha's Vineyard Savings Bank, Edgartown - permission to close a branch office located at 65 Main Street, Vineyard Haven. Comment period ended February 25, 2009.
Middlesex Savings Bank, Natick - permission to reorganize into a mutual holding company, Middlesex Bancorp, MHC. Comment period ended February 20, 2009.
Premier Source Credit Union, East Longmeadow - permission to (1) close a branch office located at 425 Meadow Street, Chicopee; (2) close a branch office located at 263 Alden Street, Springfield; and (3) close a branch office located at 1215 Wilbraham Road, Springfield. Comment periods ended February 17, 2009.
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.
Rockland Trust Company ("Rockland"), Rockland and Benjamin Franklin Bank ("Benjamin Franklin"), Franklin - 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 institution and the banking offices of Benjamin Franklin would be retained as branch offices. Comment period ends March 6, 2009.
State Street Bank and Trust Company, Boston, Massachusetts - permission to (1) relocate its main office from 225 Franklin Street, Boston to One Lincoln Street, Boston, Massachusetts; (2) close a branch office located at 200 Clarendon Street, Boston, Massachusetts; and (3) relocate its branch office from 500 College Road East to 600 College Road East, Princeton, New Jersey. Comment periods end March 19, 2009.
MARCH 2009 FILING DATE
Complete applications for the March Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, March 16, 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 |
|---|---|---|
Energy Credit Union, Waltham | S | 11/17/08 |
MORTGAGE LENDERS TENTATIVELY SCHEDULED FOR A
MORTGAGE LENDER COMMUNITY INVESTMENT (MLCI) EXAMINATION
DURING THE SECOND QUARTER, 2009
| Institution | Location |
|---|---|
Monument Mortgage Company, Inc. | Lexington |
MSA Mortgage, LLC | Winthrop |
Radius Financial Group, Inc. | Norwell |
Ross Mortgage Company, Inc. | Westborough |
Shamrock Financial Corporation | East Providence, RI |
Union Capital Mortgage Business Trust | Randolph |
A mortgage lender, licensed pursuant to Massachusetts General Laws chapter 255E, that has made 50 or more mortgage loans reportable under the federal Home Mortgage Disclosure Act in the last calendar year is subject to examination under the Mortgage Lender Community Investment regulation. The schedule of mortgage lenders to be examined between April 1, 2009 and June 30, 2009 is based upon the best information now available. Examination schedules may change; unanticipated complex issues could arise, for example, that may require more time and resources than originally allotted, thus delaying completion of an examination and delaying other scheduled examinations. The Division will publish the public MLCI ratings and make available all MLCI public evaluations for all licensed mortgage lenders subject to the evaluation. If you have any questions regarding the Division-s examination schedule, please call (617) 956-1544.
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
Hearing
March 31, 2009
Norwood Civic Center
165 Nahatan Street
Norwood, Massachusetts
At 6:00 p.m.
Forest Hills Check Cashing, Inc., Jamaica Plain, Massachusetts - permission to operate a check casher office at 18 Central Street, Norwood. Comment period ends April 7, 2009.
Decisions
BBP, Inc. d/b/a Muckey-s Liquors, Lakeville, Massachusetts - permission to operate a check casher office at 13 Harding Street, Lakeville, Massachusetts - approved February 3, 2009.
Juma Grocery and Check Services, LLC, Marlborough, Massachusetts - permission to operate a check casher office located at 55 Mechanic Street, Marlborough, Massachusetts - approved February 3, 2009.
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 - approved February 3, 2009.
Applications Pending
Castleridge, Inc., Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
THE COMMONWEALTH OF MASSACHUSETTS
EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE
AND
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 7, section 3B and in accordance with Massachusetts General Laws chapter 30A, section 2, a joint public hearing will be held on Wednesday, March 18, 2009 at 11:00 a.m., Hearing Room A, 5th Floor, One South Station, Boston, Massachusetts at which comments will be received by the Executive Office for Administration and Finance and the Division of Banks (the "Division") relative to the increase of certain existing fees assessed licensees under regulation 801CMR 4.02.
The fees that are being increased can be characterized as examination fees, annual licensing fees, and investigation fees. Except as noted, the proposed fee increases will impact all licensees of the Division. The 11 entities licensed by the Division are small loan companies, motor vehicle finance companies, insurance premium finance companies, retail installment sales finance companies, debt collectors, check cashers, checks sellers, foreign transmittal agencies, mortgage lenders, mortgage brokers and mortgage loan originators. The examination fee for all non-bank licensees will be changed from a per diem fee of $220 per examiner to $60 per hour per examiner to more accurately reflect among other things costs when an examination includes a fraction of a day. The proposed increase from $500 to a standard $1,000 for the annual licensing fee will serve to provide uniformity to existing fees and reflect the increased cost of supervision of these licensees. The proposed change to the annual licensing fee will not apply to mortgage lenders, mortgage brokers and mortgage loan originators due to other recent increased fees for the mortgage industry. The investigation fee of $115 for a new license application will be increased to $300 and the fee for an office relocation investigation will be set at $200. The new investigation fee will not apply to mortgage loan originators. As part of this process the separate listing of each type of fee for each type of licensee will be changed to a consolidated fee reference based on the transaction. Other changes may be made based on testimony received at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed fees until 5:00 p.m. on Thursday, March 19, 2009. Copies of the proposed fees are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.
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 .