BOARD OF BANK INCORPORATION
Hearings
February 10, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
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 ends February 20, 2009.
At 10:30 a.m.
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 ends February 20, 2009.
February 27, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:00 p.m.
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.
Applications Pending
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.
Miscellaneous
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 The continuing bank will be known as OneUnited Bank, FSB - withdrawn January 13, 2009.
DIVISION OF BANKS
Decisions/Notices
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 - approved January 14, 2009.
Metro Credit Union ("Metro"), Chelsea and Boston Globe Employees Credit Union ("Globe Employees"), Boston - permission to merge under the charter, by-laws and name of Metro Credit Union. The main office of Metro would remain the main office of the continuing credit union and the sole banking office of Globe Employees would be retained as a branch office. As part of this transaction, the by-laws of Metro would be amended to change membership eligibility - approved January 20, 2009.
Applications/Notices Pending
Eastern Bank, Boston - permission to close a branch office located at 476 Main Street, Melrose. Comment period ended January 29, 2009.
Eastern Bank, Boston - permission to close a branch office located within Shaw-s Supermarket, 35 Columbia Road, Hanover. Comment period ended January 30, 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 ends February 19, 2009.
Middlesex Savings Bank, Natick - permission to reorganize into a mutual holding company, Middlesex Bancorp, MHC. Comment period ends February 20, 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.
Miscellaneous
OneUnited Bank, Boston - permission to merge with and into a newly formed federally-chartered savings bank, OneUnited Bank, FSB - withdrawn January 13, 2009.
FEBRUARY 2009 FILING DATE
Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, February 17, 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 |
|---|---|---|
FamilyFirst Bank, Ware | S | 09/19/08 |
HarborOne Credit Union, Brockton | O | 08/25/08 |
NeedhamBank, Needham | S | 10/20/08 |
Polish National Credit Union, Chicopee | S | 10/16/08 |
St. Anne-s Credit Union of Fall River | S | 11/03/08 |
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
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.
Castleridge, Inc. Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 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.
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 ended November 19, 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 .