BOARD OF BANK INCORPORATION
Hearing
July 15, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:30 a.m.
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. Comment period ends July 20, 2009.
Decisions
Belmont Savings Bank, Belmont, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, BSB Bancorp, MHC, with a mid-tier holding company, BSB Bancorp, Inc. The continuing bank will operate under the name Belmont Savings Bank - approved June 26, 2009.
Middlesex Bancorp, MHC (the "Petitioner"), Natick, Massachusetts - permission to acquire Service Bancorp, M.H.C. and its subsidiary bank, Strata Bank, Medway, Massachusetts in a multi-step transaction. The Petitioner is the mutual holding company for Middlesex Savings Bank, Natick, Massachusetts - approved June 26, 2009.
DIVISION OF BANKS
Decisions/Notices
Belmont Savings Bank, Belmont - permission to reorganize into a mutual holding company, BSB Bancorp, MHC, with a mid-tier holding company, BSB Bancorp, Inc., as part of a multi-step transaction - approved June 26, 2009.
Eastern Bank, Boston - notice to establish a branch office at 375 Iyannough Road, Hyannis - non-objection issued June 3, 2009.
Energy Credit Union (the "Credit Union"), Waltham - permission to redesignate its main office from 52 Second Avenue, Waltham to 156 Spring Street, West Roxbury in conjunction with the proposed relocation of its branch office in West Roxbury from 2029 Centre Street to 156 Spring Street. In connection with this petition, the Credit Union has filed applications to close the office at 52 Second Avenue, Waltham and to establish a branch office at 40 Sylvan Road, Waltham - approved June 18, 2009.
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to establish a branch office at 60 Crystal Avenue, Derry, New Hampshire - approved June 2, 2009.
Freedom Credit Union, Springfield - notice to establish a branch office at 959 Springfield Street, Feeding Hills - non-objection issued June 9, 2009.
Middlesex Savings Bank ("Middlesex"), Natick and Strata Bank ("Strata"), Medway - permission for the merger of Strata with and into Middlesex. The main office of Middlesex would remain the main office of the continuing institution and the banking offices of Strata would be retained as branch offices, except for the branch offices at 59 Main Street, Hopkinton and 18 North Meadows Road, Medfield which will be closed - approved June 26, 2009.
River Bank, North Andover - permission to relocate a branch office from 300 Essex Street, Lawrence to 20 South Broadway, Lawrence - approved June 8, 2009.
Southbridge Savings Bank, Southbridge - permission to close a branch office located within Big Y Supermarket, 100 Mayfield Street, Worcester - approved June 22, 2009.
University Credit Union, Boston - notice to establish a branch office at 710 Albany Street, Boston - non-objection issued June 22, 2009.
Applications/Notices Pending
Haverhill Bank, Haverhill - permission to close a branch office located at 20 Cushing Avenue, Haverhill. Comment period ended June 23, 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. Comment period ends July 20, 2009.
The Provident Bank, Amesbury, Massachusetts - permission to establish a branch office at 321 Lafayette Road, Hampton, New Hampshire. Filed May 12, 2009.
The Provident Bank, Amesbury, Massachusetts - permission to relocate a branch office from 120 Water Street, Exeter, New Hampshire to 95 Portsmouth Street, Exeter, New Hampshire. Comment period ended June 5, 2009.
JULY 2009 FILING DATE
Complete applications for the July Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, July 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 |
|---|---|---|
First Choice Credit Union, Lawrence | HS | 04/27/09 |
Greater Springfield Credit Union, Springfield | S | 04/15/09 |
Northmark Bank, North Andover | S | 03/18/09 |
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
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 .