BOARD OF BANK INCORPORATION
Hearings
November 10, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
at 10:30 a.m.
Charles River Bank, Medway - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Charles River Bancorp, MHC, with a mid-tier holding company, Charles River Bancorp, Inc. The continuing bank will operate under the name Charles River Bank. Comment period ends November 13, 2009.
Decisions
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 - approved October 29, 2009.
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 - approved October 29, 2009.
DIVISION OF BANKS
Decisions/Notices
Cape Cod Five Cents Savings Bank, Harwich Port - permission to close branch offices located at (1) Cape Cod Regional Technical High School, 351 Pleasant Lake Avenue, Route 124, Harwich; (2) Dennis-Yarmouth High School, 210 Station Avenue, South Yarmouth; and (3) Barnstable High School, 744 West Main Street, Hyannis - approved October 21, 2009.
Danversbank, Danvers - notice to establish a branch office at 827-835 Highland Avenue, Needham - non-objection issued October 19, 2009.
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 - approved October 29, 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 - approved October 28, 2009.
Jeanne D'Arc Credit Union, Lowell - notice to establish a branch office located at Methuen High School, 1 Ranger Road, Methuen - non-objection issued October 8, 2009.
North Easton Savings Bank, North Easton - permission to close a branch office located at 669 Washington Street, South Easton - approved October 8, 2009.
PeoplesBank, Holyoke - notice to establish a branch office at 1051 St. James Avenue, Springfield - non-objection issued October 2, 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 - approved October 29, 2009.
River Bank, North Andover - permission to relocate a branch office from 20 Jackson Street, Methuen to 9 Jackson Street, Methuen - approved October 21, 2009.
Rockland Trust Company, Rockland - permission to close a branch office located at 58B South Main Street, Assonet - approved October 21, 2009.
Rockland Trust Company, Rockland - permission to relocate a branch office from 21 North Main Street, Attleboro to 490 Pleasant Street, Attleboro - approved October 21, 2009.
S Bank, Weymouth - notice to establish a branch office at 1165 Washington Street, Hanover - non-objection issued October 2, 2009.
Applications/Notices Pending
Bridgewater Savings Bank ("Bridgewater"), Raynham and East Bridgewater Savings Bank ("East Bridgewater"), East Bridgewater - permission to merge under the charter, by-laws and name of Bridgewater. The main office of Bridgewater would remain the main office of the continuing institution and the banking offices of East Bridgewater would be retained as branch offices. Comment period ends November 20, 2009.
Charles River Bank, Medway - permission to reorganize into a mutual holding company, Charles River Bancorp, MHC, with a mid-tier holding company, Charles River Bancorp, Inc. as part of a multi-step transaction. Comment period ends November 13, 2009.
First Priority Credit Union, Boston - permission to close a branch office located at 155 Father Morrissette Boulevard, Lowell. Comment period ends November 11, 2009.
First Priority Credit Union, Boston - permission to close a branch office located at 200 Smith Street, Waltham. Comment period ends November 12, 2009.
NOVEMBER 2009 FILING DATE
Complete applications for the December Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monsday, November 16, 2009.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered banks and credit unions and licensed mortgage lenders have Community Reinvestment Act descriptive ratings and evaluations describing the basis for the rating issued by the Division of Banks. The ratings, as set out in statute, for a bank's or credit union's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC"). Licensed mortgage lenders are also assigned one of these ratings to describe their record of meeting the mortgage credit needs in the Commonwealth of Massachusetts.
A consolidated list of all ratings can be found at www.mass.gov/dob.
A copy of an individual CRA evaluation is available directly from the bank, credit union, or mortgage lender which is required by law to make the material available upon request, or from the Division's web site.
| Bank/Credit Union | Rating | Date of Examination |
|---|---|---|
Eagle Bank, Everett | HS | 04/20/09 |
Haverhill Bank, Haverhill | S | 06/01/09 |
Pentucket Bank, Haverhill | HS | 03/23/09 |
StonehamBank, A Co-operative Bank, Stoneham | S | 05/26/09 |
| Mortgage Lender | Rating | Date of Examination |
|---|---|---|
Monument Mortgage Company, Inc. | S | 04/21/09 |
Ross Mortgage Company, Inc. | S | 04/29/09 |
APPLICATIONS TO SELL INSURANCE
First Priority Credit Union - pending
Greater Springfield Credit Union - pending
Marblehead Bank - pending
Needham Bank - pending
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.
Braz Transfers, Inc., Somerville, Massachusetts - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ended September 24, 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 .