By the Division of Banks

SEE IMPORTANT NOTICE AT THE END OF THIS REPORT

BOARD OF BANK INCORPORATION

There were no applications filed with or pending before the Board of Bank Incorporation in March.

DIVISION OF BANKS

Decisions/Notices

Cambridge Trust Company, Cambridge - notice to establish a branch office at 1690 Massachusetts Avenue, Lexington - non-objection issued on February 26, 2010.

Leominster Credit Union, Leominster - notice to establish a branch office located at 137 Shrewsbury Street, Worcester - non-objection issued March 4, 2010.

Marlborough Savings Bank, Marlborough - permission to relocate its main office from 164-166 Main Street, Marlborough to 81 Granger Boulevard, Marlborough - approved March 23, 2010.

Northern Massachusetts Telephone Workers Community Credit Union, Lowell - notice to establish a branch office at 20 Cushing Avenue, Haverhill - non-objection issued March 23, 2010.

Watertown Savings Bank, Watertown - permission to close a branch office located at 321 Arsenal Street, Watertown- approved March 23, 2010.

The Provident Bank, Amesbury - permission to close a branch office located at One Merrimac Street, Units 1 and 2, Newburyport - approved March 31, 2010.

Applications/Notices Pending

Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at 979 Central Avenue, Albany, New York. Filed March 29, 2010.

Cambridge Savings Bank, Cambridge - permission to close a branch office located at Minuteman Regional High School, 758 Marrett Road, Lexington. Comment period ends April 8, 2010.

Grafton Suburban Credit Union, North Grafton - 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 those who live, work or attend school in Middlesex County as set out in the proposed by-law. Comment period ended January 22, 2010.

Grafton Suburban Credit Union, North Grafton - permission to close a branch office located at 43 Main Street, South Grafton. Comment period ended January 28, 2010.

Mass Bay Credit Union ("Mass Bay"), Boston and Turnpike Credit Union ("Turnpike"), Weston - permission to merge under the charter, by-laws and name of Mass Bay. The main office of Mass Bay would remain the main office of the continuing credit union and the sole banking office of Turnpike would be retained as a branch office. Comment period ended March 23, 2010.

PeoplesBank, Holyoke - permission to close a branch office located at Route 9, Hampshire Mall, Hadley. Comment period ends April 12, 2010.

Southbridge Savings Bank, Southbridge - permission to close a branch office located within Big Y Supermarket, 1180 Thorndike Street, Palmer. Comment period ends April 9, 2010.

St. Anne's Credit Union of Fall River, Fall River - notice to establish a branch office at 3057 Acushnet Avenue, New Bedford. Filed March 23, 2010.

APRIL 2010 FILING DATE

Complete applications for the April Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, April 15, 2010.

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 UnionRatingDate of Examination

Lowell Firefighters Credit Union, Lowell

S

02/01/09

Marlborough Savings Bank, Marlborough

HS

11/02/09

South Shore Savings Bank, Weymouth

HS

08/10/09


MORTGAGE LENDERRatingDate of Examination

Advanced Mortgage Services, LLC

S

12/01/09

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.

THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING

Pursuant to the provisions of Massachusetts General Laws chapter 171, section 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Monday, April 26, 2010 at 11:00 a.m., 1000 Washington Street, 1 st Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS. The purpose of the proposed amendments is to update the Parity Regulations to reflect that certain authorities previously set forth therein are now covered by Chapter 454 of the Acts of 2008, which rewrote state-chartered credit unions' authorities relative to mortgage loans and non-mortgage/other types of consumer loans, loan participations and the purchase and sale of loans. Other substantive additions include authorities and activities granted to credit unions and credit union service organizations. Additional changes may be made based on comments received at the public hearing or during the comment period.

Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on Tuesday, April 27, 2010. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118-6400 or at www.state.ma.us/dob/.

IMPORTANT NOTICE ON CHANGE IN APPLICATION PROCESS

The Division of Banks has an ongoing initiative to reduce paperwork. Among other things, the application process is being changed. Beginning with the application review cycle that starts on February 16, 2010 and ends on March 12, 2010, all applications filed with the Division and the Board of Bank Incorporation, except those filed electronically pursuant to FDICconnect shall consist of one printed copy as well as a submission in an electronic media format preferably a compact disk or USB drive. Banks and credit unions, as well as counsel for such institutions, are advised to submit ONLY the information requested in the application. Accordingly, the submission should not include, among other things, entire Annual Reports, entire public CRA Statements, copies of applications to the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration. Additionally, please be advised that certain comparative analyses on deposit and loan overlap among other materials in corporate transactions are being reduced in conjunction with the revised applications.

The Division and the Board will process applications not in compliance with this new requirement until Friday, March 12, 2010. After March 12, 2010, only one hardcopy and a submission in an electronic media format (e.g., a compact disk or USB drive) will be accepted for purposes of filing an application. Any additional materials submitted will, at the discretion of the Division, either be returned at the Petitioner's expense or destroyed. A petitioner is responsible for the actions of its counsel or consultant.

All applications are being reviewed and amended to reflect this new policy. As always, the Division or the Board reserves the right to request supplemental material to be filed on any application or particular question. Petitioners and their counsel must adjust their own internal filing procedures to reflect these significant changes by the Division.

All Board of Bank Incorporation applications are covered by this policy.

Division applications that are covered by this policy are all bank and credit union merger, acquisition and membership by-law change applications, as well as all bank and credit union branch office and main office related applications except for notices to establish branch offices. Also covered are all bank applications (e.g. mutual holding company reorganizations) filed in connection with a transaction before the Board of Bank Incorporation.

Applications that are not covered by this policy are letter applications by banks and credit unions to the Division that do not appear on the Activity Report. Also not covered by this policy are bank and credit union notices to establish branch offices.

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 .