December 30, 2011 Activity Report

By the Division of Banks

BOARD OF BANK INCORPORATION

Applications Pending

Salem Five Bancorp ("Salem Five"), Salem, Massachusetts and Stoneham Savings Bank ("Stoneham"), Stoneham, Massachusetts - permission for various approvals in conjunction with a multi-step transaction, whereby Stoneham will reorganize into a mutual holding company under the name Stoneham Bancorp, MHC and Salem Five will become a bank holding company through a merger with Stoneham Bancorp, MHC. Comment period ended September 20, 2011.

DIVISION OF BANKS

Decisions/Notices

Berkshire Bank, Pittsfield, Massachusetts – permission to establish a branch office at 98 Wolf Road, Colonie, New York – approved December 8, 2011.

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch office located at 39 North Pearl Street, Albany, New York – approved December 21, 2011.

Bridgewater Savings Bank, Raynham – permission to close its branch office located at 100 Main Street, Carver – approved December 21, 2011.

Cape Cod Co-operative Bank, Hyannis – notice to establish a branch office at 649 Main Street, Falmouth – non-objection issued December 29, 2011.

Commonwealth Co-operative Bank, Hyde Park – permission to relocate a branch office from 733 Centre Street, Jamaica Plain to 3803 Washington Street, Jamaica Plain – approved December 28, 2011.

Easthampton Savings Bank, Easthampton – notice to establish a branch office located at 241 Northampton Street, Easthampton – non-objection issued December 21, 2011.

Energy Credit Union, West Roxbury – notice to establish a branch office at Seaport Center, 70 Fargo Street, Boston – non-objection issued December 29, 2011.

Middlesex Savings Bank, Natick – notice to establish a branch office at 278 Washington Street, Wellesley – non-objection issued December 21, 2011.

OneUnited Bank, Boston, Massachusetts - permission to close its branch office located at 2412 North State Road 7, Lauderdale Lakes, Florida – approved December 22, 2011.

Reading Co-operative Bank, Reading – notices to establish branch offices at (1) 18-20 Central Street, Andover; and (2) Burlington Office Park, 10 Wall Street, Burlington – non-objections issued December 21, 2011.

UniBank for Savings, Whitinsville – notice to establish a branch office at 89 Worcester Street, Grafton – non-objection issued December 29, 2011.

Applications/Notices Pending

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch offices located at (1) 11567 State Route 2, Greenville, New York; (2) 49 State Road 296, Windham, New York; (3) 4 Elliott Place, East Durham, New York; and (4) 4507 State Road 30, Middleburgh, New York. Comment periods ended November 30, 2011.

Citizens-Union Savings Bank, Fall River – permission to (1) redesignate its main office from Four South Main Street, Fall River to 30 Bedford Street, Fall River; and (2) close its current main office of Four South Main Street, Fall River. Comment period ends January 17, 2012.

Mass Bay Credit Union, South Boston – 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 individuals who live, work, attend a school, college or university or belong to a religious organization, social organization, or labor organization, located within Norfolk County, Suffolk County, Abington, Everett, Hanover, Hingham, Lynn, Malden, Marshfield, Medford, Melrose, Norwell, Peabody, Rockland, Saugus, Scituate, Somerville, Stoneham and Whitman in the Commonwealth of Massachusetts. Related definitions and other changes are set out in the proposed by-law. Comment period ended December 14, 2011.

Sturdy Credit Union ("Sturdy"), Attleboro and Rockland Federal Credit Union, ("Rockland"), Rockland – permission for Sturdy to merge with and into Rockland under the charter, by-laws and name of Rockland. The main office of Rockland would remain the main office of the continuing credit union and the sole banking office of Sturdy would be retained as a branch office. Comment period ends January 12, 2012.

Stoneham Savings Bank, Stoneham – permission to reorganize into a mutual holding company, Stoneham Bancorp, MHC in a multi-step transaction. Comment period ended September 20, 2011.

Tremont Credit Union, Boston - 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 the Massachusetts Fishermen’s Partnership, Inc. which consists of 20 subsidiary member organizations as set out in the proposed by-law. Comment period ends January 26, 2012.

JANUARY 2012 FILING DATE

Complete applications for the January Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, January 17, 2012.

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.

CHECK CASHER LICENSES

Hearings

January 24, 2012
Worcester City Hall
455 Main Street
Levi Lincoln Room
Worcester, Massachusetts

At 6:00 p.m.

AAA Check Exchange Incorporated, Worcester – permission to operate a check casher office at 342 Shrewsbury Street, Worcester. Comment period ends January 31, 2012.

February 8, 2012
Springfield City Hall
36 Court Street
Room 202
Springfield, Massachusetts

At 6:00 p.m.

Rican, Inc., Springfield – permission to operate a check casher office at 450 Main Street, Springfield. Comment period ends February 15, 2012.

REGULATIONS

Regulation 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT remains pending. Additional updates will be posted on the Division’s website at www.mass.gov/dob.

BANK AND CREDIT UNION APPLICATION PROCESS TIMING

As a general rule, applications by banks and credit unions other than those that are subject to a review period set out in statute are intended to be processed and completed within the monthly cycle for which the bank and credit Union applies. That review period for such processing is approximately 45 days or less from the date the application is filed with the Division. A decision on the application is generally issued within 5 business days after the review period is completed. The decision then will be reported on the monthly Activity Report for the month in which the decision was issued. The timing of the overall review process including the issuance of a decision and the listing on the monthly Activity Report will be dependent on the applicant’s compliance with all statutory, regulatory and administrative requirements. Applications before the Massachusetts Board of Bank Incorporation are subject to separate timing schedules as set out in the applications of the Board.

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.