November 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

Citizens-Union Savings Bank, Fall River – notice to establish a branch office at Lots 27 & 28B Main Road, Westport – non-objection issued November 30, 2011.

Eagle Bank, Everett – permission to close its branch office located at 183 Main Street, Everett – approved November 30, 2011.

Eastern Bank, Boston – permission to close its branch offices located at (1) 240 Lynnfield Street, Peabody; and (2) 519 Station Avenue, South Yarmouth – approved November 16, 2011.

Haverhill Bank, Haverhill and Economy Co-operative Bank (“Economy”), Merrimac – permission to merge under the charter, by-laws and name of Haverhill Bank.  The main office of Haverhill Bank would remain the main office of the continuing institution and the sole banking office of Economy would be retained as a branch office – approved November 30, 2011.

South Adams Savings Bank, Adams and Adams Co-operative Bank, Adams – permission to merge under the charter and by-laws of South Adams Savings Bank.  The main office of South Adams Savings Bank would remain the main office of the continuing institution and the banking offices of Adams Co-operative Bank would be retained as branch offices – approved November 30, 2011.

State Street Bank and Trust Company, Boston – permission to relocate its branch office from Seoul Finance Center, 84 Taepyungno-1-ga, Jung-gu, Seoul, Korea to 31F, CENTER1 West, 26 Eulji-ro 5-gil, Jung-gu, Seoul, Korea – approved November 16, 2011.

Applications/Notices Pending

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch office located at 39 North Pearl Street, Albany, New York.  Comment period ended October 28, 2011.

Berkshire Bank, Pittsfield, Massachusetts – permission to establish a branch office at 98 Wolf Road, Albany (Colonie), New York.  Comment period ended November 22, 2011.

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.

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 ends December 14, 2011.

OneUnited Bank, Boston, Massachusetts - permission to close its branch office located at 2412 North State Road 7, Lauderdale Lakes, Florida. Comment period ended May 5, 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.  Filed November 25, 2011.

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.

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DECEMBER 2011 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., Thursday, December 15, 2011.

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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.

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CHECK CASHER LICENSES

No public hearings scheduled

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REGULATIONS

Regulation 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT has been revised based on testimony received at the public hearing held on September 14, 2011 and/or comments received during the comment period which ended on September 21, 2011. Written comments to the revised proposed regulation which was posted on the website on November 30, 2011 may be submitted to the Division until 5:00 p.m. on December 9, 2011.  The revised proposed regulation can be found on the Division’s website at www.mass.gov/dob.

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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.

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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

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November 2011