October 31, 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 - permission to relocate a branch office from 2 Holmes Road, Lenox to 489 Pittsfield Road, Lenox - approved October 7, 2011.

First Priority Credit Union, East 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 to people who live or work within Norfolk County and Middlesex County as set out in the proposed by law - approved October 7, 2011 as amended to include people who live or work only in specified communities within Norfolk County and Middlesex County.

Holbrook Co-operative Bank, Holbrook - permission to close a branch office located at 60 Crescent Street, Brockton - approved October 14, 2011.

Metro Credit Union, Chelsea - permission to (1) merge with Secure Credit Union ("Secure"), Melrose; and (2) as part of this merger transaction, amend the by-laws of Metro to change membership eligibility. Under the terms of the merger, Secure will merge with and into Metro under the charter, by-laws and name of Metro Credit Union. The main office of Metro would remain the main office of the continuing credit union and the sole banking office of Secure would be retained as a branch office of Metro - approved October 20, 2011.

Webster Five Cents Savings Bank, Webster - permission to relocate a branch office from 278 Park Avenue, Worcester to 266 Chandler Street, Worcester - approved October 6, 2011.

Worcester Police Department Credit Union, Worcester - permission to relocate its main office from 400 Grove Street, Worcester to 799-805 West Boylston Street, Worcester - approved October 31, 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.

Eastern Bank, Boston - permission to close its branch offices located at (1) 240 Lynnfield Street, Peabody; and (2) 519 Station Avenue, South Yarmouth. Comment periods end November 1, 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. Comment period ended October 24, 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.

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. Comment period ended October 24, 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. Comment period ends November 8, 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.

NOVEMBER 2011 FILING DATE

Complete applications for the November Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, November 15, 2011.

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

No public hearings scheduled

REGULATIONS

Regulation 209 CMR 55.00: REVERSE MORTGAGE LOANS became effective on October 14, 2011. The Regulation is available on the Division’s website at www.mass.gov/dob.

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:

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.