By the Division of Banks

BOARD OF BANK INCORPORATION

Hearings

May 24, 2011
1 st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts
 

At 10:30 a.m.

Newburyport Five Cents Savings Bank, Newburyport - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Newburyport Five Cents Bancorp, MHC, with a mid-tier holding company, Newburyport Five Cents Bancorp, Inc. The continuing bank will operate under the name Newburyport Five Cents Savings Bank. Comment period ends June 24, 2011.

At 11:00 a.m.

People's United Financial, Inc. (the "Petitioner"), Bridgeport, Connecticut - permission to acquire Danvers Bancorp, Inc., Danvers, Massachusetts in a multi-step transaction. Danvers Bancorp, Inc. is the holding company for Danversbank, Danvers, Massachusetts. The Petitioner is the holding company for People's United Bank, Bridgeport, Connecticut. Comment period ends May 27, 2011.

DIVISION OF BANKS

Decisions/Notices

Alden Credit Union, Chicopee - permission to close a branch office located at 515 College Highway, Southwick - approved April 22, 2011.

East Boston Savings Bank, East Boston - notice to establish a branch office at 2172 Massachusetts Avenue, Cambridge - non-objection issued April 29, 2011.

East Cambridge Savings Bank, Cambridge - permission to relocate a branch office from 505 Common Street, Belmont to 395 Trapelo Road, Belmont - approved April 22, 2011.

Metro Credit Union ("Metro"), Chelsea - permission to (1) merge with University Credit Union, ("University") Boston; (2) relocate the current main office of University from 846 Commonwealth Avenue, Boston, to 922 Commonwealth Avenue, Boston; and (3) as part of this merger transaction, amend the by-laws of Metro to change membership eligibility. Under the terms of the merger, University 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 banking offices of University would be retained as branch offices of Metro - approved April 6, 2011.

Metro Credit Union, Chelsea - permission to close a branch office located at 135 Morrissey Boulevard, Boston - approved April 8, 2011.

PeoplesBank, Holyoke - notice to establish a branch office at 547 Memorial Avenue, West Springfield - non-objection issued April 7, 2011.

Rockland Trust Company, Rockland - permission to close a branch office located at 438 Court Street, Plymouth- approved April 22, 2011.

Rockland Trust Company, Rockland - permission to close a branch office located at 620 Franklin Street, Whitman - approved April 22, 2011.

South Shore Savings Bank, South Weymouth - permission to close a branch office located at Weymouth High School, One Wildcat Way, Weymouth - approved April 22, 2011.

Stoneham Savings Bank, Stoneham - permission to close its branch office located at 4 Hill Road, Belmont - approved April 22, 2011.

Unibank for Savings, Whitinsville - notice to establish a branch office at 24 Gold Star Boulevard, Worcester - non-objection issued April 7, 2011.

Applications/Notices Pending

Bridgewater Savings Bank, Bridgewater - permission to close a branch office located at 620 County Road, Hanson. Comment period ended April 18, 2011.

Community Bank (The), Brockton - permission to close branch offices located at 1) 1090 Main Street, Brockton; 2) 704 Main Street, Falmouth; and 3) 259-E Stevens Street, Hyannis. Comment periods end May 2, 2011.

Danversbank, Danvers, Massachusetts and People's United Bank ("People's"), Bridgeport, Connecticut - permission to merge under the charter, by-laws and name of People's. The main office of People's would remain the main office of the continuing institution and the banking offices of Danversbank would be retained as branch offices. Comment period ends May 27, 2011.

Newburyport Five Cents Savings Bank, Newburyport - permission to reorganize into a mutual holding company, Newburyport Five Cents Bancorp, MHC, with a mid-tier holding company, Newburyport Five Cents Bancorp, Inc. in a multi-step transaction. Comment period ends June 24, 2011.

MAY 2011 FILING DATE

Complete applications for the May Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, May 16, 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.

Bank/Credit UnionRatingDate of Examination

Brotherhood Credit Union, Lynn

S

01/05/11

Citizens-Union Savings Bank, Fall River

HS

11/15/10

Needham Bank, Needham

S

11/15/10

Pilgrim Bank, Cohasset

S

02/16/10


Mortgage LenderRatingDate of Examination

Mortgage Financial, Inc.

S

09/07/10

APPLICATIONS TO SELL INSURANCE

Boston Firefighters Credit Union - approved April 7, 2011
Leominster Credit Union - approved April 11, 2011

CHECK CASHER LICENSES

Decisions

Maruti Convenience, LLC, Fitchburg - permission to operate a check casher office at 288 South Street, Fitchburg - approved April 26, 2011.

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 - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ended September 24, 2009.

Hidalgo Multiservices, Inc., Lawrence - permission to operate a check casher office at 174 South Union Street, Lawrence. Comment period ended March 7, 2011.

Jaya Multiple Services, Inc., Lawrence - permission to operate a check casher office at 268 Lawrence Street, Lawrence. Comment period ended March 2, 2011.

St. James Checking, Inc., Springfield - permission to operate a check casher office at 70 Main Street, Greenfield. Comment period ended September 7, 2010.

Wyman's Check Cashers LLC, Leominster - permission to operate a check casher office at 30 Pleasant Street, Leominster. Comment period ended April 20, 2011.


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 .