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 April.
DIVISION OF BANKS
Decisions/Notices
Cambridge Savings Bank, Cambridge - permission to close a branch office located at Minuteman Regional High School, 758 Marrett Road, Lexington - approved April 21, 2010.
Danversbank, Danvers - notice to establish a branch office at 46 Bedford Street, Lexington - non-objection issued April 21, 2010.
Eastern Bank, Boston - notice to establish a branch office at 60 Main Street, Andover - non-objection issued April 21, 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 - approved April 1, 2010.
Grafton Suburban Credit Union, North Grafton - permission to close a branch office located at 43 Main Street, South Grafton - approved April 1, 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 - approved April 15, 2010.
PeoplesBank, Holyoke - permission to close a branch office located at Route 9, Hampshire Mall, Hadley - approved April 22, 2010.
Southbridge Savings Bank, Southbridge - permission to close a branch office located within Big Y Supermarket, 1180 Thorndike Street, Palmer - approved April 27, 2010.
St. Anne's Credit Union of Fall River, Fall River - notice to establish a branch office at 3057 Acushnet Avenue, New Bedford - non-objection issued April 20, 2010.
StonehamBank - A Co-operative Bank, Stoneham - permission to close a branch office located at 99D Main Street, Stoneham - approved April 29, 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.
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to close a branch office at 60 Crystal Avenue, Derry, New Hampshire. Comment period ends May 13, 2010.
Mass Bay 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 all employees and former employees of the new Massachusetts Department of Transportation ("MassDOT"), members and former members of Troop E of the Massachusetts State Police as well as former employees of any agency or authority the functions of which have been transferred to MassDOT. The amendment also proposes to add employees of entities with various corporate relationships with MassDOT, as described in the proposed by law. Comment period ends May 25, 2010.
South Coastal Bank, Rockland - permission to close a branch office located at 405 Washington Street, Braintree. Comment period ended April 24, 2010.
May 2010 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., Friday, May 14, 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 Union | Rating | Date of Examination |
|---|---|---|
North Cambridge Co-operative Bank, Cambridge | S | 01/11/10 |
CHECK CASHER LICENSES
Hearing
May 6, 2010
New Bedford City Hall
133 William Street, Room 314
New Bedford, Massachusetts
At 6:00 p.m.
Vasquez Check Cashing, Inc., New Bedford - permission to operate a check casher office at 1292 Acushnet Ave., New Bedford. Comment period ends May 13, 2010.
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.
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. All applications filed with the Division and the Board of Bank Incorporation, except those filed electronically pursuant to FDICconnect shall now 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.
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 .