BOARD OF BANK INCORPORATION
Decisions
Assabet Valley Bancorp (the "Petitioner"), Hudson, Massachusetts - permission to acquire ownership and control of Westborough Bancorp, MHC and Westborough Financial Services, Inc., (together referred as "Westborough"), Westborough, Massachusetts in a multi-step transaction. Westborough are the mutual holding company and the mid-tier holding company for The Westborough Bank, Westborough, Massachusetts. In conjunction with this transaction, a related application has been filed with the Division of Banks for approval to merge The Westborough Bank with and into the Petitioner's subsidiary bank, Hudson Savings Bank, Hudson, Massachusetts - approved August 23, 2007.
Applications Pending
Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Factory Point Bancorp, Inc. and its wholly-owned subsidiary, The Factory Point National Bank of Manchester Center, Manchester Center, Vermont. In the Commonwealth, the Petitioner is the holding company for Berkshire Bank, Pittsfield, Massachusetts. In connection with this transaction, an application has been filed with the Division of Banks for approval of the subsequent merger of The Factory Point National Bank of Manchester Center with and into, Berkshire Bank. Comment period ended August 30, 2007.
Chittenden Corporation, Burlington, Vermont and Ocean Bank, Portsmouth, New Hampshire - permission to acquire Community Bank & Trust Company, Wolfeboro, New Hampshire in a multi-step transaction. In the Commonwealth, Chittenden Corporation is the holding company for The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts. Comment period ended August 30, 2007.
DIVISION OF BANKS
Decisions/Notices
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 500 Boston Post Road, Marlborough - approved August 7, 2007.
Citizens Bank of Massachusetts, Boston - permission to close branch offices located at (1) 177 Broad Street, Hudson; (2) 35 Edgell Road, Framingham; (3) 448 Main Street, Medford; and (4) 499 Riverside Avenue, Medford - approved August 7, 2007.
Hudson Savings Bank, ("Hudson"), Hudson, Massachusetts and The Westborough Bank ("Westborough"), Westborough, Massachusetts - permission for the merger of Westborough with and into Hudson - approved August 23, 2007.
Northern Bank & Trust Company, Woburn - permission to (1) relocate its main office from 215 Lexington Street, Woburn to Mishawum Road at the former Mishawum Station, Woburn; and (2) maintain its current main office as a branch office - approved August 16, 2007.
OneUnited Bank, Boston - permission to relocate its main office from 133 Federal Street, 8 th Floor, Boston to 100 Franklin Street, 6 th Floor, Boston - approved August 10, 2007.
Washington Savings Bank, Lowell - notice to establish a branch office at Tyngsboro High School, 36 Norris Road, Tyngsboro - non-objection issued August 7, 2007.
Applications/Notices Pending
Berkshire Bank ("Berkshire"), Pittsfield, Massachusetts and The Factory Point National Bank of Manchester Center ("Factory Point"), Manchester Center, Vermont - permission to merge under the charter, by laws and name of Berkshire Bank. The main office of Berkshire would remain the main office of the continuing institution and the banking offices of Factory Point would be retained as branch offices. Comment period ended August 30, 2007.
Clinton Savings Bank, Clinton - permission to relocate a branch office from 45 Shrewsbury Street, Boylston to 81 Shrewsbury Street, Boylston. Comment period ended August 30, 2007.
Crescent Credit Union ("Crescent"), Brockton and Uniti Credit Union ("Uniti"), Brockton - permission to merge under the charter, by-laws and name of Crescent. The main office of Crescent would remain the main office of the continuing credit union and both banking offices of Uniti would be retained as branch offices of Crescent. As part of this transaction, the by-laws of Crescent would be amended to change membership eligibility. Comment period ends September 17, 2007.
Danversbank, Danvers - notice to establish a branch office at 3 Traders Way, Salem. Filed August 23, 2007.
Dukes County Savings Bank ("Dukes County"), Edgartown and Martha's Vineyard Co-operative Bank ("Martha's Vineyard"), Vineyard Haven - (1) permission to merge under the charter and by-laws of Dukes County and name of Martha's Vineyard Savings Bank; and (2) close a branch office of Dukes County located at Vineyard Haven State Road and Indian Hill, West Tisbury. All other banking offices of both banks would be retained. Comment periods end September 18, 2007.
Harvard University Employees Credit Union, Cambridge - permission to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for students, alumni, employees and retirees of Lesley University and affiliates, as defined, of Lesley University, as well as other changes as specified in the proposed by-law. Comment period ends September 24, 2007.
Legacy Banks, Pittsfield, Massachusetts - permission to (i) purchase certain assets and assume certain deposit and other liabilities of First Niagara Bank, Lockport, New York; and in connection therewith (ii) establish and maintain branch offices at (1) 184 Broadway, Whitehall, New York; (2) 49 Route 296, Windham, New York; (3) Bryant's Supermarket, 11567 State Route 32, Greenville, New York; (4) 4507 State Route 30, Middleburg, New York; and (5) 4 Elliott Place, Oakhill, New York. Comment periods end September 11, 2007.
Lynn Postal District Employees Credit Union (the "Credit Union"), Lynn - permission to (1) expand the associations which qualify persons for membership; and (2) change the name of the Credit Union to Massachusetts Postal Employees Credit Union. The amendment relative to membership eligibility proposes to add membership for employees of the United States Postal Service who live or work in Essex County, Middlesex County, Suffolk County and Worcester County. Additional changes are set out in the proposed membership by-law. Comment period ended July 6, 2007.
Marlborough Savings Bank, Marlborough- notice to establish a branch office at 21 East Main Street, Westborough. Filed August 22, 2007.
Mechanics' Co-operative Bank ("Mechanics"), Taunton and Bridgewater Co-operative Bank ("Bridgewater"), Bridgewater - permission to merge under the charter, by-laws and name of Mechanics'. The main office of Mechanics' would remain the main office of the continuing institution and the sole banking office of Bridgewater would be retained as a branch office. Comment period ends September 11, 2007.
Reading Co-operative Bank, Reading - notice to establish a branch office located at Reading Memorial High School, 62 Oakland Road, Reading. Filed August 28, 2007.
SEPTEMBER 2007 FILING DATE
Complete applications for the September Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, September 14, 2007.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered institutions have Community Reinvestment Act Descriptive Ratings and Evaluations describing the basis for the Rating issued by the Division of Banks pursuant to Massachusetts General Laws chapter 167, section 14. The ratings, as set out in the statute, for a bank's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC").
| Financial Institution | Rating | Date of Examination |
|---|---|---|
East Cambridge Savings Bank | HS | 05/29/07 |
St. Mary's Credit Union, Marlborough | S | 05/07/07 |
APPLICATIONS TO SELL INSURANCE
Benjamin Franklin Bank, Franklin - pending
CHECK CASHER LICENSES
Decisions
St. James Checking, Inc., Springfield, Massachusetts - permission to operate a check casher office located at 2217 Northampton Street, Holyoke, Massachusetts - approved August 2, 2007.
St. James Checking, Inc., Springfield, Massachusetts - permission to operate a check casher office located at 543 Main Street, Southbridge, Massachusetts - approved August 2, 2007
Applications Pending
Cassie H. Farmer d/b/a Family Financial Centers, Framingham, Massachusetts - permission to operate a check casher office at 2 Frederick Street, Framingham. Comment period ended Thursday, August 30, 2007.
John Tamburo d/b/a Tamburo Check Cashing, Everett, Massachusetts - permission to operate a check casher office at 241 Beacham Street, Everett. Comment period ended Tuesday, September 5, 2006.
Kirsch & Davis, Inc. d/b/a Kirsch Package Store, Worcester, Massachusetts - permission to operate a check casher office at 646 Main Street, Worcester. Comment period ended Thursday, August 24, 2006.
Parrot Check Cashing, LLC, Cambridge, Massachusetts - permission to operate a check casher office located at 56 Creighton Street, Cambridge and a mobile check cashing service to serve the North Cambridge, Massachusetts area. Comment period ended Wednesday, February 28, 2007.
Pioneer Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office located within the Chestnut Package Store, 95 Chestnut Street, Springfield, Massachusetts. Comment period ended Tuesday, October 10, 2006.
REGULATIONS
The final amendments to existing regulation 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers were filed by the Division for publication in the Massachusetts Register on Friday, September 7, 2007. The regulations will be effective on that date. A copy of the final version of the regulation is available on the Division's website at www.mass.gov/dob.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
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For information relative to current Activity Reports please contact the Consumer Assistance Unit .