BOARD OF BANK INCORPORATION
Hearings
January 22, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Marlborough Savings Bank, Marlborough, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Marlborough Bancshares, MHC, with a mid-tier holding company, Marlborough Bancshares, Inc. The continuing bank will operate under the name Marlborough Savings Bank. Comment period ends January 25, 2007.
At 10:20 a.m.
Bay State Savings Bank, Worcester, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, 1895 MHC, with a mid-tier holding company, 1895 Corp. The continuing bank will operate under the name Bay State Savings Bank. Comment period ends January 25, 2007.
At 10:40 a.m.
Spencer Savings Bank, Spencer, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Spencer MHC, with a mid-tier holding company, Spencer Mid-tier Holding Company. The continuing bank will operate under the name Spencer Savings Bank. Comment period ends January 25, 2007.
At 11:00 a.m.
Lehman Brothers Bank, FSB ("Lehman"), Wilmington, Delaware and Related Parties - permission to acquire Capital Crossing Bank ("Capital Crossing"), Boston, Massachusetts. As part of a multi-step transaction, Capital Crossing will merge with and into Lehman. Comment period ends January 25, 2007.
Decisions
Citizens Financial Group, Inc. (the "Petitioner"), Providence, Rhode Island and Related Parties - permission to acquire directly or indirectly GreatBanc, Inc., Lisle, Illinois, and its three subsidiaries which are also located in Illinois. The multi-step transaction will also involve the Petitioner's subsidiary, Charter One Bank N.A., Cleveland, Ohio. In Massachusetts, the Petitioner is the holding company for Citizens Bank of Massachusetts, Boston, Massachusetts - approved December 27, 2006.
NewAlliance Bancshares, Inc. (the "Petitioner"), New Haven, Connecticut - permission to acquire Westbank, West Springfield, Massachusetts, through a merger with its holding company, Westbank Corporation, West Springfield, Massachusetts. In connection with this transaction, a related application was filed with the Division of Banks for approval to merge Westbank with and into the Petitioner's subsidiary bank, NewAlliance Bank, New Haven, Connecticut - approved December 27, 2006.
Applications Pending
Nuvo Bank and Trust Company, Springfield, Massachusetts - permission to establish a trust company. Comment period ended December 19, 2006.
DIVISION OF BANKS
Decisions/Notices
Bridgewater Credit Union, Bridgewater - notice to establish a branch office at Shops at 5, Plymouth - non-objection issued December 12, 2006.
Eastern Bank, Boston - notice to establish a branch office at 519 Station Avenue, South Yarmouth - non-objection issued December 15, 2006.
Legacy Banks, Pittsfield - permission to close its branch office located at 102 Main Street, North Adams - approved December 28, 2006.
Mansfield Co-operative Bank, Mansfield - notice to establish a branch office at Lowe's Plaza, West Center Street, West Bridgewater - non-objection issued December 8, 2006.
Westbank, West Springfield, Massachusetts and NewAlliance Bancshares, Inc. (the "Petitioner"), New Haven, Connecticut - permission to merge under the charter, by-laws and name of NewAlliance. The banking offices of Westbank will be retained as branch offices of NewAlliance - approved December 27, 2006.
Rockland Trust Company, Rockland - notice to establish a branch office at 299-313 Quincy Avenue, Quincy - non-objection issued December 7, 2006.
South Shore Savings Bank, South Weymouth - permission to relocate its branch office from 5 Assinippi Avenue, Norwell to 400 Washington Street, Norwell - approved December 20, 2006.
Applications/Notices Pending
Bay State Savings Bank, Worcester, Massachusetts - permission to reorganize into a mutual holding company, 1895 MHC, as part of a multi-step transaction. Comment period ends January 25, 2007.
Cambridge Portuguese Credit Union, Cambridge - 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, Essex County, Norfolk County and Suffolk County. Additional changes are set out in the proposed by-law. Comment period ends January 22, 2007.
Capital Crossing Bank ("Capital Crossing"), Boston, Massachusetts and Lehman Brothers Bank, FSB ("Lehman"), Wilmington, Delaware - permission for the merger of Capital Crossing, with an interim federal savings association and a subsequent merger of Capital Crossing as the surviving entity with and into Lehman that will result in the banking office of Capital Crossing becoming a branch office of Lehman. Comment period ends January 25, 2007.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located at 398 Longmeadow Street, Longmeadow. Comment period ended December 27, 2006.
Danversbank, Danvers and BankMalden, A Co-operative Bank ("BankMalden), Malden - permission to merge under the charter, by-laws and name of Danversbank. The main office of Danversbank would remain the main office of the continuing institution and the sole banking office of BankMalden would be retained as a branch office. Comment period ended December 18, 2006.
East Cambridge Savings Bank, Cambridge - notice to establish a branch office at 243 Salem Street, Medford. Filed December 26, 2006.
Marlborough Savings Bank, Marlborough, Massachusetts - permission to reorganize into a mutual holding company, Marlborough Bancshares, MHC, as part of a multi-step transaction. Comment period ends January 25, 2007.
Spencer Savings Bank, Spencer, Massachusetts - permission to reorganize into a mutual holding company, Spencer MHC, as part of a multi-step transaction. Comment period ends January 25, 2007.
JANUARY 2007 FILING DATE
Complete applications for the January Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, January 16, 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 |
|---|---|---|
Bank of Easton, A Co-operative Bank | S | 10/02/06 |
Brookline Municipal Credit Union | S | 10/23/06 |
Chicopee Savings Bank | O | 10/03/06 |
Granite Savings Bank, Rockport | S | 10/06/06 |
Haverhill Fire Department Credit Union | O | 10/10/06 |
Middlesex Savings Bank, Natick | O | 09/05/06 |
APPLICATIONS TO SELL INSURANCE
Legacy Banks, Pittsfield, Massachusetts - pending
NewAlliance Bank ("NewAllicance"), New Haven, Connecticut - pending
Note: On January 2, 2007, NewAlliance merged with Westbank, West Springfield, Massachusetts under the charter, by-laws and name of NewAlliance. NewAlliance seeks to offer bank insurance products through the branch offices of Westbank acquired through the merger.
TEMPORARY CHECK CASHER LICENSES
Hearings
There are no hearings scheduled for the month of January
Applications Pending
Fast Cash Corp., New Bedford, Massachusetts - permission to operate check casher offices at 211 Union Street, New Bedford and 194 Cover Street, New Bedford. Comment periods ended Thursday, December 21, 2006.
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.
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.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
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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 .