BOARD OF BANK INCORPORATION
Hearings
January 24, 2008
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:30 p.m.
Independent Bank Corp. (the "Petitioner"), Rockland, Massachusetts - permission to acquire Slade's Ferry Bancorp. and its subsidiary bank, Slade's Ferry Trust Company, Somerset, Massachusetts. The Petitioner is the holding company for Rockland Trust Company, Rockland, Massachusetts. Comment period ends January 31, 2008.
At 2:15 p.m.
Power Corporation of Canada and Power Financial Corporation, Montreal, Quebec, Canada (the "Petitioners") - permission to acquire ownership and control of Putnam Fiduciary Trust Company, a de novo New Hampshire-chartered nondepository trust company (in formation). The acquisition is part of the corporate reorganization of Putnam Fiduciary Trust Company, Boston, Massachusetts, a Massachusetts-chartered trust company and indirect subsidiary of the Petitioners. Comment period ends January 31, 2008.
Decisions
People's United Financial, Inc. and People's United Bank, Bridgeport, Connecticut - approval to acquire Chittenden Corporation, Burlington, Vermont including its six subsidiary banks (the "Subsidiary Banks") and to become bank holding companies. In the Commonwealth, the Subsidiary Banks owned by Chittenden Corporation are The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts - approved December 28, 2007.
Applications Pending
OneUnited Bank, Boston, Massachusetts - permission to become a bank holding company through the formation of a federally chartered savings bank in connection with its proposed reorganization from a Massachusetts-chartered trust company into a federally-chartered savings bank in a holding company structure. The continuing bank will be known as OneUnited Bank, FSB. Comment period ended October 24, 2007.
DIVISION OF BANKS
Decisions/Notices
Bank of Western Massachusetts (The), Springfield - permission to merge with and into Western Massachusetts Interim, fsb - approved December 28, 2007.
Century Bank and Trust Company, Somerville - permission to relocate its branch office from 55 High Street, Medford to 1 Salem Street, Medford - approved December 14, 2007.
Century Bank and Trust Company, Somerville - notice to establish a branch office at Fellsway Plaza, 508 Riverside Avenue, Medford - non-objection issued December 11, 2007.
Flagship Bank and Trust Company, Worcester - permission to merge with and into Flagship Interim, fsb - approved December 28, 2007.
Members Plus Credit Union, Dorchester - permission to close a branch office located at 111 South Street, Somerville - approved December 19, 2007.
Applications/Notices Pending
Haverhill Bank, Haverhill and Northeast Community Credit Union ("Northeast"), Haverhill - 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 banking offices of Northeast would be retained as branch offices. Comment period ends January 10, 2008.
Haverhill Credit Union, Haverhill - permission to relocate its main office from 427 Main Street, Haverhill to 15 Broadway, Haverhill. Comment period ends January 14, 2008.
OneUnited Bank, Boston - permission to merge with and into a newly formed federally-chartered savings bank, OneUnited Bank, FSB. Comment period ended October 24, 2007.
Putnam Fiduciary Trust Company ("Putnam, MA"), Boston, Massachusetts - permission to merge with and into Putnam Fiduciary Trust Company ("Putnam, NH), New Hampshire (in formation), a nondepository trust company. The main office of Putnam, MA will remain the main office of Putnam, NH. Comment period ends January 31, 2008.
Rockland Trust Company ("Rockland"), Rockland and Slade's Ferry Trust Company ("Slade's Ferry"), Somerset - permission for the merger of Slade's Ferry with and into Rockland. The main office of Rockland would remain the main office of the continuing institution and the banking offices of Slade's Ferry would be retained as branch offices. Comment period ends January 31, 2008.
Telephone Workers' Credit Union, Boston - permission to relocate (1) its main office from 100 High Street, Boston to 131 Oliver Street, Boston; and (2) a branch office from South Shore Plaza, 250 Granite Street, Braintree to 350 Granite Street, Braintree. Comment periods end January 11, 2008.
JANUARY 2008 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 15, 2008.
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 |
|---|---|---|
Newton Teachers Credit Union, Newtonville | S | 10/22/07 |
Northern Bank & Trust Company, Woburn | S | 09/17/07 |
Salem Italian-American Credit Union, Salem | S | 10/16/07 |
Savers Co-operative Bank, Southbridge | HS | 07/30/07 |
Southern Mass Credit Union, Fairhaven | S | 09/17/07 |
APPLICATIONS TO SELL INSURANCE
Premier Source Credit Union, East Longmeadow - pending
CHECK CASHER LICENSES
Hearings
January 16, 2008
Brockton Public Library, West Branch
540 Forest Avenue
Brockton, Massachusetts
At 6:00 p.m.
EOM Associates, LLC D/B/A United Check Cashing, Brockton, Massachusetts - permission to operate a check casher office located at 531 Pleasant Street, Brockton, Massachusetts. Comment period ends January 23, 2008.
January 23, 2008
Leicester Town Hall
3 Washburn Square
Leicester, Massachusetts
At 6:00 p.m.
Wal-Mart Stores East, LP D/B/A Wal-Mart Stores, Bentonville, Arkansas - permission to operate a check casher office located at 1620 Main Street, Leicester, Massachusetts. Comment period ends January 30, 2008.
January 30, 2008
Worcester City Hall, Room 310
455 Main Street
Worcester, Massachusetts
At 6:00 p.m.
Bay State Check Cashing and Financial Service Centers, LLC, Worcester, Massachusetts - permission to operate a check casher office located at 117 Gold Star Boulevard, Worcester, Massachusetts. Comment period ends February 6, 2008.
Applications Pending
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.
Shree Shakti Enterprises, Inc. D/B/A Castleway Market, Fitchburg, Massachusetts - permission to operate a check casher office located at 432 Mechanic Street, Fitchburg, Massachusetts. Comment period ended Friday, November 23, 2007.
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 .