BOARD OF BANK INCORPORATION
Hearings
January 5, 2005
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Citizens Financial Group (the "Petitioner"), Providence, Rhode Island - permission to acquire ownership and control of Citizens Bank, National Association ("Citizens N.A."), Albany, New York. Citizens N.A. is being established to operate branch offices in New York and Vermont obtained in the Petitioner's recent acquisition of Charter One Bank, National Association, Cleveland, Ohio. In the Commonwealth, the Petitioner is the holding company for Citizens Bank of Massachusetts, Boston, Massachusetts. The comment period ends January 7, 2005.
At 10:30 a.m.
Benjamin Franklin Bancorp, MHC, Franklin, Massachusetts - permission to acquire ownership and control of Chart Bank, A Co-operative Bank, Waltham, Massachusetts. The comment period ends February 4, 2005.
January 20, 2005
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:30 p.m.
The Toronto-Dominion Bank, Toronto, Canada - permission to acquire control of Banknorth Group, Inc. and its subsidiary Banknorth, N.A., Portland, Maine. Comment period ends January 27, 2005.
Decisions
Banknorth Group, Inc., Portland, Maine - permission to acquire Boston Federal Savings Bank, Burlington, Massachusetts through a merger with its holding company, BostonFed Bancorp, Inc., Burlington, Massachusetts - approved December 10, 2004.
Brookline Bancorp, Inc., Brookline, Massachusetts - permission to acquire Medford Co-operative Bank, Medford, Massachusetts, through a merger with its holding company, Mystic Financial, Inc., Medford, Massachusetts. Brookline Bancorp, Inc. is the holding company for Brookline Bank, Brookline, Massachusetts - approved December 17, 2004.
Eastern Bank Corporation (the "Petitioner"), Boston, Massachusetts - permission to become a bank holding company through the acquisition of Plymouth Savings Bank, Wareham, Massachusetts, through a merger with its mutual holding company, Plymouth Bancorp, Inc., Wareham, Massachusetts. The Petitioner is the mutual holding company for Eastern Bank - approved December 10, 2004.
DIVISION OF BANKS
Decisions
Belmont Savings Bank, Belmont - permission to close a branch office located at the Watertown Mall, 550 Arsenal Street, Watertown - approved December 30, 2004.
Citizens Bank of Massachusetts, Boston - permission to close a branch office located at 235 Old Connecticut Path, Framingham - approved December 23, 2004.
Citizens Bank of Massachusetts, Boston - permission to establish branch offices at 1) 296 Cooley Street, Springfield; 2) SR-9 & S Quinsigamond Avenue, Shrewsbury; 3) Shawsheen Plaza, 209 North Main Street, Andover; and 4) 541 Main Street, Medfield - approved December 30, 2004.
Credit Union of the Berkshires, Pittsfield - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative membership eligibility proposes to include persons who live, work, or attend school in Berkshire County, as well as other changes specified in the proposed by-law - approved December 21, 2004.
Members Plus Credit Union ("Members"), Dorchester and Dunkin' Donuts Employees Credit Union ("Dunkin'"), Canton - permission to merge Dunkin' with and into Members under the charter, by-laws and name of Members Plus Credit Union. The main office of Members would remain the main office of the continuing credit union and the sole banking office of Dunkin' would not be retained as a branch office of Members. As part of this transaction, the by-laws of Members would be amended to change membership eligibility - approved December 30, 2004.
Metropolitan Credit Union, Chelsea - permission to establish a branch office at 1124 Worcester Road, Framingham - approved December 29, 2004.
Metropolitan Credit Union ("Metropolitan"), Chelsea and Graphic Arts Credit Union ("Graphic"), Southborough - permission to merge Graphic with and into Metropolitan under the charter, by-laws and name of Metropolitan Credit Union. The main office of Metropolitan would remain the main office of the continuing credit union and the sole banking office of Graphic would not be retained as a branch office of Metropolitan. As part of this transaction, the by-laws of Metropolitan would be amended to change membership eligibility - approved December 29, 2004.
Rockland Trust Company, Rockland - permission to establish a branch office at 333 Cotuit Road, Sandwich - approved December 30, 2004.
Applications Pending
Benjamin Franklin Savings Bank and Chart Bank, A Co-operative Bank, Waltham - permission to merge under the charter, by-laws and name of Benjamin Franklin Savings Bank. Comment period ends February 4, 2005.
Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at 41 State Street, Suite 112, Albany, New York. Comment period ended December 27, 2004.
City of Boston Credit Union, Boston - permission to relocate a branch office from 1010 Morrissey Boulevard, Dorchester to 960 Morrissey Boulevard, Dorchester. Comment period ended December 21, 2004.
East Cambridge Savings Bank, Cambridge - permission to establish a branch office at 109 Broadway, Arlington. Comment period ends January 18, 2005.
Luso-American Credit Union, Peabody - 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 persons who reside or work in Essex County as well as include references to certain member relationships. Comment period ended December 27, 2004.
Metropolitan Credit Union, Chelsea - permission to establish a branch office at 1527 Main Street, Tewksbury. Comment period ends January 18, 2005.
North Middlesex Savings Bank, Ayer - permission to 1) establish a branch office at Mill Run Plaza, 489 Main Street, Groton; and 2) relocate a branch office from 150 Jackson Road, Devens to 10 Andrews Parkway, Devens. Comment periods end January 21, 2005.
Postal Community 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 include persons who reside in or are employed by entities with a location in Essex, Middlesex, Norfolk, Plymouth and Suffolk Counties. Comment period ended August 27, 2001.
River Works Credit Union ("the "Credit Union"), Lynn - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to change that by-law provision by including references to Middlesex and Suffolk Counties as well as those who work within a twenty-five mile radius of the Credit Union. Comment period ended October 25, 2004.
Rockland Trust Company, Rockland - permission to close a branch office located at 1123 Main Street, South Yarmouth. Comment period ends January 10, 2005.
Southbridge Savings Bank, Southbridge - permission to establish a branch office within Big Y Supermarket, 1180 Thorndike Street, Palmer. Comment period ends January 21, 2005.
Southbridge Savings Bank, Southbridge - permission to relocate a branch office from Shaw's Supermarket, 115A Gold Star Boulevard, Worcester to 11 Ruthven Avenue, Worcester. Comment period ends January 10, 2005.
St. Anne's Credit Union of Fall River ("St. Anne's"), Fall River and St. Stanislaus Federal Credit Union ("St. Stanislaus"), Fall River - permission for St. Stanislaus to merge with and into St. Anne's under the charter, by-laws and name of St. Anne's Credit Union of Fall River. The main office of St. Anne's would remain the main office of the continuing credit union and the sole banking office of St. Stanislaus would not be retained as a branch office. Comment period ended December 3, 2004.
The Bank of Canton, Canton - permission (1) to relocate its main office from 557 Washington Street, Canton to 490 Turnpike Street, Canton; and (2) maintain its current main office as a branch office. Comment period ends January 18, 2005.
JANUARY 2005 FILING DATE
Complete applications for the November Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, January 14, 2005.
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").
DATE OF | ||
FINANCIAL INSTITUTION | RATING | EXAMINATION |
Ipswich Co-operative Bank, Ipswich | HS | 06/15/04 |
APPLICATIONS TO SELL INSURANCE
No insurance sales applications were filed during the month of December 2004.
TEMPORARY CHECK CASHER LICENSES
Hearings
There are no hearings for the month of January 2005.
Applications Pending
Peabody Check Cashing, Inc., Peabody, Massachusetts - permission to operate a check casher office at 101 Ferry Street, Malden, Massachusetts. Comment period ended May 19, 2004.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
January 4, 2005
Fifth Floor, Hearing Room A
One South Station
Boston, Massachusetts
At 1:30 p.m.
In accordance with the provisions of Massachusetts General Laws chapter 30A, the Division of Banks will hold a public hearing on Tuesday, January 4, 2005 at 1:30 p.m. in Hearing Room A, 5th Floor, One South Station, Boston, Massachusetts.
The purpose of the hearing is to afford all interested parties an opportunity to provide oral and written testimony regarding amendments to several regulations within the Division of Banks' jurisdiction. The following regulations are proposed to be rescinded: 209 CMR 12.00, Small Loans; 209 CMR 16.00, Contracts with Bank Service Corporations; 209 CMR 30.00, Rental of Safe Deposit Vaults by Banks; 209 CMR 34.00, Maximum Loan Limitations for Certain Classes of Mortgage Loans; and 209 CMR 39.00, The Establishment, Operation and Procedures for Regional Mortgage Review Boards and Regional Small Business Loan Review Boards in the Commonwealth. In conjunction with the proposed rescission of these regulations, the Division notes that 209 CMR 12.00 would be combined with 209 CMR 20.00, Sales Finance Companies and Insurance Premium Companies. The Division also notes that two of the regulations, 209 CMR 16.00 and 209 CMR 30.00, primarily reflect statutory requirements. Those regulations and 209 CMR 39.00 would be reissued as administrative guidance in the form of Regulatory Bulletins.
The following regulations are proposed to be amended: 209 CMR 20.00, Sales Finance Companies and Insurance Premium Finance Companies; 209 CMR 26.00, Small Loans Regulatory Board; 209 CMR 31.00, Establishment and Operation of Electronic Branches of Financial Institutions and for the Protection of Consumers in Electronic Fund Transfers; 209 CMR 42.00, The Licensing of Mortgage Lenders and Mortgage Brokers; 209 CMR 45.00, The Licensing and Regulation of Check Cashers; and 209 CMR 46.00, Community Reinvestment. As noted above, 209 CMR 20.00 would be amended to include the provisions of 209 CMR 12.00. Transitional language is proposed to be deleted from 209 CMR 45.00 and 209 CMR 46.00. Reporting requirements repealed by statutory amendment are proposed for deletion from 209 CMR 31.00. The proposed amendment to 209 CMR 26.00 includes a reference to a statutory amendment and the deletion of certain outdated historical information. The proposed amendment to 209 CMR 42.00 is a clarification to an internal cross-reference. Other changes may be made based on comments received.
Persons wishing to submit written comments may do so until 5:00 p.m. on Tuesday, January 4, 2005. A copy of the proposed regulations is available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or 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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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.