BOARD OF BANK INCORPORATION
Hearings
March 3, 2004
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Banknorth Group, Inc. ("Banknorth"), Portland, Maine - permission to acquire Foxborough Savings Bank ("Foxborough"), Foxborough, Massachusetts. As part of a series of transactions, Foxborough will merge so that its banking offices will become branch offices of Banknorth's subsidiary Banknorth N.A. Comment period ends March 11, 2004.
At 10:30 a.m.
Seacoast Financial Services Corporation ("Seacoast"), New Bedford, Massachusetts - permission to acquire Abington Bancorp, Inc., Weymouth, Massachusetts and its subsidiary savings bank, Abington Savings Bank. Seacoast is the holding company for Compass Bank for Savings, New Bedford and Nantucket Bank, Nantucket. Comment period ends March 26, 2004.
Decisions
The Canton Institution for Savings, The Bank of Canton, Canton, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Ponkapoag Bancorp, MHC with a mid-tier holding company, Massapoag Bancorp, Inc. The continuing bank will operate under the name The Bank of Canton - approved February 4, 2004.
South Shore Savings Bank, Weymouth, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, South Shore Bancorp, MHC (the "MHC") with a mid-tier holding company, South Shore Bancorp, Inc. This reorganization is being done in conjunction with a transaction whereby Horizon Bank & Trust Company, Braintree will be acquired by South Shore Bancorp, Inc. and will merge with and into South Shore Savings Bank, as the subsidiary stock banking institution of the MHC - approved February 5, 2004.
Sovereign Bancorp, Inc. ("Sovereign"), Philadelphia, Pennsylvania- permission to acquire First Essex Bancorp, Inc., Andover, Massachusetts and its subsidiary bank, First Essex Bank, Lawrence, Massachusetts. As part of this transaction, First Essex Bank will merge with and into Sovereign's subsidiary, Sovereign Bank - approved February 2, 2004.
Applications Pending
Bank of America Corporation, Charlotte, North Carolina - permission to acquire FleetBoston Financial Corporation, Boston, Massachusetts. Other related approvals are set out in the application. Comment period ended February 10, 2004.
Hampden Savings Bank, Springfield, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Hampden Bancorp, MHC. The continuing bank will operate under the name Hampden Bank. Comment period ended February 16, 2004.
DIVISION OF BANKS
Decisions
Beverly Co-operative Bank, Beverly - permission to establish a branch office at 73 Lafayette Street, Salem - approved February 25, 2004.
Flagship Bank & Trust Company, Worcester - permission to establish a branch office at 8 Lyman Street, Westborough - approved February 13, 2004.
St. Mary's Credit Union, Marlborough - permission to establish a branch office at 100 West Main Street, Route 20, Northborough - approved February 23, 2004.
South Shore Savings Bank, Weymouth and Horizon Bank & Trust Company, Braintree - permission to merge under the charter, by-laws and name of South Shore Savings Bank in conjunction with South Shore Savings Bank reorganization into a mutual holding company with a mid-tier holding company and a subsidiary stock savings bank - approved February 5, 2004.
The Canton Institution for Savings, The Bank of Canton, Canton - permission to reorganize into a mutual holding company, Ponkapoag Bancorp, MHC with a mid-tier holding company, Massapoag Bancorp, Inc. as part of a multi-step transaction - approved February 4, 2004.
Applications Pending
Banknorth N.A. ("Banknorth"), Portland, Maine - permission for the merger of Foxborough Savings Bank ("Foxborough"), Foxborough, Massachusetts, with and into a newly formed national bank and a subsequent merger that will result in the banking offices of Foxborough becoming the branch offices of Banknorth. Comment period ends March 11, 2004.
Berkshire Bank, Pittsfield - permission to close a branch located at Devonshire Estates, 329 Pittsfield Road, Lenox. Comment period ends March 18, 2004.
Compass Bank for Savings ("CompassBank"), New Bedford and Abington Savings Bank ("Abington"), Abington - permission to merge with Abington under the charter, by-laws and name of CompassBank. Comment period ends March 26, 2004.
Citizens Bank of Massachusetts, Boston - permission to close its branches within Shaws Supermarkets located at (1) 20 Sydney Street, Cambridge; (2) 61 Locust Street, Medford; (3) 137 Teaticket Road, East Falmouth; (4) 11 Berdon Way, Fairhaven; (5) 465 William Canning Boulevard, Fall River; (6) 125 Toner Boulevard, North Attleboro; (7) 10 Pilgrim Hill Road, Plymouth; and (8) 130 Granite Street, Quincy, Massachusetts. Comment periods end March 24, 2004.
Eastern Bank, Boston - permission to establish a branch office at the corner of 1833 Massachusetts Avenue and 27 Depot Square, Lexington. Comment period ends March 11, 2004.
Enterprise Bank and Trust Company, Lowell - permission to establish a branch office at 1120 Main Street, Tewksbury. Comment period ends March 7, 2004.
Fall River Five Cents Savings Bank, Fall River - permission to relocate a branch office from the Swansea Mall, Route 118, Swansea to 497 Milford Road, Swansea. Comment period ends March 15, 2004.
Hampden Savings Bank, Springfield - permission to reorganize into a mutual holding company, Hampden Bancorp, MHC as part of a multi-step transaction. Comment period ended February 16, 2004.
Harvard University Employees Credit Union, Cambridge - permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership ability would now include students and alumni of Harvard University, as well as employees of affiliates of Harvard University and other changes as specified in the proposed by-law. Comment period ends March 30, 2004.
Lawrence Savings Bank, Lawrence, Massachusetts - permission to establish a branch office at Route 97 Shops, 401-403 Main Street, Salem, New Hampshire. Comment period ends March 15, 2004.
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 would now 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.
Randolph Savings Bank, Randolph, Massachusetts - permission to establish a branch office at 730 Centre of New England Boulevard, Coventry, Rhode Island. Comment period ended January 21, 2004.
The Bank of Western Massachusetts, Springfield - permission to close a branch office located at Route 116, Conway. Comment period ended January 21, 2004.
Western Massachusetts Telephone Workers' Credit Union ("Western"), Springfield and FHBT Credit Union ("FHBT"), Northampton - permission to merge under the charter, by-laws and name of Western Massachusetts Telephone Workers' Credit Union. The main office of Western would remain the main office of the continuing credit union and the sole banking office of FHBT would be retained as a branch office of Western. During the course of the application process, Western changed its name to Freedom Credit Union effective February 5, 2004. Comment period ended January 22, 2004.
MARCH 2004 FILING DATE
Complete applications for the March Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, March 15, 2004.
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 | ||
BANK | RATING | EXAMINATION |
Adams Co-operative Bank, Adams | O | 10/08/03 |
Boston Firefighters Credit Union, Dorchester | S | 10/15/03 |
APPLICATION TO SELL INSURANCE
Workers' Credit Union, Fitchburg - pending
TEMPORARY CHECK CASHER LICENSES
Hearings
Tuesday, March 9, 2004
Chelsea City Hall
City Council Conference Room
500 Broadway, Chelsea, Massachusetts
At 5:00 p.m.
Caribbean Liquor, Inc., Chelsea, Massachusetts - permission to operate a check casher office at 399 Broadway, Chelsea, Massachusetts. Comment period ends Tuesday, March 16, 2004.
Applications Pending
Plaisance Corporation d/b/a Plaisance Check Cashing, Dorchester, Massachusetts - permission to operate a check casher office at 122 Washington Street, Dorchester, Massachusetts. Comment period ended Wednesday, February 25, 2004.
CHANGE IN SERVICE
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.