BOARD OF BANK INCORPORATION
Hearings
June 8, 2004
University of Massachusetts, Dartmouth
New Bedford Campus College of Viusal & Performing Arts
Star Store Building, 715 Purchase Street
New Bedford, Massachusetts
At 3:00 p.m.
Sovereign Bancorp, Inc., Wyomissing, Pennsylvania - permission to acquire Seacoast Financial Services Corporation, New Bedford, Massachusetts and its subsidiary banks, Compass Bank for Savings ("Compass Bank"), New Bedford and Nantucket Bank, Nantucket, Massachusetts. The Petitioner is the holding company for Sovereign Bank, Wyomissing, Pennsylvania. A related application has been filed with the Division of Banks for approval of the subsequent mergers of Compass Bank and Nantucket Bank with and into Sovereign Bank. Comment period ends June 30, 2004.
July 15, 2004
Fifth Floor, Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Citizens Financial Group, Inc. (the "Petitioner), Providence, Rhode Island And Related Parties - permission to acquire directly or indirectly Charter One Financial, Inc., Cleveland, Ohio and its subsidiary Charter One Bank, N.A., Cleveland, Ohio. In Massachusetts, the Petitioner is the holding company for Citizens Bank of Massachusetts and Boston Trust and Management Company, Boston, Massachusetts. Comment period ends July 30, 2004.
Decisions
Webster Financial Corporation, Waterbury, Connecticut- permission to acquire First Federal Savings Bank of America, Fall River, Massachusetts through a merger with its holding company, FIRSTFED AMERICA BANCORP, INC., Swansea, Massachusetts. Webster Financial Corporation is the holding company for Webster Bank, National Association, Waterbury, Connecticut - approved May 12, 2004.
Applications Pending
Independent Bank Corporation (the "Petitioner"), Rockland - permission to acquire Falmouth Bancorp, Inc. ("Bancorp"), and its subsidiary bank, Falmouth Co-operative Bank ("Falmouth Bank"), Falmouth, Massachusetts. The Petitioner is the holding company for Rockland Trust Company, Rockland, Massachusetts. Comment period ends June 8, 2004.
Westfield Bank (the "Petitioner"), Westfield, Massachusetts - permission to convert from a Massachusetts savings bank to a federal savings bank. The proposed transaction will also involve the conversion of the Petitioner's holding company, Westfield Mutual Holding Company ("Westfield MHC"), to a federal mutual holding company. Comment period ends June 1, 2004.
DIVISION OF BANKS
Decisions
Citizens Bank of Massachusetts, Boston - permission to establish a branch office within Stop & Shop Supermarket, 6 Thatcher Road, Gloucester- approved May 17, 2004.
Enterprise Bank and Trust Company, Lowell - permission to relocate a branch office from 63 Park Street, Park Street Village, Andover to 8 and 8 Rear High Street, Andover - approved May 17, 2004.
Freedom Credit Union, Springfield - permission to establish a branch office at 1976 Memorial Drive, Chicopee - approved May 27, 2004.
North Shore Bank, A Co-operative Bank, Peabody - permission to close a branch office located within Foodmaster Supermarket, 331 Paradise Road, Swampscott - approved May 20, 2004.
PeoplesBank, Holyoke - permission to establish a branch office at 201 North Main Street, East Longmeadow - approved May 19, 2004.
Rockland Trust Company, Rockland - permission to close its branch office located at Plymouth South High School, 490 Long Pond Road, Plymouth - approved May 27, 2004.
Savers Co-operative Bank, Southbridge - permission to relocate a branch office from 20 South Main Street, Uxbridge to 6 North Main Street, Uxbridge - approved May 17, 2004.
Uniti Credit Union ("Uniti"), Brockton and Employees of Youville Hospital Federal Credit Union ("Youville"), Cambridge - permission to merge under the charter, by-laws and name of Uniti Credit Union. The main office of Uniti would remain the main office of the continuing credit union and the sole banking office of Youville would be retained as a branch office of Uniti - approved May 18, 2004.
Woronoco Savings Bank, Westfield - permission to establish a branch office at 138 Longmeadow Street, Longmeadow - approved May 19, 2004.
Applications Pending
Cape Cod Five Cents Savings Bank, Harwich Port - permission to establish a branch office at 763 Main Street, Falmouth. Comment period ends June 13, 2004.
Compass Bank for Savings ("CompassBank"), New Bedford, Massachusetts and Sovereign Bank ("Sovereign"), Wyomissing Pennsylvania - permission to merge CompassBank with and into Sovereign under the charter, by-laws and name of Sovereign Bank. Comment period ends June 30, 2004.
Eastern Bank, Boston - permission to relocate a branch office from Redstone Plaza, 103 Main Street, Stoneham to 163 Main Street, Stoneham. Comment period ended May 26, 2004.
Eastern Bank, Boston - permission to establish a branch office at 37 Chestnut Street, Needham. Comment period ended May 27, 2004.
Nantucket Bank ("Nantucket"), Nantucket, Massachusetts and Sovereign Bank ("Sovereign"), Wyomissing, Pennsylvania - permission to merge Nantucket with and into Sovereign under the charter, name and by-laws of Sovereign Bank. Comment period ends June 30, 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.
Rockland Trust Company ("Rockland"), Rockland and Falmouth Co-operative Bank ("Falmouth"), Falmouth - permission to (1) merge Falmouth with and into Rockland under the name, by-laws and charter of Rockland Trust Company; and (2) close branch offices located at 763 Main Street, Falmouth; and 301 Barlows Landing Road, Pocasset. Comment periods end June 8, 2004.
Salem Five Cents Savings Bank, Salem - permission to (1) close its branch office located at 5 Paradise Road, Salem; and (2) establish a branch office at 89 Pleasant Street, Marblehead. Comment periods end June 16, 2004.
Stoneham Savings Bank, Stoneham - permission to establish a branch office at 4 Hill Road, Belmont. Comment period ended May 27, 2004.
JUNE 2004 FILING DATE
Complete applications for the May Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, June 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 | ||
FINANCIAL INSTITUTION | RATING | EXAMINATION |
Bridgewater Credit Union, Bridgewater | S | 10/22/03 |
Dean Co-operative Bank, Franklin | O | 01/26/04 |
Telephone Workers Credit Union, Boston | S | 12/08/03 |
Worcester Credit Union, Worcester | S | 12/02/03 |
APPLICATIONS TO SELL INSURANCE
Institution for Savings in Newburyport, Newburyport - approved May 11, 2004
North Shore Bank, A Co-operative Bank, Peabody - approved May 11, 2004
Workers' Credit Union, Fitchburg - pending
TEMPORARY CHECK CASHER LICENSES
Application Pending
Fast Cash Corp., New Bedford, Massachusetts - permission to operate a check casher office within Costa's Mini Mart, 136 Belleville Road, New Bedford, Massachusetts. Comment period ends Tuesday, June 1, 2004.
Peabody Check Cashing, Inc., Peabody, Massachusetts - permission to operate a check casher office at 101 Ferry Street, Malden, Massachusetts. Comment period ended Wednesday, May 19, 2004.
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.
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.