BOARD OF BANK INCORPORATION
Hearings
August 9, 2006
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Fidelity Co-operative Bank, Fitchburg, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Fidelity Mutual Holding Company, with a mid-tier holding company, Life Design Holding Company. The continuing bank will operate under the name Fidelity Co-operative Bank. Comment period ends August 16, 2006.
Applications Pending
Braintree Co-operative Bank (The), Braintree, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Braintree Bancorp MHC. The continuing bank will operate under the name The Braintree Co-operative Bank. Comment period ended June 16, 2006.
Cape Cod Co-operative Bank, Yarmouth Port, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Coastal Affiliates, MHC. The continuing bank will operate under the name Cape Cod Co-operative Bank. Comment period ended June 16, 2006.
New England Savings Bank, Hyannis, Massachusetts - permission to establish a savings bank. Comment period ended June 16, 2006.
DIVISION OF BANKS
Decisions/Notices
Benjamin Franklin Bank, Franklin - notice to establish a branch office at 430 Main Street, Watertown - non-objection issued June 13, 2006.
Century Bank and Trust Company, Somerville - notice to establish a branch office at the Hebrew Senior Life Center, 100 Centre Street, Brookline - non-objection issued June 6, 2006.
Community Bank, A Massachusetts Co-operative Bank (The), Brockton - notice to establish a branch office at 259-E Stevens Street, Hyannis - non-objection issued June 26, 2006.
Northern Massachusetts Telephone Workers' Credit Union, Lowell - 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, as defined in the proposed by-law, within Middlesex County, Massachusetts and Essex County, Massachusetts, sixteen specified communities within Worcester County, Massachusetts and nine specified communities within Norfolk County, Massachusetts, as well as specified communities within New Hampshire set out in the proposed by-law. Additional changes are set out in the proposed by-law - approved June 15, 2006.
Slade's Ferry Trust Company, Somerset - permission to close its branch office located at Somerset High School, 270 Grandview Avenue, Somerset - approved June 26, 2006.
South Adams Savings Bank, Adams - notice to establish a branch office at 41 Park Street, Lee - non-objection issued June 21, 2006.
Tremont 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 add membership for persons who live, work or worship in Norfolk and Middlesex Counties. By-law proposal has been revised to delete the word "worship" - approved June 13, 2006.
Westbank, West Springfield - permission to close its branch office located within Stop & Shop Supermarket, 470 North Main Street, East Longmeadow - approved June 15, 2006.
Applications/Notices Pending
AllCom Credit Union, Worcester - 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, as defined in the proposed by-law, in Middlesex County and Worcester County. Additional changes are set out in the proposed by-law. Comment period ends July 21, 2006.
Bank of Canton (The), Canton - permission to relocate a branch office from 1299 Beacon Street, Brookline to 166 Harvard Street, Brookline. Comment period ends July 16, 2006.
Belmont Savings Bank, Belmont - notice to establish a branch office at 1075 Waltham Street, Lexington. Filed June 19, 2006
Braintree Co-operative Bank (The), Braintree - permission to reorganize into a mutual holding company, Braintree Bancorp, MHC, as part of a multi-step transaction. Comment period ended June 16, 2006.
Cape Cod Co-operative Bank, Yarmouth Port - permission to reorganize into a mutual holding company, Coastal Affiliates, MHC, as part of a multi-step transaction. Comment period ended June 16, 2006.
Citizens Bank of Massachusetts, Boston - permission to close its branch office located within Hannaford Supermarket, 55 Russell Street, Waltham. Comment period ends July 14, 2006.
City of Boston 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 add membership for those who live or work in Middlesex County, Suffolk County and Norfolk County, as well as organization members, as defined in the proposed by-law, located in those counties. Other changes are set out in the proposed by-law. Comment period ended April 18, 2006.
Fidelity Co-operative Bank, Fitchburg - permission to reorganize into a mutual holding company, Fidelity Mutual Holding Company, as part of a multi-step transaction. Comment period ends August 16, 2006.
North Easton Savings Bank, North Easton - notice to establish a branch office located within Shaw's Supermarket, 125 Toner Boulevard, North Attleborough. Filed June 30, 2006.
Quincy Credit Union ("Quincy"), Quincy and Braintree Educators & Municipal Employees Federal Credit Union ("Braintree"), Braintree - permission for Braintree to merge with and into Quincy under the charter, by laws and name of Quincy Credit Union. The main office of Quincy would remain the office of the continuing credit union and the sole banking office of Braintree would not be retained as a branch office. Comment period ends July 24, 2006.
JULY 2006 FILING DATE
Complete applications for the July Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, July 14, 2006.
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 |
Cape Ann Savings Bank, Gloucester | O | 03/01/06 |
Canton Co-operative Bank | S | 03/27/06 |
Southbridge Savings Bank | O | 03/27/06 |
Strata Bank, Medway | S | 01/23/06 |
APPLICATIONS TO SELL INSURANCE
none
TEMPORARY CHECK CASHER LICENSES
Applications Pending
El Valle De La Sultana Market, Inc., Everett, Massachusetts - permission to operate a check casher office located at 716 Broadway, Everett, Massachusetts. Comment period ended January 16, 2006.
Espo Liquor Company, Inc. d/b/a Broadway Liquors, Lawrence, Massachusetts- permission to operate a check casher office located at 434 Broadway, Lawrence, Massachusetts. Comment period ended December 27, 2005.
Primos Liquors, Inc., Lawrence, Massachusetts - permission to operate a check casher office located at 450 Haverhill Street, Lawrence, Massachusetts. Comment period ended December 27, 2005.
WalMart Stores East, LP d/b/a Wall Mart Stores, Bentonville Arkansas - permission to provide check cashing services at its 44 store locations in Massachusetts. Comment period ended June 28, 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 .