BOARD OF BANK INCORPORATION
Decisions
Easthampton Savings Bank, Easthampton, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, ESB Bancorp, MHC, with a mid-tier holding company, ESB Bancorp, Inc. The continuing bank will operate under the name Easthampton Savings Bank - approved July 17, 2008.
Greenfield Co-operative Bank, Greenfield - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Greenfield Bancorp MHC. The continuing bank will operate under the name Greenfield Co-operative Bank - approved July 18, 2008.
Hyde Park Savings Bank, Hyde Park, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Hyde Park Bancorp, MHC. The continuing bank will operate under the name Hyde Park Savings Bank - approved July 17, 2008.
Southbridge Savings Bank, Southbridge - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Green Valley Bancorp, MHC, with a mid-tier holding company, Green Valley Bancorp, Inc. The continuing bank will operate under the name Southbridge Savings Bank - approved July 18, 2008.
Applications Pending
Eastern Bank Corporation (the "Petitioner"), Boston, Massachusetts - permission to acquire MASSBANK Corp., and its subsidiary bank, MASSBANK, Reading, Massachusetts. The Petitioner is the mutual holding company for Eastern Bank, Boston, Massachusetts. Comment period ended July 21, 2008.
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.
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 ended January 31, 2008.
DIVISION OF BANKS
Decisions/Notices
Century Bank and Trust Company, Somerville - notice to establish a branch office at 522 Main Street, Winchester - non-objection issued July 15, 2008.
Easthampton Savings Bank, Easthampton - permission to reorganize into a mutual holding company, ESB Bancorp, MHC, with a mid-tier holding company, ESB Bancorp Inc., as part of a multi-step transaction - approved July 17, 2008.
Enterprise Bank and Trust Company, Lowell - notice to establish a branch office at 340 Great Road, Acton - non-objection issued July 16, 2008.
Greenfield Co-operative Bank, Greenfield - permission to reorganize into a mutual holding company, Greenfield Bancorp MHC, as part of a multi-step transaction - approved July 18, 2008.
Hyde Park Savings Bank, Hyde Park - permission to reorganize into a mutual holding company, Hyde Park Bancorp, MHC as part of a multi-step transaction - approved July 17, 2008.
Northeast Community Credit Union, Haverhill - notice to establish a branch office located at Whittier Regional Vocational Technical High School, 115 Amesbury Line Road, Haverhill - non-objection issued July 28, 2008.
St. Jeans Credit Union, Lynn - permission to relocate its main office from 527 Western Avenue, Lynn to 250 Maple Street, Lynn - approved July 8, 2008.
Southbridge Savings Bank, Southbridge - permission to reorganize into a mutual holding company, Green Valley Bancorp, MHC, with a mid-tier holding company Green Valley Bancorp, Inc., as part of a multi-step transaction - approved July 18, 2008.
Southern Mass Credit Union, Fairhaven - notice to establish a branch office located between 2942 Acushnet Avenue, New Bedford and 2914 Acushnet Avenue, New Bedford - approved July 18, 2008.
Applications/Notices Pending
AllCom Credit Union, Worcester - permission to close a branch office located at 157 Cordaville Road, Southborough. Comment period ends August 14, 2008.
Berkshire Bank, Pittsfield - notice to establish a branch office at 397 Main Street, Dalton. Filed July 16, 2008.
Eastern Bank ("Eastern"), Lynn and MASSBANK, Reading - permission for the merger of MASSBANK with and into Eastern. The main office of Eastern would remain the main office of the continuing institution and the banking offices of MASSBANK would be retained as branch offices. Comment period ended July 21, 2008.
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 ended January 10, 2008.
Haverhill Teachers Credit Union ("Haverhill Teachers"), Haverhill and Haverhill Municipal Employees Credit Union ("Haverhill Municipal"), Haverhill - permission to merge under the charter and by-laws of Haverhill Teachers. As part of this transaction, Haverhill Teachers would amend it by-laws to change its name to HTM Credit Union and to change membership eligibility to be consistent with Haverhill Municipal-s membership by-law. The main office of Haverhill Teachers would remain the main office of the continuing credit union and the sole banking office of Haverhill Municipal would not be retained as a branch office. Comment period ends August 25, 2008.
Mechanics' Co-operative Bank ("Mechanics"), Taunton and Lafayette Federal Savings Bank ("Lafayette"), Fall River - permission for the merger of Lafayette with and into Mechanics-. The main office of Mechanics- would remain the main office of the continuing institution and the banking offices of Lafayette would be retained as branch offices. Comment period ended July 21, 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 ended January 31, 2008.
AUGUST 2008 FILING DATE
Complete applications for the August Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, August 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 |
|---|---|---|
Benjamin Franklin Bank, Franklin | HS | 04/07/08 |
Century Bank and Trust Company, Somerville | S | 11/27/07 |
Commerce Bank & Trust Company, Worcester | S | 12/04/06 |
Credit Union of the Berkshires, Pittsfield | S | 05/13/08 |
Eastern Bank, Boston | O | 06/25/07 |
Lynn Municipal Credit Union, Lynn | S | 06/03/08 |
Medway Co-operative Bank, Medway | S | 03/31/08 |
Revere Firefighters Credit Union, Revere | S | 05/05/08 |
APPLICATIONS TO SELL INSURANCE
Weymouth Bank, Weymouth - pending
CHECK CASHER LICENSES
Hearings
August 19, 2008
Lakeville Public Library
4 Precinct Street
Lakeville, Massachusetts
At 6:00 p.m.
BBP, Inc. d/b/a Muckey-s Liquors, Lakeville, Massachusetts - permission to operate a check casher office at 13 Harding Street, Lakeville, Massachusetts. Comment period ends August 26, 2008.
Applications Pending
All Checks Cashed, Inc. Boston, Massachusetts - permission to operate a check casher office located at 9 Broadway, Lawrence, Massachusetts. Comment period ended July 31, 2008.
Juma Grocery and Check Services, LLC, Marlborough, Massachusetts - permission to operate a check casher office located at 55 Mechanic Street, Marlborough, Massachusetts. Comment period ended July 29, 2008.
The Store at Providence Street, Inc. D/B/A The Store, Worcester, Massachusetts - permission to operate a check casher office located at 88 Providence Street, Worcester, Massachusetts. Comment period ended July 28, 2008.
Worcester CheckCashers, Inc., Worcester, Massachusetts - permission to operate a check casher office located at 91 Stafford Street, Worcester, Massachusetts. Comment period ended July 2, 2008.
Miscellaneous
Kirsch & Davis, Inc. d/b/a Kirsch Package Store, Worcester, Massachusetts - permission to operate a check casher office at 646 Main Street, Worcester - closed as of July 30, 2008; application determined to be materially incomplete.
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 - closed as of July 30, 2008; application determined to be materially incomplete.
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