BOARD OF BANK INCORPORATION
Hearings
April 23, 2009
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 1:00 p.m.
Belmont Savings Bank, Belmont, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step transaction reorganization into a mutual holding company, BSB Bancorp, MHC, with a mid-tier holding company, BSB Bancorp, Inc. The continuing bank will operate under the name Belmont Savings Bank. Comment period ends April 28, 2009.
At 1:30 p.m.
Middlesex Bancorp, MHC (in formation) (the "Petitioner"), Natick Massachusetts - permission to acquire Service Bancorp, MHC and its subsidiary Bank, Strata Bank, Medway, Massachusetts in a multi-step transaction. The Petitioner is the proposed mutual holding company for Middlesex Savings Bank, Natick, Massachusetts. Comment period ends April 28, 2009.
Decisions
Middlesex Savings Bank, Natick, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Middlesex Bancorp, MHC. The continuing bank will operate under the name Middlesex Savings Bank - approved March 18, 2009.
Applications Pending
Independent Bank Corp., (the "Petitioner") Rockland, Massachusetts - permission to acquire Benjamin Franklin Bancorp, Inc., ("Bancorp") Franklin, Massachusetts. Bancorp is the holding company for Benjamin Franklin Bank, Franklin, Massachusetts. The Petitioner is the holding company for Rockland Trust Company, Rockland, Massachusetts. Comment period ended February 20, 2009.
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.
Veritas Bank (In Organization), Lawrence, Massachusetts - proposal for a named individual to acquire 51% of the stock of Veritas Bank (In Organization). Comment period ended March 4, 2009.
DIVISION OF BANKS
Decisions/Notices
Eastern Bank, Boston - permission to close a branch office located at 410 Riverside Avenue, Medford - approved March 18, 2009.
East Boston Savings Bank, East Boston - notice to establish a branch office at 410 Riverside Avenue, Medford - non-objection issued March 18, 2009.
Freedom Credit Union, Springfield - permission to close a branch office located at 217 Greenfield Road, South Deerfield - approved March 31, 2009.
Legacy Banks, Pittsfield, Massachusetts - permission to (1) purchase certain assets and assume certain deposit and other liabilities of the branch office of People-s United Bank, Bridgeport, Connecticut, located at 142 Main Street, Haydenville, Massachusetts; and in connection therewith (2) establish and maintain a branch office at that location - approved March 4, 2009.
Lowell Five Cent Savings Bank, Lowell - permission to relocate a branch office from 240 Main Street, Wilmington to 270 Main Street, Wilmington - approved March 18, 2009.
Martha-s Vineyard Savings Bank, Edgartown - permission to close a branch office located at 65 Main Street, Vineyard Haven - approved March 9, 2009.
Middlesex Savings Bank, Natick - permission to reorganize into a mutual holding company, Middlesex Bancorp, MHC - approved March 18, 2009.
Premier Source Credit Union, East Longmeadow - permission to (1) close a branch office located at 425 Meadow Street, Chicopee; (2) close a branch office located at 263 Alden Street, Springfield; and (3) close a branch office located at 1215 Wilbraham Road, Springfield - approved March 4, 2009.
State Street Bank and Trust Company, Boston, Massachusetts - permission to (1) relocate its main office from 225 Franklin Street, Boston to One Lincoln Street, Boston, Massachusetts; (2) close a branch office located at 200 Clarendon Street, Boston, Massachusetts; and (3) relocate its branch office from 500 College Road East to 600 College Road East, Princeton, New Jersey - approved March 27, 2009
Applications/Notices Pending
Belmont Savings Bank, Belmont - permission to reorganize into a mutual holding company, BSB Bancorp, MHC, with a mid-tier holding company, BSB Bancorp, Inc., as part of a multi-step transaction. Comment period ends April 28, 2009.
Dedham Institution for Savings, Dedham - notice to establish a branch office at 45 West Street, Dedham - filed March 19, 2009.
Energy Credit Union (the "Credit Union"), Waltham - permission to redesignate its main office from 52 Second Avenue, Waltham to 160 Spring Street, West Roxbury in conjunction with proposed relocation of its branch office in West Roxbury from 2029 Centre Street to 160 Spring Street. In connection with this petition, the Credit Union has filed applications to close the office at 52 Second Avenue, Waltham and to establish a branch office at 40 Sylvan Street, Waltham. Comment periods end April 27, 2009.
Middlesex Savings Bank ("Middlesex"), Natick and Strata Bank ("Strata"), Medway - permission for the merger of Strata with and into Middlesex. The main office of Middlesex would remain the main office of the continuing institution and the banking offices of Strata would be retained as branch offices, except for the branch offices at 59 Main Street, Hopkinton and 18 North Meadows Road, Medfield which will be closed. Comment period ends April 28, 2009.
North Easton Savings Bank, North Easton - permission to (1) redesignate its main office from 295 Main Street, North Easton to 20 Eastman Street, South Easton, Massachusetts; and in connection therewith (2) maintain its current main office as a branch office. Comment period ends April 24, 2009.
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.
Rockland Trust Company ("Rockland"), Rockland and Benjamin Franklin Bank ("Benjamin Franklin"), Franklin - permission to merge under the charter, by-laws and name of Rockland. The main office of Rockland would remain the main office of the continuing institution and the banking offices of Benjamin Franklin would be retained as branch offices. Comment period ended March 6, 2009.
State Street Bank and Trust Company, Boston, Massachusetts - permission to (1) close a branch office located at One Royal Exchange Steps, Royal Exchange, London, United Kingdom; and (2) establish a branch office at 20 Churchill Place, Canary Wharf, London, United Kingdom - filed March 20, 2009.
APRIL 2009 FILING DATE
Complete applications for the April Activity Report must be received by the Division or the Board on or before 5:00 P.M., Wednesday, April 15, 2009.
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 |
|---|---|---|
Boston Firefighters Credit Union, Dorchester | S | 12/29/08 |
DanversBank, Danvers | HS | 07/14/08 |
Fall River Municipal Employees Credit Union, Fall River | S | 01/12/09 |
Freedom Credit Union. Springfield | S | 12/04/08 |
Hingham Institution for Savings, Hingham | S | 12/08/08 |
South Adams Savings Bank, Adams | S | 12/08/08 |
STCU Credit Union, Springfield | S | 01/20/09 |
The Village Bank, Auburndale | S | 10/15/08 |
Worcester Credit Union, Worcester | S | 11/17/08 |
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
Applications Pending
Castleridge, Inc., Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
Forest Hills Check Cashing, Inc., Jamaica Plain, Massachusetts - permission to operate a check casher office at 18 Central Street, Norwood. Comment period ends April 7, 2009.
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 .