IMPORTANT ANNOUNCEMENT: DIVISION OF BANKS TO MOVE
On March 15, 2010, the Division of Banks will move its central office to 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118. The main office telephone number, extensions and direct dial telephone numbers will remain the same. Other matters related to this change of address will be provided in the near future. Please visit the Division's website at http://www.mass.gov/dob for additional information.
SEE IMPORTANT NOTICE AT THE END OF THIS REPORT
BOARD OF BANK INCORPORATION
There were no applications filed with or pending before the Board of Bank Incorporation in February.
DIVISION OF BANKS
Fall River Municipal Employees Credit Union, Fall River - notice to establish a branch office at 58 South Main Street, Assonet - non-objection issued February 19, 2010.
Marblehead Bank, Marblehead - notice to establish a branch office at 100 Cumming Center, Suite 101-F, Beverly - non-objection issued February 18, 2010.
Northampton Co-operative Bank, Northampton - notice to establish a branch office at 390 College Street, Amherst - non-objection issued February 5, 2010.
PeoplesBank, Holyoke - notices to establish branch offices at (1) 24 Tabor Crossing, Longmeadow; and (2) 807 Wilbraham Road, Springfield - non-objection issued February 18, 2010.
Polish National Credit Union, Chicopee - notice to establish a branch office at 32 East Longmeadow Road, Hampden - non-objection issued February 9, 2010.
Cambridge Trust Company, Cambridge - notice to establish a branch office at 1690 Massachusetts Avenue, Lexington. Filed February 16, 2010.
Grafton Suburban Credit Union, North Grafton - 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 in Middlesex County as set out in the proposed by-law. Comment period ended January 22, 2010.
Grafton Suburban Credit Union, North Grafton - permission to close a branch office located at 43 Main Street, South Grafton. Comment period ended January 28, 2010.
Leominster Credit Union, Leominster - notice to establish a branch office located at 137 Shrewsbury Street, Worcester. Filed February 8, 2010.
Marlborough Savings Bank, Marlborough - permission to relocate its main office from 164-166 Main Street, Marlborough to 81 Granger Boulevard, Marlborough. Comment period ends March 17, 2010.
Mass Bay Credit Union ("Mass Bay"), Boston and Turnpike Credit Union ("Turnpike"), Weston - permission to merge under the charter, by-laws and name of Mass Bay. The main office of Mass Bay would remain the main office of the continuing credit union and the sole banking office of Turnpike would be retained as a branch office. Comment period ends March 23, 2010.
Northern Massachusetts Telephone Workers Community Credit Union, Lowell - notice to establish a branch office at 20 Cushing Avenue, Haverhill. Filed February 9, 2010.
Watertown Savings Bank, Watertown - permission to close a branch office located at 321 Arsenal Street, Watertown. Comment period ended February 19, 2010.
MARCH 2010 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, 2010.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered banks and credit unions and licensed mortgage lenders have Community Reinvestment Act descriptive ratings and evaluations describing the basis for the rating issued by the Division of Banks. The ratings, as set out in statute, for a bank's or credit union's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC"). Licensed mortgage lenders are also assigned one of these ratings to describe their record of meeting the mortgage credit needs in the Commonwealth of Massachusetts.
A consolidated list of all ratings can be found at www.mass.gov/dob.
A copy of an individual CRA evaluation is available directly from the bank, credit union, or mortgage lender which is required by law to make the material available upon request, or from the Division's web site.
|Bank/Credit Union||Rating||Date of Examination|
Lynn Police Credit Union
Massachusetts Postal Employees Credit Union
CHECK CASHER LICENSES
Castleridge, Inc., Fitchburg, Massachusetts - permission to operate a check casher office at 440 Mechanic Street, Fitchburg - approved February 9, 2010.
Bennington Convenience Store, Inc. d/b/a Sava's Market, East Boston - permission to operate a check casher office at 150 Bennington Street, East Boston. Comment period ended June 18, 2009.
Braz Transfers, Inc., Somerville, Massachusetts - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ended September 24, 2009.
IMPORTANT NOTICE ON CHANGE IN APPLICATION PROCESS
The Division of Banks has an ongoing initiative to reduce paperwork. Among other things, the application process is being changed. Beginning with the application review cycle that starts on February 16, 2010 and ends on March 12, 2010, all applications filed with the Division and the Board of Bank Incorporation, except those filed electronically pursuant to FDICconnect shall consist of one printed copy as well as a submission in an electronic media format preferably a compact disk or USB drive. Banks and credit unions, as well as counsel for such institutions, are advised to submit ONLY the information requested in the application. Accordingly, the submission should not include, among other things, entire Annual Reports, entire public CRA Statements, copies of applications to the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration. Additionally, please be advised that certain comparative analyses on deposit and loan overlap among other materials in corporate transactions are being reduced in conjunction with the revised applications.
The Division and the Board will process applications not in compliance with this new requirement until Friday, March 12, 2010. After March 12, 2010, only one hardcopy and a submission in an electronic media format (e.g., a compact disk or USB drive) will be accepted for purposes of filing an application. Any additional materials submitted will, at the discretion of the Division, either be returned at the Petitioner's expense or destroyed. A petitioner is responsible for the actions of its counsel or consultant.
All applications are being reviewed and amended to reflect this new policy. As always, the Division or the Board reserves the right to request supplemental material to be filed on any application or particular question. Petitioners and their counsel must adjust their own internal filing procedures to reflect these significant changes by the Division.
All Board of Bank Incorporation applications are covered by this policy.
Division applications that are covered by this policy are all bank and credit union merger, acquisition and membership by-law change applications, as well as all bank and credit union branch office and main office related applications except for notices to establish branch offices. Also covered are all bank applications (e.g. mutual holding company reorganizations) filed in connection with a transaction before the Board of Bank Incorporation.
Applications that are not covered by this policy are letter applications by banks and credit unions to the Division that do not appear on the Activity Report. Also not covered by this policy are bank and credit union notices to establish branch offices.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
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 .