By the Division of Banks


This notice serves to inform you concerning activity involving hearings, decisions, and matters
pending before either the Commissioner of Banks or the Board of Bank Incorporation.

SEE IMPORTANT NOTICE AT THE END OF THIS REPORT


BOARD OF BANK INCORPORATION

Hearings

February 16, 2011
1st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts 02118-6400

At 10:30 a.m.
 

Mechanics' Co-operative Bank, Taunton - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Mechanics Bancorp, MHC, with a mid-tier holding company, Mechanics Bancorp, Inc. The continuing bank will operate under the name Mechanics' Co-operative Bank. Comment period ends February 25, 2011.

At 10:45 a.m.

Lowell Five Cent Savings Bank, Lowell - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Lowell Five Bancorp, MHC, with a mid-tier holding company, Lowell Five Bancorp, Inc. The continuing bank will operate under the name Lowell Five Cent Savings Bank. Comment period ends February 25, 2011.

 

At 11:15 a.m.

 

Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Rome Bancorp, Inc., Rome, New York. Rome Bancorp, Inc. is the holding company for The Rome Savings Bank, Rome, New York. In the Commonwealth, the Petitioner is the holding company for Berkshire Bank, Pittsfield, Massachusetts. Comment period ends March 11, 2011.

Decision

Brookline Bancorp, Inc., Brookline - permission to acquire First Ipswich Bancorp, Ipswich. First Ipswich Bancorp is the holding company for First National Bank of Ipswich, Ipswich. Brookline Bancorp, Inc. is the holding company for Brookline Bank, Brookline - approved January 18, 2011.

DIVISION OF BANKS

Decisions/Notices

Crescent Credit Union, Brockton - permission to relocate a branch office from 1095 West Chestnut Street, Brockton to 1300 Belmont Street, Brockton - approved January 6, 2011.

Harvard University Employees Credit Union, Cambridge - notice to establish a branch office at Building 149, 1st Floor, Charlestown Navy Yard, 149 13th Street, Charlestown - non-objection issued January 6, 2011.

Millbury Savings Bank, Millbury - notice to establish a branch office at 1001 Millbury Street, Worcester - non-objection issued January 7, 2011.

Millbury Savings Bank, Millbury - permission to close a branch office located at Route 146 and Boria Lane, Millbury - approved January 28, 2011.

Tremont Credit Union, Boston - permission to close a branch office located at 1 Herald Square, Boston - approved January 26, 2011.

Applications/Notices Pending

Berkshire Bank ("Berkshire"), Pittsfield, Massachusetts and The Rome Savings Bank ("Rome"), Rome, New York - permission to merge under the charter, by-laws and name of Berkshire Bank. The main office of Berkshire would remain the main office of the continuing institution and the banking offices of Rome would be retained as branch offices. Comment period ends March 11, 2011.

Hometown Bank ("Hometown"), A Co-operative Bank, Webster and Athol-Clinton Co-operative Bank ("Athol-Clinton"), Athol - permission to merge under the charter, by-laws and name of Hometown Bank, A Co-operative Bank. The main office of Hometown would remain the main office of the continuing institution and the banking offices of Athol-Clinton would be retained as branch offices. Comment period ends February 14, 2011.

Lowell Five Cent Savings Bank, Lowell - permission to reorganize into a mutual holding company, Lowell Five Bancorp, MHC, with a mid-tier holding company, Lowell Five Bancorp, Inc., as part of a multi-step transaction. Comment period ends February 25, 2011.

 

Mechanics' Co-operative Bank, Taunton - permission to reorganize into a mutual holding company, Mechanics Bancorp, MHC, with a mid-tier holding company, Mechanics Bancorp, Inc., as part of a multi-step transaction. Comment period ends February 25, 2011.

The Bank of Canton, Canton - permission to close a branch office located at 145 Barnstable Road, Hyannis. Comment period ends February 9, 2011.




FEBRUARY 2011 FILING DATE

Complete applications for the February Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, February 15, 2011.

__________________________________________________________________________

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 UNIONRATINGDATE OF EXAMINATION
Bank of Easton, A Co-operative Bank, North EastonS10/05/10
 
Bridgewater Credit Union, BridgewaterS08/02/10
Chicopee Savings Bank, ChicopeeO12/21/09
Washington Savings Bank, LowellHS09/20/10

MORTGAGE LENDERRATINGDATE OF EXAMINATION
Gateway Funding Diversified Mortgage Services, LPS07/14/10
Merrimack Mortgage Company, Inc.S09/07/10
DATE

APPLICATIONS TO SELL INSURANCE

Leominster Credit Union - pending

__________________________________________________________________________

 

 

CHECK CASHER LICENSES

 

Hearings

February 23, 2011
Lawrence Public Library
Sargent Auditorium
51 Lawrence Street
Lawrence, Massachusetts

At 6:00 p.m.

Jaya Multiple Services, Inc., Lawrence - permission to operate a check casher office at 268 Lawrence Street, Lawrence. Comment period ends March 2, 2011.

February 28, 2011
Lawrence Public Library
Sargent Auditorium
51 Lawrence Street
Lawrence, Massachusetts

At 6:00 p.m.

Hidalgo Multiservices, Inc., Lawrence - permission to operate a check casher office at 174 South Union Street, Lawrence. Comment period ends March 7, 2011.

Applications Pending

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 - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ended September 24, 2009.

Currency Exchange International Corp., Orlando, Florida - permission to operate a check casher office at 100 Huntington Avenue, Level 2, Center Court, Boston, Massachusetts. Comment period ended December 13, 2010.

Maruti Convenience, LLC, Fitchburg - permission to operate a check casher office at 288 South Street, Fitchburg. Comment period ended December 21, 2010.

St. James Checking, Inc., Springfield - permission to operate a check casher office at 70 Main Street, Greenfield. Comment period ended September 7, 2010.

__________________________________________________________________________

 

BANK AND CREDIT UNION APPLICATION PROCESS TIMING

 

As a general rule, applications by banks and credit unions other than those that are subject to a review period set out in statute are intended to be processed and completed within the monthly cycle for which the bank and credit

 

union applies. That review period for such processing is approximately 45 days or less from the date the application is filed with the Division. A decision on the application is generally issued within 5 business days after the review period is completed. The decision then will be reported on the monthly Activity Report for the month in which the decision was issued. The timing of the overall review process including the issuance of a decision and the listing on the monthly Activity Report will be dependent on the applicant's compliance with all statutory, regulatory and administrative requirements. Applications before the Massachusetts Board of Bank Incorporation are subject to separate timing schedules as set out in the applications of the Board.

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. All applications filed with the Division and the Board of Bank Incorporation, except those filed electronically pursuant to FDICconnect shall now 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.

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.








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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 .