By the Division of Banks

BOARD OF BANK INCORPORATION

Hearings

September 13, 2011
1 st Floor, Hearing Room 1-E
1000 Washington Street
Boston, Massachusetts

At 9:30 a.m.

Salem Five Bancorp ("Salem Five"), Salem, Massachusetts and Stoneham Savings Bank ("Stoneham"), Stoneham, Massachusetts - permission for various approvals in conjunction with a multi-step transaction, whereby Stoneham will reorganize into a mutual holding company under the name Stoneham Bancorp, MHC and Salem Five will become a bank holding company through a merger with Stoneham Bancorp, MHC. Comment period ends September 20, 2011.

At 10:30 a.m.

Brookline Bancorp, Inc. (the "Petitioner"), Brookline, Massachusetts - permission to acquire Bancorp Rhode Island, Inc., Providence, Rhode Island. Bancorp Rhode Island, Inc. is the holding company for Bank Rhode Island, Providence, Rhode Island. The Petitioner is the holding company for Brookline Bank, Brookline and First National Bank of Ipswich, Ipswich. Comment period ends September 20, 2011.

Decisions

Berkshire Hills Bancorp, Inc. (the "Petitioner"), Pittsfield, Massachusetts - permission to acquire Legacy Bancorp, Inc., Pittsfield, Massachusetts in a multi-step transaction. Legacy Bancorp, Inc. is the holding company for Legacy Banks, Pittsfield, Massachusetts. The Petitioner is the holding company for Berkshire Bank, Pittsfield, Massachusetts - approved July 19, 2011.

Newburyport Five Cents Savings Bank, Newburyport - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Newburyport Five Cents Bancorp, MHC, with a mid-tier holding company, Newburyport Five Cents Bancorp, Inc. The continuing bank will operate under the name Newburyport Five Cents Savings Bank - approved July 29, 2011.

DIVISION OF BANKS

Decisions/Notices

Berkshire Bank, Pittsfield and Legacy Banks, Pittsfield - permission to merge under the charter, by-laws and name of Berkshire Bank - approved July 19, 2011.

Crescent Credit Union, Brockton - permission to close a branch office located at 1575 Cambridge Street, Cambridge approved July 28, 2011.

Cambridge Savings Bank, Cambridge - notice to establish a branch office at 308 Walnut Street, Newtonville - non-objection issued July 12, 2011.

Eagle Bank, Everett - permission to close a branch office located at 100 Elm Street, Everett - approved July 12, 2011.

Newburyport Five Cents Savings Bank, Newburyport - permission to reorganize into a mutual holding company, Newburyport Five Cents Bancorp, MHC, with a mid-tier holding company, Newburyport Five Cents Bancorp, Inc. in a multi-step transaction - approved July 29, 2011.

Salem Five Cents Savings Bank, Salem - notice to establish a branch office at Burlington Mall, 75 Middlesex Turnpike, Burlington - non-objection issued July 12, 2011.

State Street Bank and Trust Company, Boston - permission to establish a branch office in Jersey, Channel Islands. - approved July 12, 2011.

Applications/Notices Pending

Eastern Bank, Boston - notice to establish a branch office at 486 Essex Street, Lawrence. Filed July 13, 2011.

First Priority Credit Union, East 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 to all people who live or work within Norfolk County and Middlesex County as set out in the proposed by law. Comment period ends August 25, 2011.

Massachusetts Postal Employee Credit Union, Lynn - 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 the communities of Lynn, Salem, Marblehead, Saugus, Peabody, Beverly, Swampscott and Lynnfield. Membership eligibility is also expanded in Nahant from town employees to those persons who live or work in Nahant. These and other changes are set out in proposed by-law. Comment period ends August 12, 2011.

Middlesex Savings Bank, Natick - permission to close a branch office located at the Horace Mann Plaza, 281A East Central Street, Franklin. Comment period ended July 15, 2011.

Northern Bank & Trust Company, Woburn - notice to establish a branch at 600 Main Street, Reading. Filed July 7, 2011.

Northern Massachusetts Telephone Workers' Community Credit Union ("NMTW"), Lowell and Haverhill ("Haverhill") Credit Union, Haverhill - permission to merge under the charter, by-laws and name of NMTW. The main office of NMTW will remain the main office of the continuing credit union and the sole banking office of Haverhill would not be retained as a branch office. Comment period ends August 27, 2011.

OneUnited Bank, Boston, Massachusetts - permission to close its branch office located at 2412 North State Road 7, Lauderdale Lakes, Florida. Comment period ended May 5, 2011.

Polish National Credit Union, Chicopee - notice to establish a branch office within Chicopee Comprehensive High School, 617 Montgomery Street, Chicopee. Filed July 19, 2011.

Stoneham Savings Bank, Stoneham - permission to reorganize into a mutual holding company, Stoneham Bancorp, MHC in a multi-step transaction. Comment period ends September 20, 2011.

Webster Five Cents Savings Bank, Webster - permission to relocate a branch office from 278 Park Avenue, Worcester to 266 Chandler Street, Worcester. Filed June 13, 2011.

Worcester Police Department 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 to all Municipal Police Employees and related parties in Worcester County as set out in the proposed by-law. Comment period ended July 20, 2011.

Worcester Police Department Credit Union, Worcester - permission to relocate its main office from 400 Grove Street, Worcester to 799-805 West Boylston Street, Worcester. Filed July 14, 2011.

AUGUST 2011 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., Monday, August 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

Bridgewater Savings Bank, Raynham

S

12/13/10

Enterprise Bank and Trust Company, Lowell

S

11/01/10

Everett Credit Union, Everett

S

03/14/11


Mortgage LenderRatingDate of Examination

Homestead Funding Corporation

S

12/22/10

iFreedom Direct Corporation

S

02/03/11

CHECK CASHER LICENSES

Decisions

Randall Check Cashing, LLC, Worcester - permission to operate a check casher office at 108 Canterbury Street, Worcester, Massachusetts - approved July 25, 2011.

Applications Pending

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

Wyman's Check Cashers LLC, Leominster - permission to operate a check casher office at 30 Pleasant Street, Leominster. Comment period ended April 20, 2011.


NOTICE OF UPCOMING PUBLIC HEARINGS

The Division is expecting to hold public hearings, likely during the third week of August, on two new regulations:

  • 209 CMR 55.00: REVERSE MORTGAGE LOANS; and
  • 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT.

Please watch the Division's website for specifics on the hearing dates and the availability of the proposed regulations.


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.


PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:

dobactivityreport-subscribe@listserv.state.ma.us

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 .