By the Division of Banks

BOARD OF BANK INCORPORATION

Decisions

People's United Financial, Inc. (the "Petitioner"), Bridgeport, Connecticut - permission to acquire Danvers Bancorp, Inc., Danvers, Massachusetts in a multi-step transaction. Danvers Bancorp, Inc. is the holding company for Danversbank, Danvers, Massachusetts. The Petitioner is the holding company for People's United Bank, Bridgeport, Connecticut - approved June 27, 2011.

Applications/Notices Pending

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. Comment period ended June 27, 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. Comment period extended to July 28, 2011.

DIVISION OF BANKS

Decisions/Notices

Boston Private Bank & Trust Company, Boston, Massachusetts - permission to close a branch office located at 6703 South 234th Street, Suite 100, Kent, Washington - approved June 8, 2011.

Bridgewater Savings Bank, Bridgewater - permission to close a branch office located at 620 County Road, Hanson - approved June 30, 2011.

Bridgewater Savings Bank, Bridgewater - permission to relocate a branch office from 115 Center Street, Pembroke to 27 Mattakeesett Street, Pembroke - approved June 30, 2011.

Cape Cod Five Cents Savings Bank, Harwichport - notice to establish a branch office at Zero Main Street, Nantucket - non-objection issued June 27, 2011.

Danversbank, Danvers, Massachusetts and People's United Bank ("People's"), Bridgeport, Connecticut - permission to merge under the charter, by-laws and name of People's. The main office of People's would remain the main office of the continuing institution and the banking offices of Danversbank would be retained as branch offices - approved June 27, 2011.

East Boston Savings Bank, East Boston - notice to establish a branch office at 10 Elm Street, Danvers - non-objection issued June 30, 2011.

Enterprise Bank and Trust Company, Lowell - permission to establish a branch office at 139 Bridge Street, Pelham, New Hampshire - approved June 30, 2011.

Applications/Notices Pending

Berkshire Bank, Pittsfield and Legacy Banks, Pittsfield - permission to merge under the charter, by-laws and name of Berkshire Bank. Comment period ended June, 27, 2011.

Crescent Credit Union, Brockton - permission to close a branch office located at 1575 Cambridge Street, Cambridge. Comment period ended June 30, 2011.

Cambridge Savings Bank, Cambridge - notice to establish a branch office at 308 Walnut Street, Newtonville. Filed June 27, 2011.

Eagle Bank, Everett - permission to close a branch office located at 100 Elm Street, Everett. Comment period ends July 6, 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. Comment period extended to July 28, 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.

Salem Five Cents Savings Bank, Salem - notice to establish a branch office at Burlington Mall, 75 Middlesex Turnpike, Burlington. Filed June 13, 2011.

State Street Bank and Trust Company, Boston - permission to establish a branch office in Jersey, Channel Islands. Filed June 8, 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 ends July 20, 2011.

JULY 2011 FILING DATE

Complete applications for the July Activity Report must be received by the Division or the Board on or before 5:00 P.M., Friday, July 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

Cambridge Trust Company, Cambridge

S

01/25/11

Central Bank, Somerville

HS

06/14/10

Lowell Co-operative Bank, Lowell

S

01/18/11

CHECK CASHER LICENSES

Decisions

Hidalgo Multiservices, Inc., Lawrence - permission to operate a check casher office at 174 South Union Street, Lawrence - approved June 6, 2011.

Jaya Multiple Services, Inc., Lawrence - permission to operate a check casher office at 268 Lawrence Street, Lawrence - approved June 6, 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.

Randall Check Cashing, LLC, Worcester - permission to operate a check casher office at 108 Canterbury Street, Worcester, Massachusetts. Comment period ended April 27, 2011.

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

Applications Withdrawn

St. James Checking, Inc., Springfield - permission to operate a check casher office at 70 Main Street, Greenfield - withdrawn May 25, 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. The information will be posted shortly.


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 .