BOARD OF BANK INCORPORATION
Hearings
April 17, 2008
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 11:00 a.m.
Veritas Bank, Lawrence, Massachusetts - permission to establish a savings bank. Comment period ends April 17, 2008.
Applications Pending
OneUnited Bank, Boston, Massachusetts - permission to become a bank holding company through the formation of a federally chartered savings bank in connection with its proposed reorganization from a Massachusetts-chartered trust company into a federally-chartered savings bank in a holding company structure. The continuing bank will be known as OneUnited Bank, FSB. Comment period ended October 24, 2007.
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.
DIVISION OF BANKS
Decisions/Notices
Crescent Credit Union, Brockton - permission to (1) close its main office located at 60 Crescent Street, Brockton; and (2) redesignate its current branch office at 115 Commercial Street, Brockton, as the main office - approved March 12, 2008.
Eastern Bank, Boston - permission to close a branch office located at 90 New State Highway, Raynham - approved March 6, 2008.
Legacy Banks, Pittsfield, Massachusetts - permission to establish a branch office at 545 Troy-Schenectady Road, Colonie, New York - approved March 12, 2008.
North Brookfield Savings Bank, North Brookfield - permission to relocate its main office from 35 Summer Street, North Brookfield to 9 Gilbert Street, North Brookfield - approved March 19, 2008.
PeoplesBank, Holyoke - notice to establish a branch office at 1240 Sumner Avenue, Springfield - non-objection issued March 13, 2008.
Salem Five Cents Savings Bank, Salem - permission to close a branch office located at 87 Elm Street, Danvers - approved March 27, 2008.
Applications/Notices Pending
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to establish a branch office at 47 Crystal Avenue, Derry, New Hampshire. Filed March 5, 2008.
Haverhill Bank, Haverhill and Northeast Community Credit Union ("Northeast"), Haverhill - permission to merge under the charter, by-laws and name of Haverhill Bank. The main office of Haverhill Bank would remain the main office of the continuing institution and the banking offices of Northeast would be retained as branch offices. Comment period ended January 10, 2008.
Mt. Washington Co-operative Bank ("Mt. Washington"), South Boston and Roxbury-Highland Co-operative Bank ("Roxbury Highland"), Jamaica Plain - permission to merge under the charter, by-laws and name of Mt. Washington. The main office of Mt. Washington would remain the main office of the continuing institution and the sole banking office of Roxbury-Highland would be retained as a branch office. Comment period ends April 18, 2008.
Mayflower Co-operative Bank, Middleboro - notice to establish a branch office at 63 Obery Street, Plymouth. Filed March 27, 2008.
Northern Massachusetts Telephone Workers Community Credit Union, Lowell - notice to establish a branch office at the Cross Point Towers, Tower II, 900 Chelmsford Street, Lowell. Filed March 12, 2008.
OneUnited Bank, Boston - permission to merge with and into a newly formed federally-chartered savings bank, OneUnited Bank, FSB. Comment period ended October 24, 2007.
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.
River Bank, North Andover, Massachusetts - permission to establish a branch office at 51 Crystal Avenue, Derry, New Hampshire. Filed February 1, 2008.
APRIL 2008 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., Tuesday, April 15, 2008.
APPLICATIONS TO SELL INSURANCE
Bristol County Savings Bank, Taunton - pending
Jeanne D'Arc Credit Union, Lowell - pending
Premier Source Credit Union, East Longmeadow - pending
Weymouth Bank, Weymouth - pending
Winchester Savings Bank, Winchester - pending
CHECK CASHER LICENSES
Decisions
Wal-Mart Stores East, LP d/b/a Wal-Mart Stores, Bentonville, Arkansas - permission to operate a check casher office located at 1620 Main Street, Leicester, Massachusetts - approved March 12, 2008.
Applications Pending
E-Z Telecom Corporation, Chelsea Massachusetts - permission to operate a check casher office at 227 Broadway, Chelsea, Massachusetts. Comment period ended March 11, 2008.
Kirsch & Davis, Inc. d/b/a Kirsch Package Store, Worcester, Massachusetts - permission to operate a check casher office at 646 Main Street, Worcester. Comment period ended August 24, 2006.
Parrot Check Cashing, LLC, Cambridge, Massachusetts - permission to operate a check casher office located at 56 Creighton Street, Cambridge and a mobile check cashing service to serve the North Cambridge, Massachusetts area. Comment period ended February 28, 2007.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 171, section 6A, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Monday, April 14, 2008 at 10:30 a.m., One South Station, Hearing Room A on the 5 th Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of proposed amendments to 209 CMR 50.00: PARITY WITH FEDERAL CREDIT UNIONS. The purpose of the proposed amendments is to authorize state-chartered credit unions to exercise additional powers and engage in additional activities and services that are permissible for a federal credit union provided any such activity is not otherwise prohibited by law. These additional activities include among other things: increasing personal loans from a maximum term of 12 years up to a maximum term of 15 years; authorizing indirect mobile home loans; authorizing state-chartered credit unions to engage in securities brokerage through a credit union service organization; and authorizing additional money transfer services for nonmembers. Several amendments to make specified authorities easier to implement are also being proposed. Certain technical changes and clarifications are also being made to the existing regulations. Additional changes may be made based on comments received at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on April 15, 2008. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.state.ma.us/dob/.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and Chapter 255F, section 5, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, May 6, 2008 at 1:00 p.m., One South Station, Hearing Room A on the 5 th Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the establishment of proposed new regulations, 209 CMR 41:00: THE LICENSING OF MORTGAGE LOAN ORIGINATORS and the adoption of proposed amendments to 209 CMR 42.00: THE LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS. The purpose of adopting 209 CMR 41.00 is to establish procedures and requirements for the licensing, examination and supervision of individuals who act as mortgage loan originators in the Commonwealth. The amendments to 209 CMR 42.00 add a definition of "mortgage loan originator" to the existing regulations, establish two prohibited practices for a mortgage lender or mortgage broker in relation to conducting business with mortgage loan originators and certain other changes. Additional changes may be made based on comments received at the public hearing or during the comment period.
Written comments may be submitted to the Division on the proposed regulations and amendments until 5:00 p.m. on May 13, 2008. Copies of the proposed regulations and amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.state.ma.us/dob.
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 .