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.

BOARD OF BANK INCORPORATION


Decisions

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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 - approved March 28, 2011.

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 - approved March 28, 2011.

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 - approved March 28, 2011.

 

DIVISION OF BANKS

Decisions/Notices

 

 

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 - approved March 28, 2011.

 

 

 

Berkshire Bank, Pittsfield, Massachusetts - permission to establish a branch office at 1925 Curry Road, Rotterdam, New York - approved March 30, 2011.

Boston Private Bank & Trust Company ("Boston Private"), Boston, Massachusetts - permission to merge with its three affiliated banks: Borel Private Bank & Trust Company ("Borel"), San Mateo, California; First Private Bank & Trust ("First"), Encino, California; and Charter Private Bank ("Charter"), Bellevue, Washington. Borel, First and Charter will merge under the charter, by-laws and name of Boston Private Bank & Trust Company. The main office of Boston Private would remain the main office of the continuing institution and the banking offices of Borel, First and Charter would be retained as branch offices - approved March 25, 2011.

Eastern Bank, Boston - permission to relocate a branch office from 1300 Belmont Street, Brockton to 1313 Belmont Street, Brockton - approved March 8, 2011.

Freedom Credit Union, Springfield - notice to establish a branch office at 296 Cooley Street, Springfield - non-objection issued March 18, 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 - approved March 28, 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 - approved March 28, 2011.

 

Applications/Notices Pending

 

Alden Credit Union, Chicopee - permission to close a branch office located at 515 College Highway, Southwick. Comment period ends April 1, 2011 by published notice.

East Cambridge Savings Bank, Cambridge - permission to relocate a branch office from 505 Common Street, Belmont to 395 Trapelo Road, Belmont. Comment period ended March 31, 2011.

Metro Credit Union ("Metro"), Chelsea - permission to (1) merge with University Credit Union, ("University") Boston; (2) relocate the current main office of University from 846 Commonwealth Avenue, Boston, to 922 Commonwealth Avenue, Boston; and (3) as part of this merger transaction, amend the by-laws of Metro to change membership eligibility. Under the terms of the merger, University will merge with and into Metro under the charter, by-laws and name of Metro Credit Union. The main office of Metro would remain the main office of the continuing credit union and the banking offices of University would be retained as branch offices of Metro. Comment periods ended March 14, 2011.

Metro Credit Union, Chelsea - permission to close a branch office located at 135 Morrissey Boulevard, Boston. Comment period ended March 11, 2011.

PeoplesBank, Holyoke - notice to establish a branch office at 547 Memorial Avenue, West Springfield. Filed March 31, 2011.

Rockland Trust Company, Rockland - permission to close a branch office located at 438 Court Street, Plymouth. Comment period ended March 30, 2011.

 

 

 

Rockland Trust Company, Rockland - permission to close a branch office located at 620 Franklin Street, Whitman. Comment period ends April 5, 2011.

South Shore Savings Bank, South Weymouth - permission to close a branch office located at Weymouth High School, One Wildcat Way, Weymouth. Comment period ends April 4, 2011.

UniBank for Savings, Whitinsville - notice to establish a branch office at 24 Gold Star Boulevard, Worcester. Filed March 24, 2011.

 

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APRIL 2011 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., Friday, April 15, 2011.

 

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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
Adams Co-operative Bank, AdamsO09/20/10
Cape Cod Five Cents Savings Bank, HarwichportO09/17/10
First Priority Credit Union, BostonS02/08/10
Spencer Savings Bank, SpencerHS10/18/10

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APPLICATIONS TO SELL INSURANCE

 

Boston Firefighters Credit Union - pending
Leominster Credit Union - pending

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CHECK CASHER LICENSES

Hearing

April 13, 2011

Leominster City Hall

25 West Street

2 nd Floor, Room 10

Leominster, Massachusetts

At 6:00 p.m.

 

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

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

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

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.

 







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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 .