BOARD OF BANK INCORPORATION
Hearings
June 7, 2006
Second Floor
Hearing Room A
One South Station
Boston, Massachusetts
At 10:00 a.m.
Braintree Co-operative Bank (The), Braintree, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Braintree Bancorp MHC. The continuing bank will operate under the name The Braintree Co-operative Bank. Comment period ends June 16, 2006.
At 10:20 a.m.
Cape Cod Co-operative Bank, Yarmouth Port, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Coastal Affiliates, MHC. The continuing bank will operate under the name Cape Cod Co-operative Bank. Comment period ends June 16, 2006.
At 10:45 a.m.
New England Savings Bank, Hyannis, Massachusetts - permission to establish a savings bank. Comment period ends June 16, 2006.
DIVISION OF BANKS
Decisions/Notices
Berkshire Bank, Pittsfield, Massachusetts - permission to establish branch offices at 1) Shaker Pine Plaza, 151 Vly Road, Colonie, New York; and 2) The Crossing, Halfmoon Crossing, Halfmoon, New York - approved May 8, 2006.
Citizens Bank of Massachusetts, Boston - notice to establish a branch office within Stop & Shop Supermarket, 109 Taunton Street, Plainville - non-objection issued May 3, 2006.
Citizens Bank of Massachusetts, Boston - permission to close a branch office at 187 Main Street, Indian Orchard - approved May 30, 2006.
Ipswich Co-operative Bank, Ipswich - notice to establish a branch office at 312 Haverhill Street, Rowley - non-objection issued May 16, 2006.
Pentucket Bank, Haverhill, Massachusetts - permission to establish a branch office at 201 Route 111, Hampstead, New Hampshire - approved May 24, 2006.
Premier Source Credit Union, Springfield - permission to 1) relocate its main office from 450 Cottage Street, Springfield to 232 North Main Street, East Longmeadow; and 2) close a branch office located at 328 North Main Street, East Longmeadow - approved May 25, 2006.
Southbridge Savings Bank, Southbridge - permission to relocate a branch office from 11 Ruthven Avenue, Worcester to 70 West Boylston Street, Worcester - approved May 10, 2006.
St. Jean's Credit Union, Lynn - notice to establish a branch office at 370 Highland Avenue, Salem - non-objection issued May 10, 2006.
Worcester Credit Union, Worcester - notice to establish a branch office at Worcester Technical High School, Skyline Drive, Worcester - non-objection issued May 12, 2006.
Applications/Notices Pending
Braintree Co-operative Bank (The), Braintree - permission to reorganize into a mutual holding company, Braintree Bancorp, MHC, as part of a multi-step transaction. Comment period ends June 16, 2006.
Cape Cod Co-operative Bank, Yarmouth Port - permission to reorganize into a mutual holding company, Coastal Affiliates, MHC, as part of a multi-step transaction. Comment period ends June 16, 2006.
City of Boston Credit Union, 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 for those who live or work in Middlesex County, Suffolk County and Norfolk County, as well as organization members, as defined in the proposed by-law, located in those counties. Other changes are set out in the proposed by-law. Comment period ended April 18, 2006.
Northern Massachusetts Telephone Workers' Credit Union, Lowell - permission to amend it 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, work or attend school, as defined in the proposed by-law, within Middlesex County, Massachusetts and Essex County, Massachusetts, sixteen specified communities within Worcester County, Massachusetts and nine specified communities within Norfolk County, Massachusetts, as well as specified communities within New Hampshire set out in the proposed by-law. Additional changes are set out in the proposed by-law. Comment period ended May 31, 2006.
Tremont Credit Union, 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 for persons who live, work or worship in Norfolk and Middlesex Counties. By-law proposal has been revised to delete the word "worship". Comment period ended April 18, 2006.
Westbank, West Springfield - permission to close its branch office located within Stop & Shop Supermarket, at 470 North Main Street, East Longmeadow. Comment period ends June 5, 2006.
JUNE 2006 FILING DATE
Complete applications for the June Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, June 15, 2006.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered institutions have Community Reinvestment Act Descriptive Ratings and Evaluations describing the basis for the Rating issued by the Division of Banks pursuant to Massachusetts General Laws chapter 167, section 14. The ratings, as set out in the statute, for a bank's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC").
DATE OF | ||
FINANCIAL INSTITUTION | RATING | EXAMINATION |
East Bridgewater Savings Bank | S | 02/06/06 |
Holbrook Co-operative Bank | S | 02/21/06 |
StonehamBank - A Co-operative Bank | S | 02/06/06 |
APPLICATIONS TO SELL INSURANCE
Dukes County Savings Bank, Edgartown - approved May 25, 2006.
TEMPORARY CHECK CASHER LICENSES
Hearings
Wal-Mart Stores East, LP d/b/a Wal-Mart Stores ("Wal-Mart"), Bentonville, Arkansas, has petitioned the Commissioner of Banks for permission to provide check cashing services at its 44 store locations in Massachusetts, pursuant to Massachusetts General Laws chapter 169A. The Division of Banks will hold public hearings on Wal-Mart's petitions at the following locations and dates:
Monday, June 5, 2006, 6:00 P.M.
Berkshire Community College, Koussevitzky Building, K111- Small Theater, 1350 West Street, Pittsfield (primarily for their stores in Pittsfield and North Adams)
Tuesday, June 6, 2006, 6:00 P.M.
Mount Wachusett Community College, Haley Building, North Cafeteria, 444 Green Street, Gardner (primarily for their stores in Gardner, Hudson, Lunenburg, Orange, and West Boylston)
Thursday, June 8, 2006, 6:00 P.M.
Sheraton Framingham, 1657 Worcester Road, Framingham
(primarily for their stores in Framingham, Bellingham, Northborough, Northbridge, Oxford, and Sturbridge)
Monday, June 12, 2006, 6:00 P.M.
North Shore Community College, MBTA Conference Room T102, Corner of Market and Broad, Lynn (primarily for their stores in Lynn, Chelmsford, Danvers, Methuen, North Reading, Salem, and Tewksbury)
Tuesday, June 13, 2006, 2:00 P.M.
Springfield Technical Community College, Building 2 Scibelli Hall, One Armory Square, Springfield (primarily for their stores in Springfield, Chicopee, Hadley, Northampton, Ware, and Westfield)
Wednesday, June 14, 2006, 6:00 P.M.
UMass Dartmouth, 280 Old Westport Road, Woodland Common Community Center, North Dartmouth
(primarily for their stores in North Dartmouth, Fairhaven, Fall River, Falmouth, North Attleboro, Raynham, Seekonk, Swansea, and Wareham)
Wednesday, June 21, 2006, 6:00 P.M.
Broadmeadow School Auditorium, 50 Calvin Road, Quincy
(primarily for their stores in Quincy, Abington, Avon, Brockton, Halifax, Hanover, Plymouth, Walpole, and Weymouth)
Any person who wishes to testify in person at one of the hearings noted above should submit written notice of name, address, and affiliation to the Division of Banks one week prior to the listed hearing date. All other parties who wish to testify will be heard subsequent to those who notify the Division in advance. Oral and written testimony presented to the Division of Banks must be based on the statutory criteria applicable to the granting of a check casher license. Any written comments concerning these applications must be filed with the Division by 5:00 P.M. Wednesday, June 28, 2006. All submissions must be sent to the Division of Banks, RE: Check Casher Applications, One South Station, Boston, Massachusetts, 02110. The petitioner's applications and all communications relative thereto are available for public inspection at the above address.
Applications Pending
El Valle De La Sultana Market, Inc., Everett, Massachusetts - permission to operate a check casher office located at 716 Broadway, Everett, Massachusetts. Comment period ended January 16, 2006.
Espo Liquor Company, Inc. d/b/a Broadway Liquors, Lawrence, Massachusetts- permission to operate a check casher office located at 434 Broadway, Lawrence, Massachusetts. Comment period ended December 27, 2005.
Primos Liquors, Inc., Lawrence, Massachusetts - permission to operate a check casher office located at 450 Haverhill Street, Lawrence, Massachusetts. Comment period ended December 27, 2005.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 167F, section 2, paragraph 31, and in accordance with Massachusetts General Laws chapter 30A, section 3 a public hearing will be held on Tuesday, June 20, 2006 at 1:30 p.m., Hearing Room A, 5th Floor, One South Station, Boston, Massachusetts, at which comments will be received by the Division of Banks (the "Division") relative to the adoption of proposed amendments to 209 CMR 47.00: PARITY WITH FEDERAL OR OUT-OF-STATE BANKS. The proposed amendments to 209 CMR 47.00 increase the current limitations relative to the authority for certain state-chartered banks with an international business to hold obligations of foreign countries and subdivisions thereof on both a per country and aggregate basis.
The Division will also receive comments relative to the proposed repeal of 209 CMR 38.00: DISCLOSURE OF CERTAIN INFORMATION AND TERMS RELATIVE TO THE MORTGAGE APPLICATION AND APPROVAL PROCESS. The statutory authority for 209 CMR 38.00, section 17D of chapter 184 of the Massachusetts General Laws, will be repealed July 1, 2006 by SECTIONS 4B and 9 of Chapter 63 of the Acts of 2006.
Written comments may be submitted to the Division on the proposed amendments until 5:00 p.m. on Tuesday, June 20, 2006. Copies of the proposed amendments and repeal are available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.mass.gov/dob/.
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 .