BOARD OF BANK INCORPORATION
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
Eastern Bank, Boston - permission to close a branch office located at 240 Main Street, Stoneham - approved November 28, 2008.
Grafton Suburban Credit Union, North Grafton - permission to close a branch office located at 898 Grafton Street, Worcester - approved November 19, 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 - approved November 20, 2008.
Hyde Park Co-operative Bank ("Hyde Park"), Hyde Park and The Commonwealth Co-operative Bank ("Commonwealth"), Boston - permission to merge under the charter and by-laws of Hyde Park Co-operative Bank and the name Commonwealth Co-operative Bank. The main office of Hyde Park Co-operative Bank would remain the main office of the continuing institution and the sole banking office of The Commonwealth Co-operative Bank would be retained as a branch office - approved November 19, 2008.
Lynn Teachers Credit Union, Lynn - permission to relocate its main office from 33 North Common Street, Lynn to 90 Commercial Street, Lynn - approved November 5, 2008.
Randolph Savings Bank, Randolph, Massachusetts - permission to establish a branch office at 875 Pontiac Avenue, Cranston, Rhode Island - approved November 12, 2008.
The Provident Bank, Amesbury, Massachusetts - permission to establish a branch office at 120 Water Street, Exeter, New Hampshire - approved November 25, 2008.
Tremont Credit Union, Boston - permission to close a branch office located at 91 Montvale Avenue, Stoneham - approved November 18, 2008.
Applications/Notices Pending
Alpha Credit Union ("Alpha"), Boston and NEMCH Credit Union ("NEMCH"), Boston - permission to merge under the charter, by-laws and name of Alpha. As part of this transaction, Alpha would amend it by-laws to change membership eligibility. The main office of Alpha would remain the main office of the continuing credit union and the sole banking office of NEMCH would be retained as a branch office. Comment period ends December 5, 2008.
Century Bank and Trust Company, Somerville - permission to close a branch office located at 710 Albany Street, Boston. Comment period ended November 4, 2008.
Eastern Bank, Boston - permission to close a branch office located at 101 Federal Street, Boston. Comment period ends December 10, 2008.
Eastern Bank, Boston - permission to close a branch office located within the Atlantic Food Mart, 30 Haven Street, Reading - filed November 25, 2008.
Enterprise Bank and Trust Company, Lowell, Massachusetts - permission to relocate a branch office from 130 Main Street, Units 101 A and 101 B, Salem, New Hampshire to 130 Main Street, Units 105, 106, 205, 206 B and 206 C, Salem, New Hampshire. Comment period ended November 15, 2008.
Metro Credit Union ("Metro"), Chelsea and Boston Globe Employees Credit Union ("Globe Employees"), Boston - permission to merge 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 sole banking office of Globe Employees would be retained as a branch office. As part of this transaction, the by-laws of Metro would be amended to change membership eligibility. Comment period ends December 22, 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.
Webster Five Cents Savings Bank, Webster - permission to close a branch office located at 290 Main Street, Webster. Comment period ended November 27, 2008.
DECEMBER 2008 FILING DATE
Complete applications for the December Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, December 15, 2008.
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").
| Financial Institution | Rating | Date of Examination |
|---|---|---|
Easthampton Savings Bank, Easthampton | S | 07/30/08 |
Harvard University Employees Credit Union, Cambridge | S | 09/08/08 |
Lowell Five Cents Savings Bank, Lowell | HS | 05/19/08 |
New Bedford Credit Union, New Bedford | S | 06/09/08 |
Peoplesbank, Holyoke | HS | 06/25/08 |
Wainwright Bank and Trust Company, Boston | O | 05/05/08 |
APPLICATIONS TO SELL INSURANCE
Weymouth Bank, Weymouth - pending
Reading Co-operative Bank, Reading - pending
CHECK CASHER LICENSES
Applications Pending
BBP, Inc. d/b/a Muckey-s Liquors, Lakeville, Massachusetts - permission to operate a check casher office at 13 Harding Street, Lakeville, Massachusetts. Comment period ended August 26, 2008.
Castleridge, Inc. Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
Juma Grocery and Check Services, LLC, Marlborough, Massachusetts - permission to operate a check casher office located at 55 Mechanic Street, Marlborough, Massachusetts. Comment period ended July 29, 2008.
Wal-Mart Stores East, LP d/b/a Wal-Mart Stores, Bentonville, Arkansas - permission to operate a check casher office at 11 Jungle Road, Leominster, Massachusetts. Comment period ended November 19, 2008.
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 .