BOARD OF BANK INCORPORATION
Hearings
November 29, 2007
Fifth Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:30 a.m.
People's United Financial, Inc. and People's United Bank, Bridgeport, Connecticut - approval to acquire Chittenden Corporation, Burlington, Vermont including its six subsidiary banks (the "Subsidiary Banks") and to become bank holding companies. In the Commonwealth, the Subsidiary Banks owned by Chittenden Corporation are The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts. Comment period ends December 6, 2007.
Decisions
Chittenden Corporation, Burlington, Vermont and Ocean Bank, Portsmouth, New Hampshire - permission to acquire Community Bank & Trust Company, Wolfeboro, New Hampshire in a multi-step transaction. In the Commonwealth, Chittenden Corporation is the holding company for The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts - approved October 25, 2007.
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.
DIVISION OF BANKS
Decisions/Notices
Century Bank and Trust Company, Somerville - permission to close a branch office located at the George Sherman Student Union Building, 771 Commonwealth Avenue, Boston - approved October 2, 2007.
Chicopee Saving Bank, Chicopee - notices to establish branch offices at (1) 44 Willimansett Street, South Hadley; and (2) Gibbs Crossing, Route 32, Ware - non-objections issued October 26, 2007.
Dukes County Savings Bank ("Dukes County"), Edgartown and Martha's Vineyard Co-operative Bank ("Martha's Vineyard"), Vineyard Haven - (1) permission to merge under the charter and by-laws of Dukes County and name of Martha's Vineyard Savings Bank; and (2) close a branch office of Dukes County located at Vineyard Haven State Road and Indian Hill, West Tisbury. All other banking offices of both banks would be retained - approved October 12, 2007.
Harvard University Employees Credit Union, Cambridge - permission to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for students, alumni, employees and retirees of Lesley University and affiliates, as defined, as well as other changes as specified in the proposed by-law - approved October 12, 2007.
Lynn Postal District Employees Credit Union (the "Credit Union"), Lynn - permission to (1) expand the associations which qualify persons for membership; and (2) change the name of the Credit Union to Massachusetts Postal Employees Credit Union. The amendment relative to membership eligibility proposes to add membership for employees of the United States Postal Service who live or work in Essex County, Middlesex County, Suffolk County and Worcester County. Additional changes are set out in the proposed membership by-law - approved, as revised, on October 31, 2007.
Mechanics' Co-operative Bank ("Mechanics"), Taunton and Bridgewater Co-operative Bank ("Bridgewater"), Bridgewater - permission to merge under the charter, by-laws and name of Mechanics'. The main office of Mechanics' would remain the main office of the continuing institution and the sole banking office of Bridgewater would be retained as a branch office - approved October 10, 2007.
Premier Source Credit Union, Springfield - permission to relocate a branch office from 450 Cottage Street, Springfield to 254 Cottage Street, Springfield - approved October 31, 2007.
Rockland Trust Company, Rockland - permission to close a branch office located at 336 Main Street, Route 28, Harwich - approved October 31, 2007.
Applications/Notices Pending
Bank of Western Massachusetts (The), Springfield - permission to merge with and into Western Massachusetts Interim, fsb. Comment period ends December 6, 2007.
Flagship Bank and Trust Company, Worcester - permission to merge with and into Flagship Interim, fsb. Comment period ends December 6, 2007.
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.
Sharon Credit Union, Sharon - notice to establish a branch office at The Shoppes at Chestnut Green at the intersection of Route 140 and North Street, Foxborough. Filed October 24, 2007.
State Street Bank and Trust Company, Boston, Massachusetts - notice to establish a branch office in Shanghai, China. Filed October 26, 2007.
NOVEMBER 2007 FILING DATE
Complete applications for the November Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, November 15, 2007.
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 |
|---|---|---|
The Cape Cod Five Cents Savings Bank, Harwichport | O | 05/29/07 |
Community Credit Union of Lynn | HS | 08/20/07 |
Leominster Credit Union | O | 08/06/07 |
OneUnited Bank, Boston | S | 04/09/07 |
APPLICATIONS TO SELL INSURANCE
None
CHECK CASHER LICENSES
Hearings
Thursday, November 15, 2007
Fitchburg City Hall
First Floor Veterans Room
718 Main Street, Fitchburg, Massachusetts
At 6:00 p.m.
Shree Shakti Enterprises, Inc. D/B/A Castleway Market, Fitchburg, Massachusetts - permission to operate a check casher office located at 432 Mechanic Street, Fitchburg, Massachusetts. Comment period ends Friday, November 23, 2007.
Decisions
Cassie H. Farmer d/b/a Family Financial Centers, Framingham, Massachusetts - permission to operate a check casher office at 2 Frederick Street, Framingham - approved October 9, 2007.
Pioneer Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office located within the Chestnut Package Store, 95 Chestnut Street, Springfield, Massachusetts - approved October 22, 2007.
Applications Pending
John Tamburo d/b/a Tamburo Check Cashing, Everett, Massachusetts - permission to operate a check casher office at 241 Beacham Street, Everett. Comment period ended Tuesday, September 5, 2006.
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 Thursday, 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 Wednesday, February 28, 2007.
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 .