BOARD OF BANK INCORPORATION
Hearings
October 25, 2006
Second Floor - Hearing Room A
One South Station
Boston, Massachusetts
At 10:30 a.m.
Meridian Interstate Bancorp, Inc. (the "Petitioner"), East Boston, Massachusetts - permission to acquire up to a 40% controlling interest in Hampshire First Bank, in organization, Manchester, New Hampshire and to become a bank holding company. The Petitioner is the holding company for East Boston Savings Bank, East Boston, Massachusetts. The Petitioner's parent is Meridian Financial Services, Inc., East Boston, Massachusetts, a mutual holding company which would retain its mutual structure and also become a bank holding company under the proposed transaction. Comment period ends October 31, 2006.
Decisions
Fidelity Co-operative Bank, Fitchburg, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Fidelity Mutual Holding Company, with a mid-tier holding company, Life Design Holding Company. The continuing bank will operate under the name Fidelity Co-operative Bank - approved September 19, 2006.
DIVISION OF BANKS
Decisions/Notices
Bay State Savings Bank, Worcester - permission to relocate its branch office from 247 Mill Street, Worcester to 275 Mill Street, Worcester - approved September 14, 2006.
Boston Globe Employees Credit Union, Boston - notice to establish a branch office at the Worcester Telegram & Gazette building, 20 Franklin Street, Worcester - non-objection issued September 14, 2006.
Citizens Bank of Massachusetts, Boston - notice to establish a branch office within Stop & Shop Supermarket, 10 Technology Drive, Route 85, Hudson - approved September 11, 2006.
Fall River Five Cents Savings Bank, Fall River - notice to establish a branch office at 55 Thirteenth Street, Fall River - non-objection issued September 26, 2006.
Fidelity Co-operative Bank, Fitchburg - permission to reorganize into a mutual holding company, Fidelity Mutual Holding Company, as part of a multi-step transaction - approved September 19, 2006.
Fidelity Co-operative Bank, Fitchburg - permission to relocate a branch office from 352 Belmont Street, Worcester to 465 Shrewsbury Street, Worcester - approved September 29, 2006.
State Street Bank and Trust Company, Boston, Massachusetts - permission to establish a branch office in Mumbai, India - approved September 6, 2006.
Winchester Savings Bank, Winchester - permission to close a branch office located at Winchester High School, 80 Skillings Road, Winchester - approved September 29, 2006.
Applications/Notices Pending
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. By-law proposal has been revised to delete the reference to Middlesex County. Comment period ended April 18, 2006.
Mayflower Co-operative Bank (the "Bank"), Middleboro - permission to reorganize the Bank into a holding company structure pursuant to a Plan of Reorganization and Acquisition dated as of June 8, 2006 between the Bank and Mayflower Bancorp, Inc., a Massachusetts corporation formed to effect the reorganization. Comment period ended September 22, 2006.
North Shore Bank, A Co-operative Bank, Peabody - permission to (1) relocate its branch office located within Shaw's Supermarket, 11 Trader's Way, Salem to 319 Highland Avenue, Salem; and (2) close a branch office located within Foodmaster Supermarket, 50 Boston Street, Lynn. Comment periods end October 16, 2006.
Salem Five Cents Savings Bank, Salem - permission to close branch offices located at (1) 4 Colon Street, Beverly; and (2) 123 Pleasant Street, Marblehead. Comment periods ended September 27, 2006.
Salem Five Cents Savings Bank, Salem - permission to (1) close its current main office located at 210 Essex Street, Salem; and (2) redesignate its current branch office at 71 Washington Street, Salem as the main office. Comment periods end October 26, 2006.
Southbridge Credit Union, Southbridge - notice to establish a branch office at 732 Southbridge Street, Auburn. Filed July 17, 2006.
Workers' Credit Union ("Workers'"), Fitchburg and Crobank Credit Union ("Crobank"), Westminster - permission for Crobank to merge with and into Workers' under the charter, by-laws and name of Workers' Credit Union. The main office of Workers' would remain the main office of the continuing credit union and the sole banking office of Crobank would not be retained as a branch office. Comment period ends October 23, 2006.
Workers' Credit Union ("Workers'"), Fitchburg and Peoples Community Credit Union ("Peoples"), Leominster - permission for Peoples to merge with and into Workers' under the charter, by-laws and name of Workers' Credit Union. The main office of Workers' would remain the main office of the continuing credit union and the sole banking office of Peoples would be retained as a branch office. Comment period ends October 26, 2006.
OCTOBER 2006 FILING DATE
Complete applications for the August Activity Report must be received by the Division or the Board on or before 5:00 P.M., Monday, October 16, 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 |
Bank of Canton (The) | HS | 04/10/06 |
Bank of Western Massachusetts (The), Springfield | O | 05/15/06 |
Flagship Bank & Trust Company, Worcester | O | 05/15/06 |
South Coastal Bank, Rockland | S | 07/17/06 |
Wakefield Co-operative Bank | S | 05/22/06 |
South Shore Co-operative Bank, Weymouth | S | 04/18/06 |
APPLICATIONS TO SELL INSURANCE
Legacy Banks, Pittsfield - pending
TEMPORARY CHECK CASHER LICENSES
Hearings
Tuesday, October 3, 2006
Springfield City Hall, Room 220
36 Court Street
Springfield, Massachusetts
at 6:00 p.m.
Pioneer Check Cashing, Inc., Springfield, Massachusetts - permission to operate a check casher office located with the Chestnut Package Store, 95 Chestnut Street, Springfield, Massachusetts. Comment period ends Tuesday, October 10, 2006.
Applications Pending
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.
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.
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.
WalMart Stores East, LP d/b/a Wall Mart Stores, Bentonville Arkansas - permission to provide check cashing services at its 44 store locations in Massachusetts. Comment period ended June 28, 2006.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and in accordance with the provisions of Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Tuesday, October 17, 2006 at 10:00 a.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 proposed amendments to existing regulation, 209 CMR 42.00: THE LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS.
The purpose of the proposed amendments is to add ten additional prohibited acts and practices to existing regulations governing mortgage lenders and mortgage brokers. The proposed amendments will add ten activities to those which are presently prohibited for mortgage lenders and mortgage brokers in connection with a residential mortgage transaction in this state.
These amendments were filed by the Division as Emergency Regulations on September 8, 2006 and this hearing is part of the process to make these amendments permanent. Additional changes or amendments 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 Friday, October 20, 2006. Copies of the proposed amendments 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 .