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Greenfield Co-operative Bank, (the "Petitioner"), Greenfield, Massachusetts, has petitioned to form GCB Interim Mutual Bank, Greenfield, Massachusetts, as part of its reorganization into Greenfield Bancorp, MHC ("MHC"), a mutual holding company with a subsidiary stock bank, GCB Interim Stock Bank ("Continuing Bank"). This reorganization has been structured as a multi-step transaction, requiring applications before the Division of Banks (the "Division") and the Board of Bank Incorporation (the "Board"), which held a public hearing on the matters before it on June 26, 2008.
The applications to the Division are made pursuant to General Laws chapter 167H, section 2, to form the MHC, and General Laws chapters 170, section 25, and 167H, section 7, for the subsequent merger of the Petitioner with and into Continuing Bank under the charter and by-laws of Continuing Bank. The Continuing Bank will operate under the name Greenfield Co-operative Bank and it, as well as MHC, will be headquartered at 63 Federal Street, Greenfield, Massachusetts.
The Petitioner is a state-chartered co-operative bank. It operates from its main office in Greenfield, Massachusetts and has three branch offices. Greenfield Co-operative Bank had total consolidated assets, as of March 31, 2008, of approximately $ 243 million.
In accordance with the provisions of said chapters 167H and 170, and the Division's implementing regulations 209 C.M.R. 33.00 et seq., the Petitioner and its related entities have submitted the requisite documents and information relative to these transactions and appropriate notice has been given to its depositors and to the public. The deadline for filing comments expired on July 3, 2008.
The applications and supporting documents have established an extensive record on these petitions, which have been reviewed in light of the relevant statutory provisions and policies of the Division. Those statutory requirements necessitate that, among other things, the Division consider whether the reorganization will be unfair to the depositors and whether the public will be served by this transaction. Similarly, the merger must be found to promote public convenience and advantage, including a showing of net new benefits, and found not to unreasonably affect competition among banking institutions. Having considered the record established in these applications, the Division has determined that the statutory and administrative considerations support approval of the reorganization and subsequent merger. In making those findings, the Division has noted that Petitioner received an "Outstanding" rating on its most recent evaluation under the Community Reinvestment Act, which in Massachusetts is set out in General Laws chapter 167, section 14 and its implementing regulations 209 CMR 46.00 et seq.
In accordance with these findings and pursuant to statute, I hereby approve the reorganization, including the merger of the Petitioner with and into Continuing Bank subject to the following considerations:
July 18, 2008
Steven L. Antonakes
Commissioner of Banks