Equitable Co-operative Bank, Lynn, Massachusetts - permission to reorganize into a mutual holding company
Overview of Equitable Co-operative Bank, Lynn, Massachusetts - permission to reorganize into a mutual holding company
The Commonwealth of Massachusetts Board of Bank Incorporation
Equitable Cooperative Bank, Lynn, Massachusetts, has petitioned the Division of Banks (the “Division”) and the Board of Bank Incorporation (the “Board”) pursuant to Massachusetts General Laws chapters 167A and 167H, for permission to reorganize into a mutual holding company. This multi-step transaction will involve the creation of a new mutual co-operative bank, which will reorganize into a mutual holding company under the name EQUITABLE BANCORP, MHC (the “MHC”) with a subsidiary banking institution in stock form. The MHC will then form a subsidiary stock holding company, Equitable Bancorp, Inc.. Thereupon, Equitable Cooperative Bank will merge with and into the newly formed stock co-operative bank and operate under the name Equitable Cooperative Bank. Applications addressing the several statutory requirements and seeking all related authorities have been filed with the Board and the Division.
In determining whether or not to approve these applications, the Board and the Division must decide, among other things, whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by these proposals. A public hearing before the Board will be held at 11:00 a.m. on Wednesday, September 4, 2013 at 1000 Washington Street, First Floor, Hearing Room 1E, Boston, Massachusetts.
Any comments in favor or protest should be filed with the Board or Division at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 by the close of business on September 10, 2013. The applications and all communications relative to these matters are available for public inspection at the above address.
Board of Bank Incorporation
David J. Cotney, Commissioner of Banks
Steven Grossman, Treasurer and Receiver-General
Amy Pitter, Commissioner of Revenue
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Written comments accepted until September 10, 2013.