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The Commonwealth of Massachusetts Board of Bank Incorporation and the Division of Banks
Institution for Savings in Newburyport and its vicinity (Institution for Savings), Newburyport, Massachusetts and RNB Acquisition Corp. (RNB) (in organization), a Massachusetts corporation to be formed as a wholly-owned subsidiary of Institution for Savingshave petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws, chapter 167A, sections 2 and 4 for approval to become bank holding companies to acquire Rockport National Bancorp, Inc. and its wholly-owned bank subsidiary Rockport National Bank, Rockport, Massachusetts, in a multi-step transaction. A related application has been filed with the Division of Banks (Division) for approval of a subsequent purchase of all of the assets and assumption of all of the deposits and other liabilities of Rockport National Bank by Institution for Savings. As a result of this transaction, the banking offices of Rockport National Bank will become branch offices of Institution for Savings.
In determining whether or not to approve the petition the Board must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A public hearing will be given to all interested parties on the petition before the Board on Tuesday, July 15, 2014 at 10:00 a.m., in Hearing Room 1E, First Floor, 1000 Washington Street, Boston, Massachusetts.
All comments in favor or in protest of this petition, however, must be filed with the Board or the Division by the close of business on July 25, 2014 at the following address. The applications and all communications relative to these matters are available for public inspection at the Division at 1000 Washington Street, 10th Floor, Boston, MA 02118-6400.
Board of Bank Incorporation
David J. Cotney, Commissioner of Banks
Steven Grossman, Treasurer and Receiver-General
Amy Pitter, Commissioner of Revenue
Written comments accepted until July 25, 2014.