Lowell Five Cent Savings Bank, Lowell, Massachusetts - approval to reorganize into a Mutual Holding Company
Overview of Lowell Five Cent Savings Bank, Lowell, Massachusetts - approval to reorganize into a Mutual Holding Company
Lowell Five Cents Savings Bank, Lowell, Massachusetts, has petitioned the Division of Banks (Division) and the Board of Bank Incorporation (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 savings bank, which will reorganize into a mutual holding company under the name Lowell Five Bancorp, MHC (the "MHC") with a subsidiary banking institution in stock form. The MHC will then form a subsidiary stock holding company, Lowell Five Bancorp, Inc. (Holding Company). Thereupon, Lowell Five Cents Savings Bank will merge with and into the newly formed stock savings bank and operate under the name Lowell Five Cents Savings 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 10:45 a.m. on Wednesday, February 16, 2011, Hearing Room 1E, First Floor, 1000 Washington Street, Boston, Massachusetts. Any interested party other than the Petitioner should file communications, including briefs in favor of or protest, with the Board or the Division at 1000 Washington Street, Boston, Massachusetts 02118-6400.
All comments concerning this petition, however, must be filed with the Board or the Division by the close of business on February 25, 2011. The applications and all communications relative to these matters are available for public inspection at the above address.
Board of Bank
David J. Cotney
Acting Commissioner of Banks
Navjeet K. Bal
Commissioner of Revenue
Treasurer and Receiver-General
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Written comments accepted until February 25, 2011.