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Salem Five Bancorp, Salem, Massachusetts and Stoneham Savings Bank, Stoneham, Massachusetts have petitioned the Board of Bank Incorporation (Board) and the Division of Banks (Division) for various approvals in connection with a multi-step corporate transaction. Stoneham Savings Bank is seeking the approval to reorganize into a mutual holding company under the name Stoneham Bancorp, MHC. Salem Five Bancorp, the holding company of Salem Five Cents Savings Bank, is seeking approval to become a bank holding company through a merger with Stoneham Bancorp, MHC. This multi-step transaction, if approved, will result in Salem Five Bancorp becoming the parent holding company for both Salem Five Cents Savings Bank and Stoneham Savings Bank. Applications addressing the several statutory requirements set out in Chapters 167A and 167H of the General Laws 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 9:30 a.m. on Tuesday, September 13, 2011, Hearing Room 1-E, 1000 Washington Street, Boston, Massachusetts.
All comments concerning these petitions, however, must be filed with the Board or the Division by the close of business on September 20, 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
Commissioner of Banks
Navjeet K. Bal
Commissioner of Revenue
Treasurer and Receiver-General
Written comments accepted until September 20, 2011