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Spencer, MHC and Spencer Mid-Tier Holding Company to become bank holding companies

Tuesday, April 12, 2016
10:30 a.m. - 12:30 p.m.

Address

1000 Washington Street, Hearing Room 1-E, 1st Floor, Boston, MA 02118

Overview

THE COMMONWEALTH OF MASSACHUSETTS 
BOARD OF BANK INCORPORATION

SPENCER, MHC (MHC) and SPENCER MID-TIER HOLDING COMPANY (MID-TIER), Spencer, Massachusetts have 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 through the direct and indirect acquisition of SOUTHBRIDGE SAVINGS BANK (SOUTHBRIDGE), Southbridge, Massachusetts. MHC and MID-TIER are the mutual holding company and mid-tier stock holding company, respectively, of SPENCER SAVINGS BANK, Spencer, Massachusetts. The transaction will be effected through a merger of MHC with SOUTHBRIDGE’S mutual holding company, GREEN VALLEY BANCORP, MHC and the merger of MID-TIER with SOUTHBRIDGE’S mid-tier subsidiary stock holding company, GREEN VALLEY BANCORP, INC., Southbridge, Massachusetts. Upon consummation of the transaction, MHC and MID-TIER would be the mutual holding company and mid-tier subsidiary stock holding company for both SPENCER SAVINGS BANK and SOUTHBRIDGE SAVINGS BANK.

In determining whether or not to approve the matters before it, the Board must decide, among other things, 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 April 12, 2016 at 10:30 a.m. in Hearing Room 1-E, First Floor, 1000 Washington Street, Boston, Massachusetts.

All comments concerning these petitions, however, must be filed with the Board by the close of business on April 19, 2016 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


Deborah B. Goldberg
______________________
Treasurer and Receiver-General


Mark E. Nunnelly
______________________
Commissioner of Revenue

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Written commends accepted until April 19, 2016

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