Webster Five Cents Savings Bank, Webster, Massachusetts - permission to reorganize into a mutual holding company
Overview of Webster Five Cents Savings Bank, Webster, Massachusetts - permission to reorganize into a mutual holding company
Webster Five Cents Savings Bank, Webster, 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 WebFive, MHC (MHC) with a subsidiary banking institution in stock form. The MHC will also form a subsidiary stock holding company, WebFive Financial Services, Inc. (the "Holding Company"). Webster Five Cents Savings Bank will subsequently merge with and into the newly formed stock savings bank and operate under the name Webster 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 11:00 a.m. on Wednesday, September 24, 2008, Hearing Room A, Second Floor, One South Station, Boston, Massachusetts.
Any comments in favor or protest should be filed with the Board or Division prior to the close of business on October 1, 2008 at One South Station, Boston, Massachusetts 02110. The applications and all communications relative to this matter are available at the Division at the above address.
Board of Bank
Steven L. Antonakes
Commissioner of Banks
Commissioner of Revenue
Timothy P. Cahill
Treasurer and Receiver-General
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Written comments accepted until October 1, 2008.