Wessagussett Mutual Holding Company and Wessagussett Bancorp, Inc., Weymouth Massachusetts petition to becme a bank holding company
Overview of Wessagussett Mutual Holding Company and Wessagussett Bancorp, Inc., Weymouth Massachusetts petition to becme a bank holding company
The Commonwealth of Massachusetts Board of Bank Incorporation
Wessagussett Mutual Holding Company (MHC) and Wessagussett Bancorp, Inc. (BANCORP), Weymouth, Massachusetts have petitioned the Board of Bank Incorporation (Board), pursuant to Massachusetts General Laws chapter 167A, sections 2 and 4, for approval to each become a bank holding company through the direct and indirect acquisition of Equitable Co-Operative Bank (Equitable), Lynn, Massachusetts. MHC and BANCORP are the mutual holding company and mid-tier stock holding company, respectively, of Weymouth Bank, Weymouth, Massachusetts. The transaction will be effected through a merger of MHC with Equitable’s mutual holding company, Equitable Bancorp, MHC and the merger of Bancorp with Equitable's mid-tier subsidiary stock holding company, Equitable Bancorp, Inc., Lynn, Massachusetts. Upon consummation of the transaction, MHC and Bancorp would be the mutual holding company and mid-tier subsidiary stock holding company for both Weymouth Bank and Equitable.
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 May 20, 2015, 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 or the Division by the close of business on June 1, 2015 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
David J. Cotney
Commissioner of Banks
Deborah B. Goldberg
Treasurer and Receiver-General
Mark E. Nunnelly
Commissioner of Revenue
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Written comments accepted until June 1, 2015.