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News  Board of Bank Incorporation Hearing

Newburyport Five Cents Savings Bancorp, MHC - May 23, 2023
  • Division of Banks
  • Office of Consumer Affairs and Business Regulation

NEWBURYPORT FIVE CENTS BANCORP, MHC (MHC) and NEWBURYPORT FIVE CENTS BANCORP, INC. (BANCORP), Newburyport, 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 PENTUCKET BANK, Haverhill, Massachusetts.  MHC and BANCORP are the mutual holding company and mid-tier stock holding company, respectively, of NEWBURYPORT FIVE CENTS SAVINGS BANK, Newburyport, Massachusetts. The transaction will be effected through a merger of MHC with PENTUCKET BANK’S mutual holding company, PENTUCKET BANK HOLDINGS, MHC and the merger of BANCORP with PENTUCKET BANK’S mid-tier subsidiary stock holding company, PENTUCKET BANCORP, INC., Haverhill, Massachusetts. Upon consummation of the transaction, MHC and BANCORP would be the mutual holding company and mid-tier subsidiary stock holding company for both NEWBURYPORT FIVE CENTS SAVINGS BANK and PENTUCKET BANK.

In determining whether or not to approve the matter 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 virtual public hearing will be given to all interested parties on the petition before the Board on Tuesday, May 23, 2023 at 10:30 a.m.  The link providing information regarding the hearing is available at www.mass.gov/dob/ and is as follows:

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Meeting ID: 288 785 996 978
Passcode: TuqdC2

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+1 857-327-9245,,259002450#   United States, Boston

Phone Conference ID: 259 002 450#

While it is not necessary to pre-register to provide oral testimony, anyone who emails their intention to provide oral testimony at the hearing in advance will receive preference in the order of testimony provided.  Such optional notice must include the person’s name, telephone number, and email address. Please send via email to dob.comments@mass.gov  by Friday, June 2, 2023 by 5:00 p.m.  In addition, written testimony can also be provided in advance via email to dob.comments@mass.gov.  If there are any questions, please contact the Division’s Legal Unit at 617-956-1520.

All comments concerning this petition must be filed with the Board at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 or via electronic mail to dob.comments@mass.gov by the close of business on Friday, June 2, 2023. The application and all communications relative to these matters are available by request at dob.rao@mass.gov.

  • Division of Banks 

    The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.
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    The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.
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