Massachusetts Mutual
FDIC: Decisions on Bank Applications - Brookline Savings Bank
Pursuant to Sections 5 and 18(c) of the Federal Deposit Insurance Act (the Act), applications have been filed on behalf of Brookline Savings Bank, Brookline, Massachusetts ("Stock Bank"), a newly-formed state-chartered stock savings bank and Bank Insurance Fund member, for federal deposit insurance and for the Corporation's consent to merge with Brookline Savings Bank, Brookline, Massachusetts ("Mutual Bank"), a state-chartered mutual savings bank and Bank Insurance Fund member, with total resources of $682,069,000 and total deposits of $483,114,000, as of September 30, 1997, under the charter of Stock Bank and the title of Mutual Bank. To facilitate the conversion from mutual to stock form, application has also been made for federal deposit insurance for Brookline De Novo Savings Bank which will immediately reorganize as Brookline Bancorp, MHC ("MHC"), a state-chartered mutual holding company. ... [Read More]
FDIC: Decisions on Bank Applications - Bridgewater Savings Bank
Pursuant to Section 5 and Section 18 (c) and other provisions of the Federal Deposit Insurance Act ("FDI Act"), an application has been filed on behalf of the Bridgewater Savings Bank, Bridgewater, Massachusetts, ("Mutual Institution"), currently a state-chartered mutually-owned Bank Insurance Fund member with total resources of $243,745,000 and total deposits of $191,092,000 as of December 31, 2002, for the FDIC's consent to merge with Bridgewater Interim Stock Savings Bank, Raynham, Massachusetts, a proposed new interim state-chartered stock savings bank, the resultant bank. In addition, applications have been filed for federal deposit insurance for the Bridgewater De Novo Mutual Savings Bank (to be subsequently organized into a mutual holding company) and the Bridgewater Interim Stock Savings Bank. ... [Read More]
FDIC: Decisions on Bank Applications - Clinton Savings Bank
At the conclusion of the reorganization, the deposits of the Resultant Bank will continue to be insured under the Bank Insurance Fund. Applications for the establishment of the Mutual Holding Company and the Stock Holding Company await approval by the Federal Reserve Bank of Boston. Following the consummation of the merger, the Resultant Bank will operate the same business, with the same management, at the same locations now being served by the Mutual Institution. The proposed transaction, per se, will not alter the competitive structure of banking in the market served by the Mutual Institution. The Resultant Bank's principal office will continue to be located at 200 Church Street, Clinton, Massachusetts. ... [Read More]
FDIC: Decisions on Bank Applications - Massachusetts Co-operative Bank
The notice of proposed mutual-to-stock conversion and subsequent amendments thereto, filed on behalf of Massachusetts Co-operative Bank, Boston, Massachusetts (Bank) have been reviewed by the Federal Deposit Insurance Corporation (FDIC) pursuant to Section 303.160 of the FDIC Rules and Regulations. As described in the notice and amendments, the Bank proposes to convert from a Massachusetts chartered mutual co-operative bank to a Massachusetts chartered stock co-operative bank, which will be wholly owned by Massachusetts Fincorp, Inc. (MFI), a thrift holding company to be formed as a part of this transaction. As part of the conversion, it is our understanding that the Bank and its holding company will create a Charitable Foundation (Foundation) with common stock contributed by the holding company. ... [Read More]
FDIC: Decisions on Bank Applications - The Provident Bank
Upon consummation of the reorganization, the deposits of the Mutual Bank will continue to be insured under the Bank Insurance Fund. On the effective date of the reorganization, the Stock Bank will be the wholly-owned subsidiary of the Provident Bancorp. Applications for the establishment of Provident Bancorp have been filed with the Board of Governors of the Federal Reserve System. The resultant bank will operate with the title of The Provident Bank, Amesbury, Massachusetts. Following the consummation of the merger, the resultant bank will operate the same banking business, with the same management, at the same locations now being served by the Mutual Bank. The proposed transaction, per se, will not alter the competitive structure of banking in the market served by the Mutual Bank. The resultant bank's principal office will be at Five Market Street, Amesbury, Massachusetts. Notice of the proposed transaction, in a form approved by the FDIC, has been published pursuant to the FDI Act.A ... [Read More]
FDIC: Decisions on Bank Applications - Marlborough Co-Operative Bank
By virtue of the merger. Mutual will transfer substantially all of its assets *and liabilities to Interim, which will be a wholly-owned subsidiary of Bancorp. Following the consummation of the merger, the resultant bank will operate the same banking business. with the same management, at the same locations now being served by Mutual. The proposed transaction, per se, will not alter the competitive structure of banking in the market served by Mutual. The resultant bank's principal office will be at 175 Main Street, Marlborough, Massachusetts. Notice of the proposed transaction, in a form approved by the FDIC, has been published pursuant to the FDI Act. ... [Read More]
FDIC: Decisions on Bank Applications - Marlborough Co-operative Bank
By virtue of the merger, Mutual will transfer substantially all of its assets and liabilities to Interim, which will be a wholly-owned subsidiary of Bancorp. Following the consummation of the merger, the resultant bank will operate the same banking business, with the same management, at the same locations now being served by Mutual. The proposed transaction, per se, will not alter the competitive structure of banking in the market served by Mutual. The resultant bank's principal office will be at 175 Main Street, Marlborough, Massachusetts. Notice of the proposed transaction, in a form approved by the FDIC, has been published pursuant to the FDI Act. ... [Read More]
FDIC: Decisions on Bank Applications - The Canton Institution for Savings, The Bank of Canton
Pursuant to Section 5 and Section 18(c) and other provisions of the Federal Deposit Insurance Act (FDI Act), an application has been filed on behalf of The Canton Institution for Savings, The Bank of Canton, Canton, Massachusetts (Mutual Institution), currently a Massachusetts-chartered mutual savings bank and Bank Insurance Fund (BIF) member with total resources of $562,544,000 and total deposits of $467,397,000 as of December 31, 2003, for the FDIC's consent to merge with Canton Interim Stock Bank, Canton, Massachusetts, a proposed new Massachusetts-chartered stock savings bank. In addition, an application has been filed for Federal deposit insurance for Canton Interim Mutual Bank and Canton Interim Stock Bank. ... [Read More]
FDIC: Decisions on Bank Applications - Lenox Savings Bank
The Notice to effect a mutual holding company reorganization with the organization of amutual savings bank to be reorganized simultaneously into a mutual holding company, theorganization of a stock savings bank owned by the mutual holding company and the merger ofLenox Savings Bank (Mutual Bank) with the stock savings bank has been reviewed by theFederal Deposit Insurance Corporation (FDIC) pursuant to 12 C.F.R. Section 303.15 andother pertinent FDIC regulations. ... Pursuant to Sections 5 and 18(c) and other provisions of the Federal Deposit InsuranceAct (FDI Act), applications have been filed on behalf of LSB Interim Savings Bank, Lenox,Massachusetts, a newly formed, Bank Insurance Fund member, state-chartered mutual savingsbank and Lenox Savings Bank, Lenox, Massachusetts (Stock Bank), a newly formed, BankInsurance Fund member, state-chartered stock savings bank for federal deposit insuranceand for the Corporation's consent to merge Stock Bank with Lenox Savings Bank, Lenox,Massachusetts (Mutual Bank, a Bank Insurance Fund member, state-chartered mutual savingsbank with total resources of $102,252,000 and total deposits of $90,896,000 as of December31, 1997. ... [Read More]
FDIC: Decisions on Bank Applications - Westborough Savings Bank
The Notice to effect a mutual holding company reorganization with the organization of one interim institution and a merger to facilitate a conversion from mutual form to stock form filed on behalf of the Westborough Savings Bank, Westborough, Massachusetts (Bank) has been reviewed by the Federal Deposit Insurance Corporation (FDIC) pursuant to 12 C.F.R. Sections 303.160 - 303.164 and other pertinent FDIC regulations. As part of the Notice, the Bank has requested, in accordance with 12 C.F.R. § 333.4(a), waiver of certain provisions of the FDIC's regulations pertaining to mutual-to-stock conversions, specifically, the depositor vote requirement of 12 C.F.R. § 333.4(d)(2). We have reviewed the Bank's request, and have found that a sufficient number of corporators are considered independent, and that a majority of the independent corporators voted in favor of the proposed conversion. Therefore, the Bank's request for a waiver is granted. ... [Read More]
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