Mass. BBI Hearings on MHC Formations

The Massachusetts Board of Bank Incorporation will hold hearings Thursday, Sept. 8, at 10:30 a.m., 11:00 a.m., and 11:20 a.m., respectively, on the applications of Salem Five Cents Savings Bank, Monson Savings Bank, and Florence Savings Bank to form mutual holding companies. The hearings will be conducted in Hearing Room A on the Fifth Floor at One South Station, Boston, Massachusetts.

At the hearings, which are open to the public, representatives of the three banks are expected to testify regarding their reasons for reorganizing in mutual holding company form as well as their immediate business plans for the new holding companies.

Anyone opposing the holding company formations will also be afforded an opportunity to testify, and to submit a written statement on or before the close of the public comment period on the applications, Sept. 12, 2005.

The Board of Bank Incorporation ("BBI")is the official body empowered under Massachusetts law to charter new state chartered banking institutions and to approve holding company acquisitions. The BBI consists of the Commissioner of Banks, the Massachusetts State Treasurer and the Commissioner of Revenue, and is chaired by the Commissioner of Banks. Ordinarily, the State Treasurer and Commissioner of Revenue do not attend BBI hearings personally, but send top aids to sit in their stead.