| The Massachusetts Division of Banks in July granted permission to the City of Boston Credit Union to expand its membership to those that live, work or attend school in Middlesex County, while also approving a number of branch moves.
Notably, the DOB approved two J.P. Morgan branches in Dedham and Watertown, bringing J.P Morgan’s franchise in Massachusetts to five branches – before this year, the banking giant did not have a retail presence in the Bay State.
In other branch news, the DOB approved Salem Five’s application to relocate its branch from Square One Mall in Saugus to 855 Broadway in Saugus. Salem Five was also given permission to move its branch from 104 South Main St. to 221 South Main St in Middleton. Weymouth-based South Shore Bank relocated its branch from 88 Pleasant S, Weymouth to 51 Columbian Street, Weymouth – approved July 16, 2018.
In branch closing news, Eastern Bank shuttered one of its branches at 151 Campanelli Drive in Middleborough and another at 72 Loring Ave. in Salem. Hingham Institution for Savings was granted permission on to close its branch at 400 Gannett Road in North Scituate, and Salem Five closed a branch at 532 Turnpike St. in North Andover.
Workers’ Credit Union also closed a branch at 452 Great Road in Acton.
Applications / Notices Pending
In July, several banks and credit unions submitted applications to open, close or relocate branches, which the DOB will review.
In terms of openings, Swansea-based BayCoast Bank applied to establish a branch at 2 Locust St. in Berkley. Newburyport-based Institution for Savings applied to establish a branch office at 6 Paradise Road in Salem. Boston-based Tremont Credit Union, Boston also applied to establish a branch office at 2 Granite Avenue in Milton.
In terms of closings, Hudson-based Avidia Bank applied to close its branch at 1 Lyman St. in Westborough; Weymouth-based South Shore Bank proposed to close its branch office located at 275 Hancock St. and Tremont Credit Union applied to close its branch office located at 150 Grossman Drive.
Southbridge Credit Union proposed to relocate its main office from 205 Main Street in Southbridge to 155A Main St.
In other news, the DOB is still deciding on Brockton-based HarborOne Bank’s proposal to acquire Rhode Island-based Coastway Bank.
The DOB is also still examining Mass Bay Credit Union’s application to expand its membership to individuals who live, work, attend a school, college or university or belong to a labor organization within all communities of Essex County, Middlesex County and Plymouth County. The application also proposed to expand membership to all employees or former employees of the Massachusetts State Police and immediate family members.
Chelsea-based Metro Credit Union is also proposing to expand membership to those living, working or having a place of business in the New Hampshire counties of Hillsborough and Rockingham.
