Commissioner of Banks Report, 1970-71

, Public Document No. 8 ®6e Commontoealtfj of Jjjatfac|ra*etttf Division of banks and loan Agencies FRANCIS W. SARGENT GOVERNOR ANNUAL REPORT OF THE COMMISSIONER OF BANKS FOR THE Fiscal Year Ended October 31, 1971 t>30.-r SECTION C ^m (\ RELATING TO K SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS This Publication Paid Fob by the Savings Banks Association of Massachusetts 500-12-72 ^r^^^J^ p; - 1 = r* CL, ®be Commontoealtf) of jfWa&sacfmtfette DIVISION OF BANKS AND LOAN AGENCIES 100 Cambridge Street, Boston Commissioner of Banks Freyda P. Koplow Deputy Commissioner of Banks Robert J. Maietta Director of Savings Bank Examinations Francis D. Crimmins : : : CONTENTS PAGE Savings Banks and Institutions for Savings Abstracts of Annual Reports . 49 Aggregate Statements Index 103 Alphabetical Index x General Remarks ..... v Legislation ..... viii Lists Showing Locations, Officers, Trustees, etc. 3 Mutual Savings Central Fund, Inc. Statements of Condition . 102 Location, Officers, Directors, etc. 47 Savings Bank Investment Fund: Statement of Condition . 102 Location, Officers, Directors, etc. 47 Savings Banks Employees Retirement Association Statement of Condition . 102 Location, Officers, Trustees, etc. 47 Savings Bank Life Insurance: Exhibits 113 Commissioner's Letter of Transmittal ®f}e Commoutoealtfj of jWas&acfmsette Office of the Commissioner of Banks 100 Cambeidge Street, Boston February 1, 1972 To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts: I have the honor of submitting to you herewith the annual report of the Commissioner of Banks relating to Savings Banks and Institutions for Savings, pursuant to the provisions of General Laws, Chapter 167, Sec- tion 9. The financial statements and miscellaneous data incorporated herein pertaining to Savings Banks and Institutions for Savings are for the fiscal year ended October 31, 1971. Respectfully, Freyda P. Koplow Commissioner of Banks P.D. 8, Section C v SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS As of the fiscal year ended October 31, 1971, there were 171 savings banks in active operation. --At the close of business October 31, 1971, the Springfield Five Cents Savings Bank merged into the Community Savings Bank, Holyoke. (For the purpose of compiling statistical information for this annual report, the activity for the fiscal year has been reported on an individual basis for the latter two banks.) The following three banks were merged during the year. Name op Bank Effective Date Name of Merged Bank Community Savings Bank January 1, 1971 Holyoke Co-operative Bank Cambridge Savings Bank June 10, 1971 North Avenue Savings Bank Community Savings Bank October 31, 1971 Springfield Five Cents Savings Bank During the fiscal year ended October 31, 1971, the following three schedules indicate the activity which occurred with respect to Main Office Relocations, Branch Offices Opened and Branch Offices which have been authorized but not, as yet in operation: MAIN OFFICE LOCATIONS Date Date Authorized Opened Name of Bank Location January 27, 1967 February 16, 1971 Lynn Institution for Savings 270 Union Street, Lynn BRANCH OFFICES OPENED Date Date Authorized Opened Name of Bank Location February 3, 1970 November 12, 1970 Springfield Institution for 465 North Main Street, East Savings Longmeadow, Mass. October 23, 1969 December 7, 1970 Union Warren Savings Bank tl33 Tremont Street, Boston, IVTass. January 1, 1971 January 1, 1971 Community Savings Bank *235 Main Street, Holyoke, Mass. July 30, 1970 January 4, 1971 Family Mutual Savings Bank Middleton, Mass. August 21, 1969 January 12, 1971 Springfield Five Cents 1235 Summer Avenue, Savings Bank Springfield, Mass. December 4, 1969 January 12, 1971 Springfield Five Cents 1359 Springfield Street, Aga- Savings Bank wam, Mass. July 30, 1970 February 1, 1971 Brockton Savings Bank 2071 Main Street, Brockton, Mass. July 8, 1970 February 11, 1971 Brookline Savings Bank 1016 West Roxbury Park- way, South Brookline, Mass. June 22, 1970 March 22, 1971 Consumers Savings Bank tHolden Plaza, Holden, Mass. September 15, 1970 April 12, 1971 Springfield Institution Eastside of Cooley Street, Savings Bank (200 feet north of Allen Street), Springfield, Mass. April 23, 1968 April 12, 1971 New Bedford Five Cents Northwest corner of State Savings Bank Road, Route 6, Hixville Road, Smith Hills Area, Dartmouth, Mass. November 5, 1970 May 3, 1971 Danvers Savings Bank 3 Federal Street, Danvers, Mass. November 10, 1970 May 10, 1971 South Adams Savings Bank Corner of Richmond Street, and State Road, Cheshire, Mass. April 9, 1970 June 7, 1971 Ludlow Savings Bank Center & Rood Streets, Ludlow, Mass. June 10, 1971 June 10, 1971 Cambridge Savings Bank *1960 Massachusetts Ave., Cambridge, Mass. June 10, 1971 June 10, 1971 Cambridge Savings Bank *275 Main Street, Cambridge, Mass. January 27, 1971 June 19, 1971 Berkshire County Savings Junction of Routes 8 & 9 Bank Allendale Shopping Cen- ter, Pittsfield, Mass. tRelocation Acquired via merger VI P.D. 8, Section C BRANCH OFFICES OPENED Date Atjthokized Date Opened Name of Bank Location of Bank April 9, 1971 June 28, 1971 New Bedford Institution fl58 West Rodney French for Savings Blvd., New Bedford, Mass. March 1, 1971 July 19, 1971 Worcester North Savings 21 Main Street, Lunenburg, Institution Mass. August 14, 1970 August 2, 1971 Provident Institution for f44 Federal Street, Boston, Savings in the Town of Mass. Boston May 19, 1970 August 2, 1971 Suffolk Franklin Savings f3 Center Plaza, Boston, Institute Mass. March 18, 1971 September 11, 1971 City Savings Bank fFree standing building, 740 William Street, Pittsfield, Mass. September 11, 1970 September 11, 1971 City Savings Bank Bradlees Plaza Shopping Center, Merrill Road and Dalton Avenue, Pittsfield, Mass. May 3, 1971 September 15, 1971 Gardner Savings Bank Route 2A — Main Street, Westminster, Mass. April 9, 1971 September 27, 1971 Marlborough Savings Bank 71 Boston Post Road, Marl- borough, Mass. July 30, 1970 September 25, 1971 People's Sxvings Bank 596 South Street, Holyoke, Mass. April 9, 1970 September 30, 1971 Newburyport Five Cents Corner of Merrill Road & Savings Bank Route 100, Crossroads Plaza, Salisbury, Mass. July 30, 1970 October 12, 1971 Springfield Institution Second level of retail Mall, for Savings Baystate West Complex, Springfield, Mass. November 5, 1970 October 26, 1971 Charlestown Savings Bank 1T628 Tremont Street, Bos- ton, Mass. BRANCH OFFICES AUTHORIZED — NOT IN OPERATION OCTOBER 31, 1971 Date Authorized Name of Bank Location of Bank July 17, 1969 Southbridge Savings Bank New Shopping Center on Route 131, Sturbridge, Mass. August 21, 1969 Springfield Institution for Savings Fairfield Mall, Memorial Drive, Chic- (Opened in temporary trailer facility on opee, Mass. 3-2-70) June 22, 1970 Holyoke Savings Bank Grant Plaza, Holyoke, Mass. September 15, 1970 Fall River Five Cents Savings Bank Southwest corner of South Main and Hall Streets, Fall River, Mass. October 29, 1970 Charlestown Savings Bank 851 Boylston Street, Boston, Mass. November 5, 1970 Suffolk Franklin Savings Institute 140 Huntington Avenue, Boston, Mass. December 2, 1970 Bass River Savings Bank Route 132, Cape Cod Mall, Hyannis, Mass. December 2, 1970 Essex Broadway Savings Bank Eastside of Chickering Road, and northwest side of Bunker Hill Street, North Andover, Mass. December 2, 1970 Franklin Savings Institution Route 116, (adjacent to Squire Village Apartments), Sunderland, Mass. December 9, 1970 New Bedford Five Cents Savings Bank East side of County Street, between Elm and Williams Streets, New Bed- ford, Mass. January 8, 1971 Lowell Institution for Savings fl257-1261 Bridge Street, Dracut, Mass. January 8, 1971 West Newton Savings Bank t326 Boston Post Road, Wayland, Mass. January 27, 1971 BostonFive Cents Savings Bank 156 Federal Street, Boston, Mass. February 2, 1971 Woronoco Savings Bank 22 Little River Street, Westfield, Mass. February 22, 1971 People's Savings Bank 1948 Memorial Drive, Chicopee, Mass. April 8, 1971 Warren Five Cents Savings Bank Lowell and Russell Streets, West Peabody, Mass. May 3, 1971 Assabet Institution for Savings Route 2A — Great Road, Acton, Mass. May 3, 1971 Fall River Five Cents Savings Bank Swansea Mall Shopping Center, Swan- sea, Mass. May 3, 1971 Fitchburg Savings Bank Twin City Plaza, Fitchburg, Mass. May 3, 1971 Gardner Savings Bank Route 101 & 12, Main Street, Ash- burnham, Mass. May 3, 1971 Greenfield Savings Bank Conway Road and Main Street (Village of South Deerfield), Deerfield, Mass. June 1, 1971 Consumers Savings Bank Northeast interesction of Park Ave. and Mill Street, Worcester, Mass. June 23, 1971 Newton Savings Bank t301-305 Washington Street, Newton Center, Mass. tRelocation Acquired via merger P.D. 8, Section C vn BRANCH OFFICES AUTHORIZED — NOT IN OPERATION OCTOBER 31, 1971 July 1, 1971 Dorchester Savings Bank 510 Boylston Street, Boston, Mass. July 1, 1971 Fairhaven Institution for Savings fSouthside of interesection of Wash- ington Street, (Route 6), Fairhaven, July 1, 1971 Springfield Institution for Savings 619 Chestnut Street, Springfield, Mass. July 1, 1971 Watertown Savings Bank King's Shopping Center (between Watertown & California Streets), Watertown, Mass. July 1, 1971 Worcester County Institution for Savings 427 Main Street, Worcester, Mass. August 12, 1971 Chelsea-County Savings Bank f385 Broadway, Revere, Mass. August 12, 1971 Chelsea-County Savings Bank f354 Washington Avenue, (Prattville Area), Chelsea, Mass. September 13, 1971 Attleborough Savings Bank Corner of Copeland Drive and

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