Shareholders Approve Merger

On August 11, shareholders of Fleet Financial Group, Inc., Boston, MA, and BankBoston Corporation, Boston, MA, approved Fleet's acquisition of BankBoston. As of June 30, 1998, Fleet Financial Group, Inc. had total deposits of $41.8 billion and ranked first among all commercial banking and thrift institutions in New England. As of the same date, BankBoston Corporation had total deposits of $32.7 billion and ranked second. (SNL Weekly BankFax, 8/16/99)

On July 27, Camden National Corporation, Camden, ME, signed a definitive agreement to acquire KSB Bancorp, Inc., Kingfield, ME. As of June 30, 1998, Camden National Corporation, parent company of Camden National Bank, Camden, ME, and United Bank, Bangor, ME, had total deposits of $481.7 million and ranked fifth among all commercial banking and thrift institutions in Maine. As of the same date, KSB Bancorp, Inc., parent company of Kingfield Savings Bank, Kingfield, ME, had total deposits of $125.2 million and ranked 26th. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the first quarter of 2000. (SNL Weekly Bank Fax, 8/2/99)

On August 9, East Bridgewater Co-operative Bank, East Bridgewater, MA, merged with South Shore Co-operative Bank, Weymouth, MA, under the charter and title of South Shore Co-operative Bank. As of June 30, 1998, South Shore Co-operative Bank had total deposits of $47 million and ranked 200th among all commercial banking and thrift institutions in Massachusetts. On August 26, Pierbank, Inc., Narragansett, RI, merged with The Washington Trust Company of Westerly, Westerly, RI, under the charter and title of The Washington Trust Company of Westerly. As of June 30, 1998, The Washington Trust Company of Westerly had total deposits of $532.8 million and ranked fourth among all commercial banking and thrift institutions in Rhode Island. (Internal Notice 8/10; 8/26/99)

On July 1, Ipswich Bancshares, Ipswich, MA, completed its holding company reorganization to form new bank holding company Ipswich Bancshares, Inc. As of June 30, 1998, Ipswich Savings Bank had total deposits of $177.1 million and ranked 89th among all commercial banking and thrift institutions in Massachusetts. (Internal Notice, 8/6/99)

On December 1, 1997, Provident Institution for Savings, Amesbury, MA, changed its title to The Provident Bank. As of June 30, 1998, Provident Institution for Savings had total deposits of $91.7 million and ranked 142nd among all commercial banking and thrift institutions in Massachusetts. (Internal Notice, 8/10/99)

On August 4, BostonFed Bancorp, Burlington, MA, signed a definitive agreement to acquire Diversified Ventures, Inc., Northborough, MA. As of June 30, 1998, BostonFed Bancorp had total deposits of $658.2 million and ranked 21st among all commercial banking and thrift institutions in Massachusetts. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the fourth quarter. (SNL Weekly BankFax, 8/9/99)

On August 5, People's Bancshares, Inc., New Bedford, MA, signed a definitive agreement to acquire Allied Bancshares Mortgage Group, Severna Park, MD. As of June 30, 1998, People's Bancshares, Inc. had total deposits of $395 million and ranked 40th among all commercial banking and thrift institutions in Massachusetts. Allied Bancshares is a retail mortgage banking company with operations in Maryland, Virginia, and Florida. (SNL Weekly BankFax, 8/9/99; American Banker, 8/11/99)

On August 5, Chase Mortgage Company, a subsidiary of Chase Manhattan Corporation, New York, NY, signed a purchase agreement to acquire the residential mortgage business of Mellon Bank NA, a subsidiary of Mellon Bank Corporation, Pittsburgh, PA. As of June 30, 1998, Chase Manhattan Corporation had total New England deposits of $1.9 billion and ranked 15th among all commercial banking and thrift institutions in New England. As of the same date, Mellon Bank Corporation had total New England deposits of $3.5 billion and ranked 10th. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the third quarter. (SNL Weekly BankFax, 8/9/99; American Banker, 8/5/99)

On July 26, FirstFed America Bancorp, Inc., Swansea, MA, announced that it had filed an application with the Office of the Comptroller of the Currency (OCC) to form a new national trust company to be known as FirstFed Trust Company, NA, in a joint venture with M/D Trust LLC, Providence, RI. The thrift will own a 65 percent interest in the venture. FirstFed Trust Company will offer comprehensive services, including trust, estate, and investment management products and services. (SNL Weekly Bank Fax, 8/2/99; Providence Journal-Bulletin, 8/24/99)

On August 16, North Fork Bancorp, Melville, NY, signed a definitive agreement to acquire JSB Financial Inc., Lynbrook, NY. As of June 30, 1998, North Fork Bancorp had total deposits of $90.1 million and ranked 60th among all commercial banking and thrift institutions in Connecticut. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the first quarter of 2000. (SNL Weekly BankFax, 8/23/99)

On August 17, Chastain Capital Corporation, Atlanta, GA, entered into an agreement to sell its investment in a $21 million mezzanine loan to BankBoston NA, a unit of BankBoston Corporation, Boston, MA. As of June 30, 1998, BankBoston Corporation had total deposits of $32.7 million and ranked second among all commercial banking and thrift institutions in New England. The transaction is subject to regulatory and shareholder approval. (SNL Weekly BankFax, 8/23/99)

On August 17, Bank of New York Corporation, New York, NY, signed a definitive agreement to acquire Estabrook Capital Management, Inc., New York, NY, for an undisclosed amount. This acquisition, which represents a move to increase Bank of New York's business with wealthy investors, is Bank of New York's first purchase of a money manager. (SNL Weekly Bank Fax, 8/23/99; NY Times, 8/18/99)

On August 26, Southington Savings Bank, a subsidiary of Bancorp Connecticut Inc., Southington, CT, agreed to sell its trust department to Trust Co., Greenwich, Connecticut, for an undisclosed amount. As of June 30, 1998, Bancorp Connecticut Inc. had total deposits of $325.9 million and ranked 26th among all commercial banking and thrift institutions in Connecticut. As of the same date, Trust Co. had total deposits of $64.4 million and ranked 67th. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed late this year or early in 2000. (SNL Weekly BankFax, 8/30/99)

On August 5, the Federal Reserve Board of Governors (Fed) proposed revisions to regulation B, which implements the Equal Credit Opportunity Act. The proposed revisions would remove the general prohibition against creditors noting characteristics such as race, sex and national origin of applicants for nonmortgage credit. The changes also would require creditors to retain certain records for preapproved credit solicitations and would expand the record retention period for most business credit applications to 25 months from 12 months. (SNL Weekly BankFax, 8/9/99)

On August 13, the Federal Reserve Board of Governors (Fed) said it does not expect an "extraordinary" demand for cash at the end of the year. However, the Fed plans to have in excess of $200 billion worth of currency notes stored around the country in case citizens' year-2000 computer related fears have not subsided. The excess of currency is enough to replace total currency currently circulating in the U.S. worth approximately $170 billion. (SNL Weekly BankFax, 8/16/99)

On August 18, the Federal Reserve Board of Governors (Fed) issued for comment an interim rule that would allow depository institutions to use electronic delivery channels for periodic statements of account activity. The regulator also asked for comment on proposed guidance for banks that want to use electronic delivery channels to meet customer disclosure requirements for various transactions. (SNL Weekly BankFax, 8/23/99)

Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.