Merger Completions On February 28, Chittenden Corp, Burlington, VT, acquired Ocean National Corp and its subsidiary, Ocean National Bank, both of Kennebunk, ME. As of June 30, 2001, Chittenden Corp had total deposits of $209.1 million and ranked 21st among all commercial banking and thrift institutions in Maine. As of the same date, Ocean National had total deposits of $202.5 million and ranked 22nd. On March 1, Liberty Bank , Trust Company, Boston, MA, merged with General Bank, Los Angeles, CA, under the charter and title of General Bank. General Bank is a subsidiary of GBC Bancorp, Los Angeles, CA. On March 1, Firstfed America Bancorp, Inc., Swansea, MA, acquired People's Bancshares, Inc., New Bedford, MA, for approximately $75.2 million in cash and stock. Firstfed is the parent company of First Federal Savings Bank of America, Swansea, MA, and People's Bancshares, Inc. is the parent company of People's Savings Bank of Brockton, South Easton, MA. On the same date, People's Savings Bank of Brockton merged with First Federal Savings Bank of America under the charter and title of First Federal Savings Bank of America. As of June 30, 2001, Firstfed America Bancorp had total deposits of $563.8 million and ranked 33rd among all commercial banking and thrift institutions in Massachusetts. As of the same date, People's Bancshares had total deposits of $582.3 million and ranked 32nd. (Internal Notices, 3/1; SNL Bank , Thrift Weekly, 3/4/02)

Bank Address Change On March 1, North American Bank , Trust Company, 1151 Stratford Avenue, Stratford, CT (Federal Reserve District 2), changed its main office address to 132 Grand Street, Waterbury, CT (District 1). (Internal Notice, 3/1/02)

Branch Closings In March, Fleet National Bank, Providence, RI, closed 11 Massachusetts branches. On March 2, three branches were closed in Beverly, Dedham, and Fairhaven. On March 9, four branches were closed in Grafton, Methuen, Pembroke, and Plymouth. On March 16, four branches were closed in Braintree, Fall River, North Andover, and North Reading. On March 15, Eastern Bank, Lynn, MA, closed a branch located at 39 State Street, Lynn, MA. (Internal Notice, 3/8; 3/12; 3/20/02)

Branch Opening On March 11, Cape Cod Bank , Trust Company, NA, Hyannis, MA, opened a branch located at 170 Commercial Street, Provincetown, MA. (Internal Notice, 3/20/02)

CT DOB Approves Proposals On February 27, the Connecticut Department of Banking (CT DOB) issued a temporary certificate of authority to the organizers of Customers' Bank for the purpose of conducting the business of a bank and trust company in West Haven, CT. On March 12, the CT DOB granted approval to Windsor Locks Savings and Loan Association, Inc., Windsor Locks, CT, to convert from a Connecticut mutual savings and loan association to a federal mutual savings and loan association to be known as Windsor Locks Community Bank, FSL. (State of CT DOB News Bulletin, 3/1; 3/15/02)

MA DOB Approves Proposals On February 8, the Massachusetts Division of Banks (MA DOB) approved the application by Chittenden Corp, Burlington, VT, to acquire Ocean National Corporation, Kennebunk, ME, and its subsidiary bank, Ocean National Bank, Kennebunk, ME. On February 19, the MA DOB approved the application by Firstfed America Bancorp, Inc., Swansea, MA, to acquire People's Bancshares, Inc., New Bedford, MA, and its subsidiary, People's Savings Bank of Brockton (People's Savings), South Easton, MA. Subsequent to the acquisition, People's Savings will merge with and into First Federal Savings Bank of America, Swansea, MA, the bank subsidiary of Firstfed. On February 19, the MA DOB approved the application by GBC Bancorp, Inc., Los Angeles, CA, and its wholly owned subsidiary General Bank, Los Angeles, CA, to acquire Liberty Bank , Trust Company (Liberty Bank), Boston, MA, and for Liberty Bank and General Bank, Los Angeles, CA, to merge Liberty Bank with and into General Bank. Under the proposed transaction the banking offices of Liberty Bank will be retained as branch offices. (State of MA DOB Notice, 2/31/02)

Shareholders Approve Merger On March 6, shareholders of First Financial Corp, Providence, RI, approved the company's sale to Washington Trust Bancorp, Inc., Westerly, RI. Washington Trust expects to complete the deal early in the second quarter. As of June 30, 2001, Washington Trust Bancorp had total deposits of $720.5 million and ranked fourth among all commercial banking and thrift institutions in Rhode Island. As of the same date, First Financial Corp had total deposits of $125.7 million and ranked 11th. (SNL Bank , Thrift Weekly, 3/11/02)

Merger Announcement On February 27, Banknorth Group Inc., Portland, ME, signed a definitive agreement to acquire Ipswich Bancshares, Inc., Ipswich, MA, for $41.3 million in cash and stock. Each share of Ipswich common stock will be valued at $20.50 per share (a 55 percent premium to the thrift's closing price of $13.25 on February 26 ) with 51 percent of the shares exchanged for shares of Banknorth common stock and 49 percent exchanged for cash. As of June 30, 2001, Banknorth Group had total deposits of $3.1 billion and ranked sixth among all commercial banking and thrift institutions in Massachusetts. As of the same date, Ipswich Bancshares had total deposits of $247.1 million and ranked 81st. (SNL Bank , Thrift Weekly, 3/4/02)

J.P. Morgan Chase to Sell Operations On February 28, J.P. Morgan Chase , Co., New York, NY, signed a letter of intent to sell its operations in the U.S. Virgin Islands, British Virgin Islands, and Barbados to First Bancorp Santurce, PR. The transaction is subject to a definitive agreement and regulatory approval, and is expected to close later in the year. The operations in question include eight branches on four islands in the U.S. and British Virgin Islands, as well as Chase Agency Services, an insurance provider, and Chase Trade Inc., which services U.S. exporters. (SNL Bank , Thrift Weekly, 3/4/02)

Bank of NY in Nonbanking Activity On March 7, Bank of New York Co., Inc., New York, NY, signed a definitive agreement to acquire Gannett Welsh , Kotler Inc., Boston, MA, an asset manager for high-net-worth clients and certain institutions. On March 19, Bank of New York Co., Inc., New York, NY, acquired Jaywalk Inc., a third-party aggregator of independent investment research. Jaywalk will become an affiliate of Westminster Research Associates, a unit of BNY Research, Commission and Payments Services, which is a unit of Bank of New York Brokerage and Clearing Services Sector. (SNL Bank , Thrift Weekly, 3/18; 3/25/02)

Regulators to Standardize Requests for Loan Info On March 11, the Federal Reserve Board of Governors (Fed), Federal Deposit Insurance Corp (FDIC), Office of the Comptroller of the Currency, and Conference of State Bank Supervisors (CSBS) announced the creation of a new system for requesting loan information in an effort to streamline the bank-examination process. The regulators said the new system is designed to standardize the current process of gathering loan information, which provides for a variety of formats. An OCC spokesman said regulators currently receive banks' loan information from third-party vendors and data-service companies in a variety of formats, "and it takes regulators a lot of effort to sort all that out." He said the new process would provide third-party vendors with a standardized system for submitting bank loan information. According to the release, agencies will encourage the use of the new system, although participation is voluntary. The spokesman said that use of the new systems will begin in the second quarter and should be in full use by the end of the year. (SNL Bank , Thrift Weekly, 3/18/02)

OCC Eases Foreign Banks' Capital Requirements On March 4, the OCC said it would apply more flexible capital requirements for foreign banks with nationally chartered branches in order to reduce the costs for institutions with lower levels of risk. According to the OCC, the move could release $1.6 billion in banking assets. The regulations require federal branches of foreign banks to maintain a capital-equivalency deposit (CED) of 5 percent of their liabilities in trust accounts at other banks. The funds are designed to act as a cushion against losses and cannot be withdrawn without OCC approval. The OCC, however, is reducing administrative burdens on "low risk branches," allowing them in some cases to withdraw excess deposits without seeking the OCC's permission. The agency said 37 federal branches would qualify for the amended CED ruling. The OCC said it is also recommending that legislation be enacted to give the agency the same flexibility that states have in adjusting the 5 percent CED requirement to take account of the particular circumstances of an individual institution. (SNL Bank , Thrift Weekly, 3/11/02)

Federal Regulators Support Bill to Trim Regulatory Burden On March 14, federal banking regulators testified in support of legislation sponsored by Rep. Shelley Moore Capito, R-WV, that is designed to eliminate "burdensome and needless government regulation" of depository institutions. Officials with the Fed, the OCC, the Office of Thrift Supervision, the FDIC, and the National Credit Union Administration testified before the House Financial Services Subcommittee on Financial Institutions about Capito's bill. According to a committee release dated March 13, the bill was introduced to "counterbalance" additional regulatory requirements imposed by Title III of the U.S.A. Patriot Act signed into law on October 26. The committee said the Patriot Act made "regulatory compliance significantly more expensive and burdensome." According to Capito's press secretary, the bill contains a "hodge-podge" of regulatory amendments, including those that would streamline merger applications, expand branching authority, reduce cross-marketing restrictions, and eliminate some reports. (SNL Bank , Thrift Weekly, 3/18/02)

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.