A public hearing before the Board will be held at 10:30 a.m. In determining whether or not to approve these applications, the Board and the Division must decide, among other things, whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by these proposals.
Applications addressing the several statutory requirements and seeking all related authorities have been filed with the Board and the Division.
Thereupon, The Cape Cod Five Cents Savings Bank will merge with and into the newly formed stock savings bank and operate under the name The Cape Cod Five Cents Savings Bank. This multi-step transaction will involve the creation of a new mutual savings bank, which will reorganize into a mutual holding company under the name Cape Cod Mutual Company (MHC) with a subsidiary banking institution in stock form. The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts, has petitioned the Division of Banks (Division) and the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws chapters 167A and 167H, for permission to reorganize into a mutual holding company.
