Roslindale Cooperative Bank v. Carol S. Greenwald

ALDRICH, Senior Circuit Judge.

On October 28, 1977 Carol Greenwald, Massachusetts Commissioner of Banks, pursuant to Mass.G.L. c. 170 App. § 2-4 certified to the Cooperative Central Bank (Central Bank) that it appeared to her “unsafe and inexpedient” for the Roslindale Cooperative Bank (the Bank) to continue to transact its business. The Bank is a mutual cooperative bank organized under Mass.G.L. c. 170. Central Bank is the reserve bank for all Massachusetts cooperative banks. Mass.G.L. c. 170 App. § 1-1 et seq. In accordance with the statutory procedure Central Bank took immediate possession…