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ROSLINDALE CO-OP. BANK v. GREENWALD

No. 80-1280.

638 F.2d 258 (1981)

ROSLINDALE COOPERATIVE BANK et al., Plaintiffs, Appellants, v. Carol S. GREENWALD et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided January 8, 1981.

Attorney(s) appearing for the Case

Robert H. Tobin, Roslindale, Mass., with whom Tobin & Tobin, Roslindale, Mass., was on brief, for plaintiffs, appellants.

Stephen S. Ostrach, Asst. Atty. Gen., Boston, Mass., with whom Francis X. Bellotti, Atty. Gen., Boston, Mass., was on brief, for State defendants, appellees.

John J. McCarthy, Boston, Mass., with whom Stanley V. Ragalevsky, and Warner & Stackpole, Boston, Mass., were on brief, for The Central Bank defendants.

Before COFFIN, Chief Judge, ALDRICH and BOWNES, Circuit Judges.

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...

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