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The Federal Deposit Insurance Corporation (FDIC) does not object to the proposed mutual-to-stock conversion of Woronoco Savings Bank in Westfield, Massachusetts. The bank plans to convert from a mutual savings bank to a stock savings bank, which will be wholly owned by Woronoco Bancorp, Inc. As part of the conversion, a Charitable Foundation will be created with common stock contributed by the holding company. The FDIC relies on information provided in the bank's notice and accompanying business plan. Notification of any planned material deviations from the business plan will be provided to the FDIC in advance.
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