DOB: News Bulletin 1852 - August 20, 1999

The Department of Banking News Bulletin 

Bulletin # 1852
Week Ending August 20, 1999

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


STATE BANK ACTIVITY
Branch Activity

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

Date Bank Location Activity
8/17/99 People's Bank
Bridgeport
*Edgehill
  122 Palmers Hill Road
  Stamford, CT 06902
approved
8/19/99 People's Bank
Bridgeport
FROM:  17 Quality Street
           Trumbull, CT 06611
TO:     40 Quality Street
          Trumbull, CT 06611
approved
to relocate
8/20/99 Bank of Westport
Westport
& 290 Post Road West
   Westport, CT 06880
approved
8/20/99 The Savings Bank
   of Rockville
~ 1845 Ellington Road
   South Windsor, CT 06074
approved
* Limited Branch - Special Needs
& Mobile Branch
~ Notified by the Bank that the formal address was changed from 900 Clark Road to 1845 Ellington Road

CREDIT UNION ACTIVITY
Merger

Pursuant to Section 36a-470(a)(4) of the Connecticut General Statutes, on August 5, 1999, the Heli-Coil Employees Credit Union, Inc., Danbury, submitted a proposition for merger to merge with and into Mutual Security Federal Credit Union, Wilton.

Field of Membership

Pursuant to the provisions of subsection (g) and (h) of Section 36a-437 of the Connecticut General Statutes, on August 18, 1999, approval was granted to the Plainfield Employees Credit Union, Inc. to amend its certificate of organization and bylaws to expand its field of membership to include persons who live, work, worship, or attend school in, and businesses and other legal entities located in Plainfield, Sterling, and Canterbury, Connecticut; and members of record of this credit union as of the date of conversion to this community charter.

Pursuant to the provisions of subsections (g) and (h) of Section 36a-437 of the Connecticut General Statutes, on August 20, 1999, Quiet Corner Community Credit Union, Inc. filed an application to amend its certificate of organization and bylaws to expand its field of membership to include persons who live, work, worship, or attend school in, and businesses and other legal entities located in Putnam, Connecticut.

Pursuant to the provisions of subsection (g) and (h) of Section 36a-437 of the Connecticut General Statutes, on August 18, 1999, approval was granted to the Norwalk Municipal Employees Credit Union, Inc. to amend its certificate of organization and bylaws to expand its field of membership to include persons living and working in the city of Norwalk and the towns of Darien, New Canaan, Weston, Westport and Wilton, excluding employees of healthcare related employers in these towns.

BROKER-DEALER ASSESSED $15,000

On August 18, 1999, the Banking Commissioner entered a Consent Order with respect to Millennium Securities Corp., a broker-dealer with its principal office at 150 East 58th Street, 38th Floor, New York, New York. The Consent Order claimed that the firm had wilfully sold unregistered securities in violation of the Connecticut Uniform Securities Act and had paid monies to an unregistered person.

The Consent Order directed the firm to pay $15,000 to the agency, $7,000 of which constituted an administrative penalty, $500 of which represented disgorgement of commissions earned, $2,500 of which represented reimbursement for department investigative costs and $5,000 of which constituted a contribution to the agency's Investor Education Fund. The Consent Order also required that the firm implement revised supervisory procedures designed to improve regulatory compliance.

ACQUISITIONS

On August 16, 1999, pursuant to Sections 36a-412(b) and 36a-210(g) of the Connecticut General Statutes, Connecticut Bank of Commerce filed an application to acquire a significant part of the assets of MBT Bank, a New York chartered bank.

On August 20, 1999, the Banking Commissioner granted approval, pursuant to Sections 36a-412(a)(1) and 36a-210(g) of the Connecticut General Statutes, to Hudson United Bank to acquire a significant part of the assets of Advest Bank and Trust Company.

Dated: Tuesday, August 24, 1999

John P. Burke
Banking Commissioner