DOB: News Bulletin 1871 - December 31, 1999

The Department of Banking News Bulletin 

 Bulletin # 1871
Week Ending December 31, 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
12/20/99 Tolland Bank
Vernon
62 Hyde Avenue (Route 30)
Vernon, CT 06066
opening
date
12/21/99 People's Bank
Bridgeport
*Edgehill
  122 Palmers Hill Road
  Stamford, CT 06902
opening
date
12/22/99 Tolland Bank
Vernon
FROM: 670 Tolland Stage Road
         Tolland, CT 06084
TO:    215 Merrow Road
         Tolland, CT 06084
relocation
effective
date
* Limited Branch - Special Needs

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Assessed $4,900 for Unregistered Activity

On December 27, 1999, the Banking Commissioner entered a Consent Order with respect to Smith, Brown & Groover, Inc., a securities broker-dealer having its principal office at 4001 Vineville Avenue, Macon, Georgia. In conjunction with its application for broker-dealer registration in Connecticut, the firm voluntarily disclosed that, at various times between 1996 and 1999, it had serviced one or more Connecticut accounts at a time when neither the firm nor its agents were appropriately registered under the Connecticut Uniform Securities Act.

The Consent Order obligated the firm to pay $4,900 to the department, $4,000 of which constituted an administrative fine; $400 of which represented reimbursement for past due registration fees; and $500 of which constituted reimbursement for agency investigative costs. The Consent Order also required that, within 30 days, the firm furnish proof that it had provided affected Connecticut customers with a commission refund or credit, at the customer's election, covering the period of unregistered activity. Finally, the Consent Order directed the firm to provide quarterly reports for two years concerning any complaints, actions or proceedings involving Connecticut residents. The firm became registered as a broker-dealer in Connecticut on December 27, 1999.

SECTION 36a-425 APPROVALS

On December 27, 1999, approval was granted to Citigroup, Inc., a Delaware corporation, to establish offices of its subsidiary, Salomon Smith Barney Inc., a New York corporation, at 753 Boston Post Road, Guilford, and 50 Locust Avenue, New Canaan; and an office of its subsidiary, Citicorp Investment Services, a Delaware corporation, at 1 Vision Drive, Enfield, Connecticut.

On December 27, 1999, approval was granted to Fleet Financial Group, Inc., a Rhode Island corporation, to establish offices of its subsidiary, BancBoston Leasing, Inc., a Massachusetts corporation, at 100 Mill Plain Road, Danbury, and One Landmark Square, Suite 2002, Stamford; and an office of its subsidiary, Colbank Properties Ltd., a Connecticut corporation, at 81 West Main Street, Waterbury, Connecticut.

CREDIT UNION DIVISION ACTIVITY
Merger

Pursuant to the provisions of Section 36a-470 of the Connecticut General Statutes, on December 22, 1999, approval was granted to Shoreline Credit Union, Inc., Madison, to merge with and into UI Employees Federal Credit Union, New Haven.

Dated: Tuesday, January 4, 2000

John P. Burke
Banking Commissioner