DOB: News Bulletin 1882 - March 17, 2000

The Department of Banking News Bulletin 

 Bulletin # 1882
Week Ending March 17, 2000

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 Written comments will be considered only if they are received within ten days from the date of this bulletin.

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
3/14/00 Putnam Savings Bank
11 Pratt Road
Plainfield, CT 06374
3/14/00 Eagle Bank
Everett, Massachusetts
**Business Quarters
   1224 Mill Street
   East Berlin, CT 06023
3/15/00 People's Bank
*Stop & Shop
  Bridgeport Avenue
  Milford, CT 06460
3/17/00 People's Bank
*Stop & Shop
  136 Samson Rock Drive
  Madison, CT 06443
* Limited Branch
** Limited Branch - Loan Production Office


The correct address of People's Bank's proposed limited branch in the Super Stop and Shop Supermarket in Meriden is 566 West Main Street, Centennial Plaza, Meriden, Connecticut. The application erroneously identified the address as 77 West Main Street, Centennial Plaza, Meriden, Connecticut.


Pursuant to Section 36a-581(d) of the Connecticut General Statutes, on March 14, 2000, Connecticut State Check Cashing Services, Inc. received approval to relocate its licensed check cashing service general facility from 107 Main Street, Hartford, Connecticut, to 103 Maple Avenue, Hartford, Connecticut.


On March 14, 2000, approval was granted, pursuant to Sections 36a-412(a)(2), as amended by Public Act 99-33, and 36a-145(c)(1) of the Connecticut General Statutes, to Eagle Bank to establish a de novo branch at 1224 Mill Street, East Berlin, Connecticut.


On March 13, 2000, an application was filed by Citigroup Inc., a Delaware corporation, to establish an office of its subsidiaries, CitiFinancial, Inc., a Maryland corporation, and CitiFinancial Services, Inc., a Delaware corporation, at Freshwater Commons, 99 Farmington Avenue, Bristol, Connecticut.

On March 16, 2000, applications were filed by Mellon Financial Corporation, a Pennsylvania corporation, to establish the following offices of its subsidiaries: Prime Advisors, Inc., a Washington corporation, at 693 Bloomfield Avenue, Bloomfield; ChaseMellon Shareholder Services, LLC, a New Jersey limited liability company, at 111 Founders Plaza, 11th Floor, East Hartford; and Buck Consultants, Inc., a Delaware corporation, at 301 Tresser Boulevard, Suite 1110, Stamford, and 55 Corporate Drive, Trumbull, Connecticut.

Corporation Assessed $18,500 for Unregistered Branch Activity

On March 14, 2000, a Consent Order was entered with respect to Franklin Financial Services Corporation, a broker-dealer having its principal office at #1 Franklin Square, Springfield, Illinois. The Consent Order alleged that 1) at various times commencing in 1991, the firm transacted business from multiple one-person locations in Connecticut at the time when no branch office registrations were in effect for the locations; 2) the firm failed to sustain its burden of proving that the locations were excluded from the definition of "branch office" in Section 36b-3(4) of the Connecticut Uniform Securities Act; and 3) the firm failed to establish, maintain and implement a supervisory structure designed to achieve compliance with Connecticut branch office registration requirements.

The Consent Order directed the firm to pay $18,500 to the department, $16,000 of which constituted an administrative fine and $2,500 of which represented reimbursement for agency investigative costs. In addition, the Consent Order required that the firm 1) revise its supervisory procedures governing Connecticut branch office registration and submit a written report confirming that modified procedures had been implemented; 2) issue a written compliance notice on Connecticut branch office registration requirements to its Connecticut agents; and 3) file quarterly reports for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents.


Pursuant to Section 36a-470 of the Connecticut General Statutes, on March 14, 2000, approval was granted to Plainfield Employees Credit Union, Inc., Plainfield, to merge with and into Connecticut Community Credit Union, Inc., Pawcatuck.

Dated: Tuesday, March 21, 2000

John P. Burke
Banking Commissioner