DOB: News Bulletin 1890 - May 12, 2000

The Department of Banking News Bulletin 

Bulletin # 1890
Week Ending May 12, 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
5/09/00 American Bank of Connecticut
1 Village Street
Southbury, CT 06488
5/09/00 American Bank of Connecticut
59 Main Street South
Woodbury, CT 06798
5/15/00 First International Bank
*100 Brickell Bay Drive
  Miami, FL 33131
* Limited Branch - Loan Production Office


Pursuant to Section 36a-24(a) of the Connecticut General Statutes, as amended by Public Act 99-36, a hearing has been scheduled for June 1, 2000, at 10 a.m. in Room 50 of the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut, on the application filed by Sikorsky Federal Credit Union for approval to convert from a federal credit union into a Connecticut credit union. The issues to be considered at such hearing will include the proposed field of membership; benefits to the public and to the proposed members to be included in the field of membership; any adverse effect on other credit unions located in this state; and the adequacy of management and financial resources to serve the proposed field of membership. Persons interested in making verbal comments should submit their names to the Banking Commissioner by May 26, 2000. It is requested that comments be kept brief and any extended comments be submitted in writing by May 26, 2000. On April 24, 2000, the proposed field of membership of the converted credit union was amended to include: "Persons who live, work, worship, volunteer, or businesses, partnerships, corporations or organizations located within the state of Connecticut with the specific exclusion of the existing fields of membership of the following credit unions: Amphenol RF Operation Employees Credit Union, Inc., B.M.G. Credit Union, Inc., Bethel Stamford Credit Union, Inc., BrandRex Employees Credit Union, Inc., CocaCola of Hartford Employees Credit Union, Inc., East Haven Municipal Employees Credit Union, Inc., Enbic Company Employees Credit Union, Inc., Harborview Credit Union, Inc., Heim Employees Credit Union, Inc., Taylor & Fenn Co. Employees Credit Union, Inc. and U.S. Baird Employees Credit Union, Inc."


On May 8, 2000, The PNC Financial Services Group, Inc., a Pennsylvania corporation, filed an application to establish an office of its subsidiary, PNC Mortgage Corp. of America, an Ohio corporation, at 18 Titus Road, Washington Depot, Connecticut.

Broker-dealer Ordered to Cease and Desist from Regulatory Violations,
Notice of Intent to Deny Broker-dealer Registration and to Fine Issued

On May 8, 2000, an Order to Cease and Desist, Notice of Intent to Deny Registration as Broker-dealer and Notice of Intent to Fine was issued with respect to First Global Securities, Inc. of 790 East Colorado Boulevard, Suite 500, Pasadena, California. The agency's action was based on allegations that the firm 1) withheld material information concerning its past trading activity from the department; 2) filed a materially incomplete application for broker-dealer registration; and 3) willfully transacted business as a broker-dealer in Connecticut absent registration under the Connecticut Uniform Securities Act. In addition, the agency claimed that the firm was the subject of an October 5, 1999 NASD fine predicated on the firm's failure to maintain minimum net capital and designate a registered financial operations principal. A further basis for action was the NASD's October 5, 1999 suspension of the firm's president, Noble Trenham.

A hearing on the Notice of Intent to Fine has been scheduled for July 11, 2000. Respondent First Global Securities, Inc. was also afforded an opportunity to request a hearing on the Order to Cease and Desist and the initiation of proceedings to deny its broker-dealer registration.

Dated: Tuesday, May 16, 2000

John P. Burke
Banking Commissioner