DOB: News Bulletin 1921 - December 15, 2000

The Department of Banking News Bulletin 

Bulletin # 1921
Week Ending December 15, 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 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
12/11/00 Torrington Savings Bank
Torrington
235 Dibble Street
Torrington, CT 06790
approved
12/11/00 People's Bank
Bridgeport
East Main Street
Torrington, CT 06790
approved
12/11/00 Newtown Savings Bank
Newtown
956 White Plains Road
Trumbull, CT 06611
approved

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581 of the Connecticut General Statutes, on December 13, 2000, Oasis Partners LLC filed an application to operate a check cashing service general facility at 696 Howard Avenue, New Haven, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

Pursuant to Section 36a-600 of the Connecticut General Statutes, on December 11, 2000, Associated Foreign Exchange, Inc. received approval to engage in the business of receiving money for transmitting the same.

NEW BANK ACTIVITY

Pursuant to Section 36a-70 of the Connecticut General Statutes, on December 14, 2000, a temporary certificate of authority was issued to the organizers of Connecticut River Community Bank for the purpose of conducting the business of a bank and trust company in Wethersfield, Connecticut.

ACQUISITIONS

On December 11, 2000, pursuant to Section 36a-185 of the Connecticut General Statutes, the Banking Commissioner issued a notice of intent not to disapprove the acquisition by The MONY Group Inc. and MONY Acquisition Corp. of all the outstanding voting securities of The Advest Group, Inc., and indirectly, Advest Bank and Trust Company.

On December 15, 2000, pursuant to Section 36a-184 of the Connecticut General Statutes, an acquisition statement was filed by Angelo DeCaro to increase his current ownership of 24.9 percent to 25 percent or more of the common stock of Patriot National Bancorp, Inc., a holding company.

SECTION 36a-425 APPROVAL

On December 13, 2000, approval was granted to The MONY Group Inc., a Delaware corporation, to maintain 11 offices of its subsidiary, Advest, Inc., operating in Connecticut upon the consummation of the merger of The Advest Group, Inc. with and into MONY Acquisition Corp., a Delaware corporation. Advest, Inc., a Delaware corporation, will continue to operate the offices at the following locations: 17 West Main Street, Avon; 200 Glastonbury Boulevard, Suite 302, Glastonbury; 2 Greenwich Office Park, 2nd Floor, Greenwich; 76 Batterson Park Road, 1st Floor, Pond View Corporate Center, Farmington; 90 State House Square, Hartford; Middlesex Corp. Center, 213 Court Street, Suite 605, Middletown; 38 East Main Street, Mystic; Mariner Square - Eugene O'Neill Drive, 1st Floor, New London; 28 Mashomoquet Road, Pomfret Center; 29 South Main Street, Suite 221, West Hartford; and 33 Riverside Drive, Suite 5, Westport, Connecticut.

REORGANIZATION INTO MUTUAL HOLDING COMPANIES,
MERGERS AND ACQUISITION

On December 15, 2000, the Banking Commissioner, in connection with the applications filed by Litchfield Bancorp and Northwest Community Bank to reorganize to form separate mutual holding companies, issued notices of intent not to disapprove the formation of the proposed mutual holding companies to be known as Litchfield Mutual Holding Company and Northwest Mutual Holding Company, respectively, pursuant to Section 36a-192(d) of the Connecticut General Statutes. Also in connection with the applications, approvals were granted pursuant to Sections 36a-193 and 36a-192(b) of the Connecticut General Statutes to (1) Litchfield Bancorp to form a reorganized savings institution to be known as Litchfield Stock Bank, and for the subsequent merger of Litchfield Bancorp with and into Litchfield Stock Bank, the resulting bank to operate as a capital stock savings bank under the name Litchfield Bancorp, and (2) Northwest Community Bank to form a reorganized savings institution to be known as NWC Stock Bank, and for the subsequent merger of Northwest Community Bank with and into NWC Stock Bank, the resulting bank to operate as a capital stock savings bank under the name Northwest Community Bank. Also on December 15, 2000, the Banking Commissioner issued an approval pursuant to Section 36a-194(b) of the Connecticut General Statutes for the merger of Litchfield Mutual Holding Company with and into Northwest Mutual Holding Company, forming a single mutual holding company to be named Connecticut Mutual Holding Company. The Banking Commissioner, pursuant to Section 36a-185 of the Connecticut General Statutes, also issued a notice of intent not to disapprove the indirect acquisition by Connecticut Mutual Holding Company of 100% of the beneficial ownership of the issued and outstanding voting securities of Litchfield Stock Bank to operate under the name Litchfield Bancorp.

Dated: Tuesday, December 19, 2000

John P. Burke
Banking Commissioner