DOB: News Bulletin 1924 - January 5, 2001

The Department of Banking News Bulletin 

Bulletin # 1924
Week Ending January 5, 2001

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.


NEW BANK ACTIVITY

On January 3, 2001, Eugene F. Shugrue, President and Chief Executive Officer of West Hartford Bank & Trust, In Organization, notified the Banking Commissioner that the bank has ceased all capital raising activity, and has begun the process of returning paid-in capital to all of the bank's subscribers.

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581 of the Connecticut General Statutes, on December 29, 2000, Connecticut State Check Cashing Services, Inc. filed an application to operate a check cashing service general facility at 153 Boston Post Road, Orange, Connecticut.

Pursuant to Section 36a-581 of the Connecticut General Statutes, on January 5, 2001, Ace Cash Express, Inc. filed an application to operate five check cashing service general facilities at 649 West Main Street, Waterbury, Connecticut; 376 Whalley Avenue, New Haven, Connecticut; 593 Farmington Avenue #F, Hartford, Connecticut; 90 East Main Street, New Britain, Connecticut; and 21-A100 Hawley Lane Mall, Trumbull, Connecticut.

SECTION 36a-425 APPROVAL

On January 5, 2001, approval was granted to Bayerische Hypo- und Vereinsbank Aktiengesellschaft, a corporation organized under the laws of the Federal Republic of Germany, to maintain an office of its subsidiaries, Bank Austria Creditanstalt Trade Finance Services, Inc.; Bank Austria Creditanstalt Corporate Finance, Inc.; Bank Austria Creditanstalt Equipment Leasing, Inc.; Bank Austria Creditanstalt Community Development, Inc.; Bank Austria Creditanstalt Holdings Corporation; New Uncle B's Bakery Corp.; Bank Austria Creditanstalt American Corporation, Greenwich; Bank Austria Creditanstalt Property Corp., all Delaware corporations; and DEH Holdings LLC and BAUS Funding LLC, both Delaware limited liability companies, at Two Greenwich Plaza, Greenwich, Connecticut.

MERGER

On January 5, 2001, Resource Trust Company joined the application filed by U.S. Trust Company on December 26, 2000, pursuant to Sections 36a-412(b) and 36a-125 of the Connecticut General Statutes, and in connection with the application, U.S. Trust Company and Resource Trust Company filed a community reinvestment plan which is available for public inspection and comment at the Department of Banking for a period of 30 days.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Revoke Registration as Broker-dealer
and Notice of Intent to Fine Issued

On January 3, 2001, the Banking Commissioner issued a Notice of Intent to Revoke the broker-dealer registration of First Providence Financial Group, LLC and a Notice of Intent to Fine. The firm maintains its principal office at 90 Broad Street, 10th Floor, New York, New York. First Providence Financial Group, LLC had been the subject of a November 27, 2000 administrative decision and order fining the firm $30,000 and upholding the suspension of the firm for violating Sections 36b-14(d) and 36b-6(b) of the Connecticut Uniform Securities Act; engaging in dishonest or unethical conduct; and violating Section 36b-31-6f(b) of the Regulations under the Act. The suspension would have been lifted upon payment of the $30,000 fine. The Notice of Intent to Revoke Registration and Notice of Intent to Fine issued on January 3, 2001 were predicated on the respondent's failure to pay the $30,000 fine in willful violation of an administrative order. The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Revoke Registration as Broker-dealer. A hearing on the January 3, 2001 Notice of Intent to Fine has been scheduled for January 25, 2001.

On January 8, 2001, respondent First Providence Financial Group, LLC appealed the department's November 27, 2000 decision, requesting a stay of both that decision and the agency's January 3, 2001 Notice of Intent to Revoke Registration as Broker-dealer and Notice of Intent to Fine. On January 8, 2001, the Superior Court for the Judicial District of New Britain (Administrative Appeals Court) ordered that a hearing on the application for a stay be held on January 22, 2001.

Dated: Tuesday, January 9, 2001

John P. Burke
Banking Commissioner