DOB: News Bulletin 1941 - May 4, 2001

The Department of Banking News Bulletin 

Bulletin # 1941
Week Ending May 4, 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, Commissioner of Banking, 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
4/30/01 Southington Savings
   Bank, Southington
1289 Highland Avenue
Cheshire, CT 06410
opening
date
4/30/01 Southington Savings
   Bank, Southington
67 Chamberlain Highway
Kensington, CT 06037
opening
date
4/30/01 First International Bank
Hartford
**812 Moorefield Park Drive, Suite 204
   Richmond, Virginia 23236
opening
date
5/04/01 Savings Bank of
   Danbury
20 Church Hill Road
Newtown, CT 06470
filed
** Limited Branch - Loan Production Office

NEW BANK ACTIVITY
Application to Organize a Bank and Trust Company

On May 1, 2001, pursuant to Section 36a-70 of the Connecticut General Statutes, an application was filed by the organizer of Customers' Bank for the establishment of a bank and trust company in West Haven, Connecticut. The organizer and spokesperson is Ceasar Anquillare, 98 Elm Street, West Haven, Connecticut 06516, (203) 932-2931.

CREDIT UNION ACTIVITY
Conversion

On May 2, 2001, pursuant to Section 36a-469 of the Connecticut General Statutes, Greenwich Connecticut Teachers Federal Credit Union filed an application to convert from a federal credit union to a Connecticut credit union. The proposed field of membership of the converted credit union is: Persons who live, work, attend school or worship in Fairfield County, as well as any and all businesses, corporations, organizations, or associations located in such county. This field of membership will also include persons within the immediate family of a member, or surviving persons within the immediate family of a deceased member, retirees, pensioners or annuitants and surviving spouses of members of any group eligible for this credit union.

SECTION 36a-425 APPROVALS

On April 30, 2001, approval was granted to State Farm Mutual Automobile Insurance Company, an Illinois corporation, to establish offices of its subsidiary, State Farm International Services, Inc., an Arizona corporation, at the following locations: 90 Field Stone Court, Cheshire; 77 Hartland Street, Suite 300, East Hartford; 300 Bic Drive, Milford; 351 Frontage Road, Suite A2, New London; and 20 Glover Avenue, Norwalk, Connecticut.

On April 30, 2001, approval was granted to 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 51 South Main Street, Torrington, Connecticut.

REPRESENTATIVE OFFICE

On May 3, 2001, pursuant to Section 36a-428g of the Connecticut General Statutes, Royal Bank of Canada, with its principal place of business in Montreal, Quebec, Canada, filed an application to establish and maintain a representative office at 1 East Weaver Street, 3rd Floor, Greenwich, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
California Agent Subject to 12 Month Bar on Agent and Advisory Activity;
Assessed $750 for Unregistered Agent Activity

On May 2, 2001, the Commissioner entered a Consent Order with respect to Timothy J. Pimentel of Hacienda Heights, California. Pimentel had been the subject of a December 20, 2000 Order to Cease and Desist, Notice of Intent to Deny Registration as Agent and Notice of Intent to Fine. The Consent Order resolved the allegations in the department's December 20, 2000 action. In settling the matter, the Commissioner found that Pimentel violated Section 36b-6(a) of the Connecticut Uniform Securities Act by transacting business as a broker-dealer agent of Hampton Securities, Inc. absent registration.

The Consent Order barred Pimentel for twelve months from transacting business as an agent, investment adviser agent or investment adviser in Connecticut; required that he complete the Regulatory Element of the Securities Industry Continuing Education Program within 120 days; and assessed him $750, $500 of which constituted an administrative fine and $250 of which represented reimbursement for department investigative costs. In addition, the Consent Order vacated the December 20, 2000 Order to Cease and Desist.

New York Agent Subject to Ten Year Bar; Assessed $3,500

On May 2, 2001, the Commissioner entered a Consent Order with respect to Nicholas Mario Antonelli of 25 Sioux Drive, Commack, New York. Antonelli, who was formerly affiliated with the securities brokerage firm of Morgan, Taylor & Associates, Inc., had been the subject of a November 21, 2000 Order to Cease and Desist and Notice of Intent to Fine based upon allegations of unregistered agent activity and engaging in private securities transactions without notice to his employing broker-dealer. The Consent Order resolved the allegations in the Order to Cease and Desist and Notice of Intent to Fine.

Specifically, the Consent Order barred Antonelli from transacting business in Connecticut as a broker-dealer agent, investment adviser or investment adviser agent for ten years. The Consent Order also assessed the respondent $3,500. Of that amount $2,500 constituted an administrative fine and $1,000 represented reimbursement for agency investigative costs. In addition, the Consent Order provided that the November 21, 2000 Order to Cease and Desist would be made permanent.

Dated: Tuesday, May 8, 2001

John P. Burke
Banking Commissioner