DOB: News Bulletin 1947 - June 15, 2001

The Department of Banking News Bulletin 

 Bulletin # 1947
Week Ending June 15, 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.


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The Department of Banking now offers a free service to deliver the News Bulletin directly to you by E-mail on the day that it is issued. To subscribe to this new service, please visit the Department's Web site. If you no longer wish to receive a printed copy of the News Bulletin by postal mail, please contact jeanne.charbonneau@ct.gov.

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
6/11/01 Newtown Savings Bank
Newtown
**39 Main Street
    Newtown, CT 06470
approved
6/11/01 Cornerstone Bank
Stamford
**1071 Post Road East
    Westport, CT 06880
filed
6/18/01 Cornerstone Bank
Stamford
*128 East Avenue
  Norwalk, CT 06851
opening
date
9/15/01 The Savings Bank
  of Manchester
Manchester
62 Buckland Street
Manchester, CT 06040
closing
date
9/15/01 The Savings Bank
  of Manchester
Manchester
1 Main Street
East Hartford, CT 06118
closing
date
9/15/01 The Savings Bank
  of Manchester
Manchester
477 Connecticut Boulevard
East Hartford, CT 06108
closing
date
* Limited Branch
**Mobile Branch

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581 of the Connecticut General Statutes, on June 15, 2001, Check Stop Incorporated filed an application to operate a check cashing service general facility at 200-202 West Main Street, Meriden, Connecticut.

MERGER

On June 11, 2001, pursuant to Sections 36a-412(a)(1) and 36a-125 of the Connecticut General Statutes, Park West Bank and Trust Company, a Massachusetts chartered trust company, filed an application for the merger of Cargill Bank, a Connecticut bank, with and into Park West Bank and Trust Company. In connection with the application, Park West Bank and 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 from the date of this Bulletin.

ACQUISITION AND MERGER

On June 15, 2001, pursuant to Section 36a-70(p) of the Connecticut General Statutes, a temporary certificate of authority was issued to The Savings Bank of Manchester for the establishment of The Interim Savings Association of Manchester as an interim Connecticut bank, and pursuant to Section 36a-126(a) of the Connecticut General Statutes, the Commissioner approved the merger of First Federal Savings and Loan Association of East Hartford with and into The Savings Bank of Manchester. The Commissioner, pursuant to Section 36a-185 of the Connecticut General Statutes, also issued a notice of intent not to disapprove the acquisition by Connecticut Bancshares, Inc. of 100 percent of the voting securities of First Federal Savings and Loan Association of East Hartford, and the indirect acquisition of 100 percent of the voting securities of The Interim Savings Association of Manchester.

CONSUMER CREDIT DIVISION ACTIVITY
Findings of Fact, Conclusions of Law & Order Revoking License Issued

On June 11, 2001, the Commissioner issued Findings of Fact, Conclusions of Law and an Order revoking the first mortgage broker license of Future Mortgage Corp. LLC. The entity is located at 477 Main Street, Monroe, Connecticut. The agency's action was based on findings that the entity had a material misstatement in its application for renewal of its license as a first mortgage broker.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
California Firm Fined $20,000 in Connection with Promissory Note Sales;
Order to Cease and Desist Made Permanent

On June 13, 2001, the Commissioner entered an Order Imposing Fine against Pacific Air Transport, Inc. of 12304 Santa Monica Boulevard, Suite 116, Los Angeles, California. The Order Imposing Fine, which was uncontested by the corporation, imposed a $20,000 penalty. Pacific Air Transport, Inc. had also been the subject of an April 2, 2001 Order to Cease and Desist that was also uncontested and that became permanent on May 9, 2001 and an April 2, 2001 Notice of Intent to Fine. In fining the firm, the Commissioner found that, from October 1998 forward, Pacific Airport Transport, Inc. had sold unregistered non-exempt promissory notes to at least nine Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

Italian Firm Fined $20,000 in Connection with Promissory Note Sales;
Order to Cease and Desist Made Permanent

On June 13, 2001, the Commissioner entered an Order Imposing Fine against Taormina Omne SRL, a corporation having its principal place of business at 43 Via Sicilia, Rome, Italy. The Order Imposing Fine, which was uncontested by the firm, imposed a $20,000 penalty. Taormina Omne SRL had also been the subject of an April 2, 2001 Order to Cease and Desist that was also uncontested and that became permanent on April 25, 2001 and an April 2, 2001 Notice of Intent to Fine. In fining the firm, the Commissioner found that, from at least April 1999 forward, Taormina Omne SRL had sold unregistered non-exempt promissory notes to at least four Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

Fined $20,000 in Connection with Promissory Note Sales;
Order to Cease and Desist Made Permanent

On June 13, 2001, the Commissioner entered an Order Imposing Fine against Sun Broadcasting Systems, Inc. of 1000 East Tahquitz Canyon Way, Palm Springs, California. The Order Imposing Fine, which was uncontested by the firm, assessed a $20,000 penalty. Sun Broadcasting Systems, Inc. had also been the subject of an April 2, 2001 Order to Cease and Desist that was also uncontested and that became permanent on May 15, 2001 and an April 2, 2001 Notice of Intent to Fine. In fining the firm, the Commissioner found that from April 1998 forward, Sun Broadcasting Systems Inc. sold unregistered non-exempt promissory notes to at least one Connecticut investor through one or more unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

Kansas Firm Fined $20,000 for Regulatory Violations in Connection
with Promissory Note Sales;
Order to Cease and Desist Made Permanent

On June 13, 2001, the Commissioner entered an Order Imposing Fine against Technical Support Services, Inc. of 1700 Avenue F., Dodge City, Kansas. The Order Imposing Fine, which was uncontested by the firm, assessed a $20,000 penalty. Technical Support Services, Inc. had also been the subject of an April 2, 2001 Order to Cease and Desist that was also uncontested and that became permanent on April 26, 2001 and an April 2, 2001 Notice of Intent to Fine. In fining the firm, the Commissioner found that from October 1998 forward, the respondent sold unregistered non-exempt promissory notes to at least four Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

Oregon Firm Ordered to Cease and Desist from Regulatory Violations;
Notice of Intent to Fine Issued

On June 13, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Caffe Diva Group Ltd., a corporation having its principal office at 15688 S.W. 72nd Avenue, Portland, Oregon. The Order to Cease and Desist and Notice of Intent to Fine claimed that, from at least December 1998 forward, the respondent sold promissory notes through at least two unregistered agents of issuer in violation of Section 36b-6(b) of the Connecticut Uniform Securities Act and failed to register the notes as required by Section 36b-16 of the Act. Caffe Diva Group Ltd. was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for August 7, 2001.

Dated: Tuesday, June 19, 2001

John P. Burke
Banking Commissioner