DOB: News Bulletin 1952 - July 20, 2001

The Department of Banking News Bulletin

Bulletin # 1952
Week Ending July 20, 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.

CONVERSION

On July 16, 2001, pursuant to Section 10 of Public Act 01-183, First International Bank, Hartford, Connecticut, filed an application to convert from a Connecticut bank authorized to accept retail deposits, to an uninsured bank, which included a notice of intent to liquidate all of its deposits, and a plan of conversion.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
California Firm Ordered to Make Restitution
for Unregistered Promissory Note Sales

On July 16, 2001, the Commissioner entered an Order to Make Restitution and Notice of Right to Hearing against Tri-National Development Corp. of 480 Camino Del Rio South, Suite 140, San Diego, California. On the same day, the Commissioner issued a Restated Order to Cease and Desist and a Restated Notice of Intent to Fine that superseded an April 17, 2001 Order to Cease and Desist and Notice of Intent to Fine based upon the same conduct. The Commissioner's action alleged that, from at least April 1999 forward, the respondent sold unregistered non-exempt promissory notes to at least seventeen Connecticut investors through at least four unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

A hearing on the Restated Order to Cease and Desist and the Restated Notice of Intent to Fine has been scheduled for August 7, 2001. The respondent was also afforded an opportunity to request a hearing on the Order to Make Restitution. If the respondent failed to request a hearing on the restitutionary order within the prescribed time period, that order would be made permanent, with the respondent being obligated to repay affected Connecticut investors within 90 days thereafter. The respondent's obligation to repay investors were it to request a hearing would depend on the outcome of the administrative proceeding.

Dated: Tuesday, July 24, 2001

John P. Burke
Banking Commissioner