DOB: News Bulletin 1959 - September 7, 2001

The Department of Banking News Bulletin

 Bulletin # 1959
Week Ending September 7, 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 Written comments will be considered only if they are received within ten days from the date of this bulletin.

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
9/04/01 Union Savings Bank
100 Danbury Road
Ridgefield, CT 06877
9/06/01 People's Bank
*Stop & Shop
  180 Danbury Road
  New Milford, CT 06776
9/07/01 People's Bank
*Stop & Shop
  Salmon Brook Street (Route 10)
  Granby, CT 06035
* Limited Branch


These legal holidays are not to be construed as bank holidays. Individual banks and credit unions may, at their option, close or remain open for business on a full or partial basis. Notice to this department will not be required. However, the institution must give at least two weeks' advance notice to its customers of holiday openings and closings by posting such notice in the lobby of each office.

Legal Holiday Date Observed
New Year’s Day Tuesday, January 1, 2002
Martin Luther King’s Day Monday, January 21, 2002
Lincoln’s Birthday Tuesday, February 12, 2002
Washington’s Birthday Monday, February 18, 2002
Good Friday Friday, March 29, 2002 *
Memorial Day Monday, May 27, 2002
Independence Day Thursday, July 4, 2002
Labor Day Monday, September 2, 2002
Columbus Day Monday, October 14, 2002
Veteran’s Day Monday, November 11, 2002
Thanksgiving Day Thursday, November 28, 2002 **
Christmas Day Wednesday, December 25, 2002

For the year 2003 the first holiday will be January 1, New Year’s Day
and will be observed on Wednesday, January 1, 2003.

* The day which will be designated by the Governor as a day of Fasting and Prayer.
** The day which will be designated by the Governor as a day of Thanksgiving.


On September 3, 2001, pursuant to Section 36a-469 of the Connecticut General Statutes, approval was granted and on September 5, 2001, a license was issued to Mutual Security Federal Credit Union to convert from a federal credit union to a Connecticut credit union. The name of the credit union will be Mutual Security Credit Union, Inc. The field of membership for this credit union is persons who live, work, attend school, or worship in Fairfield County and Litchfield County as well as any and all businesses, corporations, organizations, or associations located in such counties, 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 any group eligible for this credit union. The credit union is retaining such select employee groups, organizations, associations and members of such organizations and associations and employees of groups as previously approved by the National Credit Union Administration.

Oregon Firm Fined $20,000 for Unregistered Promissory Note Sales

On September 4, 2001, the Commissioner entered an Order Imposing Fine against Caffe Diva Group Ltd., a corporation having its principal office at 15688 S.W. 72nd Avenue, Portland, Oregon. Caffe Diva had been the subject of a June 13, 2001 Order to Cease and Desist and Notice of Intent to Fine. The Order to Cease and Desist, being uncontested, became permanent on July 20, 2001.

In fining the respondent $20,000, the Commissioner found that Caffe Diva Group Ltd. had 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 had failed to register the notes as required by Section 36b-16 of the Act. The imposition of the fine was also uncontested by the firm.

Consent Order

On August 30, 2001, the Commissioner entered a Consent Order with respect to PMCC Mortgage Corporation of 189 Sunrise Highway, Rockville Centre, New York. The Consent Order mandated that the Respondent remit a civil penalty of $2,500. The Consent Order was as a result of the Respondent's failure to respond to the Consumer Credit Division's request to take corrective action and provide a report of the corrective action taken in connection with certain exceptions noted by the Division during a compliance examination with respect to a loan made by the Respondent.

Dated: Tuesday, September 11, 2001

John P. Burke
Banking Commissioner