DOB: News Bulletin 1971 - November 30, 2001

The Department of Banking News Bulletin

Bulletin # 1971
Week Ending November 30, 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
11/19/01 Cornerstone Bank
***1071 Post Rd. East
      Westport, CT 06880
11/26/01 Savings Bank of Danbury
20 Church Hill Road
Newtown, CT 06470
12/06/01 Naugatuck Valley Savings and
Loan Association, Naugatuck
1007 New Haven Road
Naugatuck, CT 06770
12/10/01 Naugatuck Valley Savings and
Loan Association, Naugatuck
1009 New Haven Road
Naugatuck, CT 06770
*** Mobile Branch

Drexel Aqua Technologies, Inc. Fined $10,000

On November 14, 2001, the Commissioner entered an Order Imposing Fine against Drexel Aqua Technologies, Inc. of 47 Florida Street, Farmingdale, New York. The company had been the subject of a July 9, 2001 Order to Cease and Desist based upon similar facts. The Order to Cease and Desist, being uncontested, had become permanent on September 13, 2001.

In fining Drexel Aqua Technologies, Inc. $10,000 the Commissioner found that from at least March 1999 forward, the respondent sold shares of its unregistered non-exempt common stock through at least one unregistered agent of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act. Drexel Aqua Technologies, Inc. did not appear or contest the imposition of the fine.


On November 27, 2001, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by American Financial Holdings, Inc. of 100 percent of the voting securities of American Bank of Connecticut, Waterbury, Connecticut, and pursuant to Section 36a-125 of the Connecticut General Statutes, also approved the merger of American Bank of Connecticut with and into American Savings Bank, New Britain, Connecticut.

Dated: Tuesday, December 4, 2001

John P. Burke
Banking Commissioner