DOB: News Bulletin 1976 - January 4, 2002

The Department of Banking News Bulletin 

Bulletin # 1976
Week Ending January 4, 2002

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.


BRANCH ACTIVITY
State Bank

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
1/02/02 Naugatuck Savings Bank
Naugatuck
75 Tremont Street
Ansonia, CT 06401
approved

FIDUCIARY POWERS

On January 2, 2002, pursuant to Section 36a-70(n) of the Connecticut General Statutes, North American Bank & Trust Company was granted approval to exercise fiduciary powers.

CONVERSION

On January 4, 2002, pursuant to Section 36a-135 of the Connecticut General Statutes, Windsor Locks Savings and Loan Association, Inc., Windsor Locks, Connecticut, filed an application to convert from a Connecticut-chartered mutual savings and loan association to a federally-chartered mutual savings and loan association to be known as Windsor Locks Community Bank, FSL.

CREDIT UNION DIVISION ACTIVITY
Application to Relocate Subsidiary Office

On January 3, 2002, pursuant to the provisions of Section 36a-437(g) of the Connecticut General Statutes, Mutual Security Credit Union, Inc. requested approval to amend its certificate of organization to relocate its subsidiary office from 125 East Avenue, Norwalk, Connecticut to 404 Westport Avenue, Norwalk, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Pacific Continental Securities Corporation Assessed $7,500
for Unregistered Stock Sales;
Offers $70,000 in Rescission to Affected Connecticut Investors

On January 2, 2002, the Commissioner entered a Consent Order with respect to Pacific Continental Securities Corporation, a Connecticut-registered broker-dealer having offices at 8484 Wilshire Boulevard, Suite 450, Beverly Hills, California and 2 Rector Street, 13th Floor, New York, New York. The Consent Order was based on allegations that, at various times from July 1998 through July 1999, the firm sold unregistered, non-exempt common stock of Uniforms for America (OTC BB: UNIF) to Connecticut residents in violation of Section 36b-16 of the Connecticut Uniform Securities Act. In furtherance of its desire to informally resolve the matter with the department, the firm furnished proof that it had extended a $70,000 rescission offer to affected Connecticut purchasers of the UNIF stock and that those investors electing rescission were repaid.

Pursuant to the Consent Order, the firm paid $7,500 to the department. Of that amount, $6,000 constituted an administrative fine and $1,500 represented reimbursement for agency investigative costs. In addition, the Consent Order directed the firm to implement revised supervisory and compliance procedures; and provide quarterly reports to the department for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents. The Consent Order also restricted the firm's business for two years to the purchase, sale and redemption of securities issued by investment companies regulated under the Investment Company Act of 1940; government securities; exchange-listed options; and securities listed on the New York Stock Exchange, the American Stock Exchange and the National Market System of NASDAQ. Finally, the Consent Order required that the firm pay the expenses, not to exceed $1,500 in the aggregate, of one or more examinations to be conducted by the department within eighteen months.

The firm has, since commencement of negotiations on the Consent Order, filed to voluntarily withdraw its broker-dealer registration nationwide.

Dated: Tuesday, January 8, 2002

John P. Burke
Commissioner