DOB: News Bulletin 1986 - March 15, 2002

The Department of Banking News Bulletin 

Bulletin # 1986
Week Ending March 15, 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 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
3/11/02 Northwest Community Bank
FROM:  20 West Main Street
           Avon, CT  06001
TO:      101 Simsbury Road
           Avon, CT  06001
filed to
relocate

CONVERSION

On March 12, 2002, pursuant to Section 36a-135 of the Connecticut General Statutes, the Commissioner granted approval to Windsor Locks Savings and Loan Association, Inc., Windsor Locks, Connecticut, to convert from a Connecticut mutual savings and loan association to a federal mutual savings and loan association to be known as "Windsor Locks Community Bank, FSL".

CREDIT UNION DIVISION ACTIVITY
Merger

On March 14, 2002, pursuant to Section 36a-470 of the Connecticut General Statutes, Connecticut Family Credit Union, Inc., Bristol, filed an application to merge with and into First Bristol Federal Credit Union, Bristol.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Agent Permanently Barred from Securities Industry;
Fined $3,500 in Connection With Promissory Note Sales

On March 11, 2002, the Commissioner entered a Consent Order resolving allegations made in a November 7, 2001 Order to Cease and Desist and Notice of Intent to Fine against Donald R. Bisson of Windsor, Connecticut. The Consent Order found that, while acting as a broker-dealer agent, Donald Bisson sold promissory notes issued by Pacific Air Transport, Inc., Corlogic Corporation, Quality Automotive Enterprises, LLC and Technical Support Services, Inc. without notice to his employing firm in violation of Section 36b-31-6e of the Regulations under the Connecticut Uniform Securities Act. The Consent Order also found that, in selling the notes, the respondent 1) transacted business as an unregistered agent of the issuers involved, in violation of Section 36b-6(a) of the Act; and 2) violated Section 36b-16 of the Act by offering and selling unregistered, non-exempt securities.

The Consent Order permanently barred Donald Bisson from transacting business in Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent. In addition, the Consent Order fined the respondent $3,500, and rendered the November 7, 2001 Order to Cease and Desist permanent as of March 11, 2002.

Investment Adviser Assessed $2,100 for Lapse
in Filing Investment Advisory Notice

On March 12, 2002, the Commissioner executed a Stipulation and Agreement with respect to Atlantic Asset Management, L.L.C., an SEC-regulated investment adviser located at 2187 Atlantic Street, Stamford, Connecticut. The Stipulation and Agreement claimed that from 1997 until June 26, 2001, when a notice filing was made with the department, the firm was remiss in making the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act.

In entering into the Stipulation and Agreement, the Commissioner acknowledged the firm's representations that it had no individual clients in Connecticut; that its client base was primarily institutional; and that it had been unaware of 1997 statutory changes requiring that a notice be filed and a fee remitted. Pursuant to the Stipulation and Agreement, the firm agreed to pay $2,100 to the department; of that amount $1,500 constituted an administrative fine and $600 represented reimbursement for past due notice filing fees.

Investment Adviser Assessed $5,100 for Failing to Register
as Investment Adviser, Make Investment Advisory Notice Filing

On March 12, 2002, the Commissioner entered into a Stipulation and Agreement with respect to T.H. Fitzgerald & Co., L.L.C., an SEC-regulated investment adviser located at 180 Church Street, Naugatuck, Connecticut. The Stipulation and Agreement alleged that from at least 1989 until 1997, the firm transacted business as an investment adviser from Connecticut without being registered under Section 36b-6(c) of the Connecticut Uniform Securities Act; and that, from 1997 until February 26, 2002, the firm failed to make the notice filing required of SEC-regulated investment advisers by Section 36b-6(e) of the Act.

In entering into the Stipulation and Agreement, the Commissioner acknowledged the firm's representations that its client base was confined to corporate, governmental and institutional accounts, none of which were located in Connecticut. Pursuant to the Stipulation and Agreement, the firm agreed to pay $5,100 to the department; of that amount $1,500 constituted an administrative fine for failing to file the notice required by Section 36b-6(e) of the Act; $3,000 constituted a fine for transacting business as an investment adviser absent registration from 1989 until 1997; and $600 represented reimbursement for past due notice filing fees.

Dated: Tuesday, March 19, 2002

John P. Burke
Commissioner