DOB: News Bulletin 1997 - May 31, 2002

The Department of Banking News Bulletin 

Bulletin # 1997
Week Ending May 31, 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
5/28/02 Farmington Savings Bank
Farmington
*The Gables at Farmington
20 Devonwood Drive
Farmington, CT 06032
approved
* Limited Branch - Special Needs

ACQUISITION AND MERGER

On May 31, 2002, pursuant to Sections 36a-184 and 36a-411 of the Connecticut General Statutes, and Section 36a-412 of the Connecticut General Statutes, as amended by Public Act 01-76, Banknorth Group, Inc., a holding company with its principal place of business in Maine, and its wholly-owned subsidiary Banknorth, National Association, a national banking association, filed an acquisition statement and applications for Banknorth Group, Inc. to acquire Bancorp Connecticut, Inc., and its wholly-owned subsidiary Southington Savings Bank, a Connecticut bank, and for the subsequent merger of Southington Savings Bank with and into Banknorth, National Association. In connection with the acquisition statement and applications, Banknorth Group, Inc. and Banknorth, National Association filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.

CREDIT UNION DIVISION ACTIVITY
Notice of Intent to Issue Order to Cease and Desist,
Notice of intent to Impose Civil Penalty and Notice of Right to Hearing

On May 30, 2002, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing to Corporate America Family Credit Union, Elgin, Illinois. The action was based on allegations that on or after March 17, 1997, the Respondent established a branch in Stamford, Connecticut; and amended its articles of incorporation to add to its field of membership at least 33 select employee groups located in Connecticut, without applying for or obtaining prior written approval of the Commissioner.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist.

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Notice of Intent to Revoke Registration
as Agent Issued to Broker-dealer Agent

On May 28, 2002, the Commissioner issued a Notice of Intent to Revoke the registration of Eugene Arnold Chapman as a broker-dealer agent of Lincoln Investment Planning, Inc. The action was based on allegations that on September 20, 2001, the NASD suspended the respondent for three months from associating with any NASD member in any capacity and fined the respondent $5,000 based on claims that the respondent engaged in private securities transactions absent notice to, and approval from, his employing broker-dealer. Both the respondent and Lincoln Investment Planning, Inc. are located in New Jersey. The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Revoke Registration as Agent.

Investment Adviser Assessed $2,250 for
Failure to File Investment Advisory Notice

On May 21, 2002, the Commissioner entered into a Stipulation and Agreement with Restructuring Capital Associates, L.P. of Two Stamford Plaza, Suite 1501, 281 Tresser Boulevard, Stamford, Connecticut. The firm is an investment adviser registered with the Securities and Exchange Commission.

The Stipulation and Agreement claimed that from 1997 until February 26, 2002, when a notice was filed, the firm failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act and pay the related fees. The Stipulation and Agreement required that the firm pay $2,250 to the department. Of that amount $1,500 constituted an administrative fine and $750 constituted reimbursement for past due notice filing fees.

Dated: Tuesday, June 4, 2002

John P. Burke
Commissioner