DOB: News Bulletin 2011 - September 6, 2002

The Department of Banking News Bulletin 

Bulletin # 2011
Week Ending September 6, 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
8/29/02 Tolland Bank
Vernon
73 Hazard Avenue
Enfield, CT 06082
approved
9/04/02 The Dime Savings Bank of
  Norwich
131 & 135 Franklin Street
Westerly, RI 02891
filed
9/04/02 Northern Trust Company
  of Connecticut, Stamford
580 California Street, # 1300
San Francisco, CA 94104
filed
9/06/02 People's Bank
Bridgeport
FROM:  81 Fairfield Road
          Storrs, CT  06269
TO:     2075 Hillside Road
          Storrs, CT  06269
approved
to relocate

MAIN OFFICE RELOCATION

On September 3, 2002, pursuant to Section 36a-81 of the Connecticut General Statutes, The Bank of New Canaan received approval to relocate its main office from 156 Cherry Street, New Canaan, Connecticut, to 208/212 Elm Street, New Canaan, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On September 3, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, PayPal, Inc. received approval to engage in the business of money transmission.

REORGANIZATION INTO A MUTUAL HOLDING COMPANY

On September 6, 2002, pursuant to Section 36a-192 of the Connecticut General Statutes, Putnam Savings Bank, Putnam, Connecticut, a mutual savings bank, filed an application to reorganize as a mutual holding company, and pursuant to Section 36a-198 of the Connecticut General Statutes, as amended by P.A. 02-47, for the establishment of a subsidiary holding company to be known as PSB Holdings, Inc.

EFFECTIVE REGULATIONS

Effective September 6, 2002, Sections 36a-428c-1, 36a-428c-4 and 36a-428c-6 of the Department's foreign bank regulations concerning the asset pledge requirements applicable to state branches and state agencies of foreign banks in Connecticut have been amended to ensure that there are adequate assets available for creditors in the event of liquidation based on a supervisory assessment of risk factors. A copy of the final regulations can be obtained by contacting the Legal Division at (860) 240-8142 and are available on the Department's website.

Dated: Tuesday, September 10, 2002

John P. Burke
Commissioner