DOB: News Bulletin 2036 - February 28, 2003

The Department of Banking News Bulletin 

Bulletin # 2036
Week Ending February 28, 2003

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

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.

State Bank Activity

Date Bank Location Activity
02/27/2003 Farmington Savings Bank
Farmington
One Center Street
Southington, CT  06489
filed

NAME CHANGE

On February 27, 2003, pursuant to Section 36a-82 of the Connecticut General Statutes, First International Bank, Hartford, filed an application to change its name to UPS Capital Business Credit. Written objections to the application may be made for a period of 30 days from the date of publication of this bulletin on the grounds that the name selected will tend to confuse the public.

MERGER

On February 28, 2003, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, U.S. Trust Company, National Association, filed an application for the merger of U.S. Trust Company, a Connecticut bank, with and into U.S. Trust Company, National Association.

CONSUMER CREDIT DIVISION ACTIVITY

On February 24, 2003, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing against Wachovia Mortgage Corporation, 1100 Corporate Center Drive, Raleigh, North Carolina 27607-5066. The agency's action was based on the fact that the entity has engaged in the business of making first mortgage loans in this state without a first mortgage lender license in violation of Section 36a-486(a) of the Connecticut General Statutes.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Agent Subject to Three Year Administrative Probation;
Consent Order Conditioning Registration as
an Investment Adviser Agent Issued

On February 24, 2003, the Commissioner issued a Consent Order conditioning the registration of Charles Edward Dear as an investment adviser agent of Diastole Wealth Management, Inc., an SEC-registered investment adviser. Dear had previously been registered as an investment adviser in his own right pursuant to a June 3, 2002 Consent Order Conditioning Registration as an Investment Adviser. However, on December 5, 2002, the Commissioner had entered an order revoking Dear's registration as an investment adviser and fining him $5,000 based upon a determination that Dear had violated the terms of his conditional registration. The February 24, 2003 Consent Order acknowledged that Dear would be subject to the supervision of Diastole Wealth Management, Inc., and prescribed specific supervisory protocols to be observed by that firm with respect to Dear's activities.

The February 24, 2003 Consent Order imposed a three-year probationary period on Dear and directed him to cease and desist from engaging in conduct that would constitute a violation of the Connecticut Uniform Securities Act or any regulation or order under the Act. In addition, the Consent Order prohibited Dear from supervising investment adviser agents and from supervising himself. The Consent Order also required that Dear 1) limited his advisory services to insurance products regulated by the Connecticut Insurance Commissioner, investment company securities, exchange listed securities and securities traded on NASDAQ-NMS; 2) refrain from having custody of client funds or securities; and 3) refrain from holding or exercising discretionary authority over client accounts except as in accordance with the policies and procedures of his supervising firm. In addition, the Consent Order obligated Dear's employing firm to provide quarterly reports to the department for two years describing any securities-related complaints, actions or proceedings involving Dear.

Charles Dear became registered as an investment adviser agent of Diastole Wealth Management, Inc. in Connecticut on February 24, 2003.

Darien Firm Assessed $3,900 for Unregistered
Investment Advisory Activity, Late Notice Filing

On February 27, 2003, the Commissioner entered into a Stipulation and Agreement with T. Robbins Capital Management, LLC, an SEC-registered investment adviser having its principal office at 7 Edgehill Drive, Darien, Connecticut. The Stipulation and Agreement claimed that 1) from approximately January 2000 until October 1, 2000, when it became subject to exclusive SEC oversight, the firm transacted business as an investment adviser absent registration under Section 36b-6(c) of the Connecticut Uniform Securities Act; and 2) from October 1, 2002 until January 27, 2003, when a notice filing was made, the firm failed to make the investment advisory notice filing required of SEC-registered 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 the firm had relied upon the advice of legal counsel in not pursuing state registration, that the firm had brought its state registration lapse to the agency's attention and that the firm had since filed the notice required of SEC-registered investment advisers by Section 36b-6(e) of the Act. Pursuant to the Stipulation and Agreement, the firm agreed to pay $3,900 to the department. Of that amount, $3,000 constituted an administrative fine and $900 represented past due registration fees for the firm and its investment adviser agent as well as past due notice filing fees.

Dated: Tuesday, March 4, 2003

John P. Burke
Commissioner