DOB: News Bulletin 2079 - December 26, 2003

The Department of Banking News Bulletin 

Bulletin # 2079
Week Ending December 26, 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
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
12/17/03 Liberty Bank
Middletown
859 Boston Post Road
Madison, CT  06443
opening
date

CREDIT UNION ACTIVITY
Branch Activity

Date Credit Union Location Activity
12/26/03 Mutual Security
   Credit Union, Inc.
Wilton, CT
FROM:  14 Candlewood Lake Road
           Brookfield, CT   06804
TO:      143 Federal Road
           Brookfield, CT  06804
approved
to relocate

Merger

On December 23, 2003, pursuant to Section 36a-468a of the Connecticut General Statutes, approval was granted to Mututal Security Credit Union, Inc., Wilton, a Connecticut credit union, to merge Sorvall Employees Federal Credit Union, Newtown, a federal credit union, with and into Mututal Security Credit Union, Inc.

ACQUISTION AND MERGER

On December 23, 2003, pursuant to Sections 36a-184, 36a-411 and 36a-412 of the Connecticut General Statutes, AXA Assurances IARD Mutuelle, AXA Assurances Vie Mutuelle and AXA Courtage Assurance Mutuelle (collectively "Mutuelles AXA"), three mutual insurance companies incorporated under the laws of France, Mutuelles AXAís wholly-owned subsidiary AXA Financial, Inc., a Delaware corporation, and AXA Financial Inc.ís indirectly wholly-owned subsidiary, Frontier Trust Company, FSB, a federal savings bank limited to fiduciary powers whose main office is located in Fargo, North Dakota, filed an acquisition statement and applications for the acquisition of The MONY Group Inc., a Delaware corporation whose main office is located in New York, New York, and indirectly The MONY Group Inc.ís wholly-owned subsidiary Advest Trust Company, a federal savings bank limited to fiduciary powers whose main office is located in Hartford, Connecticut, and for the subsequent merger of Advest Trust Company with and into Frontier Trust Company, FSB.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Issue Stop Order Denying Effectiveness
to Business Opportunity Registration Issued; Order to Cease and Desist
Entered; Notice of Intent to Fine Issued

On December 22, 2003, the Commissioner issued a Notice of Intent to Issue a Stop Order denying effectiveness to the pending business opportunity registration of Debit Corporation of America, Inc. The respondent is located at 3475 Sheridan Street, Suite 215F, Hollywood, Florida. As part of the same action, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against the respondent. The respondent purportedly is in the business of selling debit card sales systems, display items that store prepaid MasterCard activation certificates and location assistance, all for the purpose of enabling purchasers to start their own business. The action alleged that the registration application was materially incomplete in that the respondent, through its current and former principals, Jack Gordon and Janice Tipp, failed to submit such items as: adequate financial information, proof of compliance with those provisions of Title 36a of the Connecticut General Statutes governing money transmitters, an explanation of how the debit card business systems would work, litigation history; and bankruptcy information on the respondentís predecessors. The action also claimed that 1) from at least March 2003 forward, the respondent had sold its unregistered debit card business opportunity to at least three Connecticut purchasers in violation of the Connecticut Business Opportunity Investment Act; 2) the respondent failed to disclose the existence of a July 9, 2003 civil complaint for injunctive relief filed against it by the Attorney General of the State of California; and 3) the respondent violated Section 36b-67 of the Connecticut Business Opportunity Investment Act by making unsubstantiated earnings claims on its web site. The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Issue Stop Order and the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for February 18, 2004.

Dated: Tuesday, December 30, 2003

John P. Burke
Commissioner