DOB: News Bulletin 2092 - March 26, 2004

The Department of Banking News Bulletin 

Bulletin # 2092
Week Ending March 26, 2004

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 Financial Institutions Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

State Bank Activity

Date Bank Location Activity
3/22/04 Naugatuck Valley Savings &
  Loan, SB, Naugatuck
249 West Street
Seymour, CT  06483
filed
4/23/04 Dime Savings Bank of Norwich
Norwich
131 & 135 Franklin Street
Westerly, R.I.  02891
opening
date
4/23/04 Dime Savings Bank of Norwich
Norwich
56 Wells Street
Westerly, R.I.  02891
closing
date

NEW BANK ACTIVITY

On March 17, 2004, pursuant to Section 36a-70(i) of the Connecticut General Statutes, the Commissioner approved the application filed by the organizers of Customers’ Bank (In Organization) to extend the period for which the Temporary Certificate of Authority is valid, from March 18, 2004 to April 30, 2004.

 MERGER

On March 26, 2004, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, as amended by Public Act 03-196, the Commissioner granted approval to The Prudential Savings Bank, FSB, a federal savings bank with its main office located in Atlanta, Georgia, for the merger of CIGNA Bank & Trust Company, FSB, a federal savings bank with its main office located in Hartford, Connecticut, with and into The Prudential Savings Bank, FSB.

CHECK CASHING SERVICE LICENSE ACTIVITY

On March 25, 2004, Reina S. Garcia d/b/a Garcia Check Cashing withdrew its application to operate a check cashing service general facility at 114 Woodward Street, Norwalk Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Deny Registration as Broker-dealer Issued

On March 26, 2004, the Commissioner issued a Notice of Intent to Deny the broker-dealer registration of Harrison Douglas, Inc. The firm maintains its principal office at 5303 E. Evans Avenue, Suite 201, Denver, Colorado. Although the firm had filed a request to withdraw its registration application, Section 36b-15(e)(1) of the Connecticut Uniform Securities Act permits the initiation of denial proceedings within one year following the effective date of the withdrawal. The Commissioner’s action was based on allegations that the firm and its president, Douglas Wayne Schriner, had been the subject of the following NASD sanctions: 1) a July 7, 2000 fine of $5,000 imposed against the firm for failing to satisfy minimum net capital requirements; 2) a June 25, 2001 censure and fine imposed against the firm and Douglas Wayne Schriner for selling shares of an IPO to residents of a state where the offering was not registered, completing a false offering questionnaire for the lead underwriter and failing to promptly amend Forms BD and U-4 to reflect certain disciplinary items; and 3) a September 17, 2003 censure and fine imposed against the firm and Douglas Wayne Schriner for failing to exercise adequate supervisory controls by permitting Douglas Schriner to perform duties requiring registration while his registration was inactive. The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Broker-dealer.

Broker-dealer Fined $5,000 for Failing to Provide Records
to the Department

On March 15, 2004, the Commissioner entered a Consent Order with respect to Calvert D. Crary. Crary had been registered as a broker-dealer agent of VFinance Investments, Inc. under the Connecticut Uniform Securities Act from June 14, 2002 to December 19, 2003. VFinance Investments, Inc. maintained its principal office at 3010 North Military Trail, Suite 300, Boca Raton, Florida. The Consent Order alleged that, at various times between March 2003 and December 2003, Crary failed to provide records to the Commissioner in a timely manner, conduct that, if proven, would have then supported the suspension, revocation or restriction of Calvert Crary’s broker-dealer agent registration. The Consent Order directed respondent Crary to cease and desist from violating those regulatory provisions relating to agency examinations; pay a $5,000 fine; and refrain from effecting securities transactions for five business days commencing on March 19, 2004.

Dated: Tuesday, March 30, 2004

John P. Burke
Commissioner