DOB: News Bulletin 2097 - April 30, 2004

The Department of Banking News Bulletin 

Bulletin # 2097
Week Ending April 30, 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
4/29/04 Naugatuck Valley Savings
   and Loan, S.B.
FROM:   860 Bridgeport Avenue
            Shelton, CT  06484
TO:       504 Bridgeport Avenue
            Shelton, CT  06484
filed to
relocate

ACQUISITION AND MERGER

On April 29, 2004, pursuant to Section 36a-411 of the Connecticut General Statutes, the Commissioner approved the acquisition by AXA Assurances IARD Mutuelle, AXA Assurances Vie Mutuelle, AXA Courtage Assurance Mutuelle, and AXA Financial, Inc., of 100 percent of the issued and outstanding voting stock of The MONY Group Inc., and, indirectly, Advest Trust Company, and, pursuant to Section 36a-185 of the Connecticut General Statutes, as amended by Public Act 03-259, issued a notice of intent not to disapprove such acquisitions. Also on April 29, 2004, the Commissioner, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, as amended by Public Act 03-196, approved the merger of Advest Trust Company with and into Frontier Trust Company, FSB.

REORGANIZATION AS A MUTUAL HOLDING COMPANY

On April 30, 2004, the Commissioner, in connection with the application by Collinsville Savings Society to reorganize so as to form a mutual holding company, issued a notice of intent not to disapprove the formation of a proposed mutual holding company to be known as Collinsville Savings Mutual Holding Company pursuant to Section 36a-192(d) of the Connecticut General Statutes. Also in connection with the application, approval was granted pursuant to Sections 36a-193 and 36a-192(b)(2) of the Connecticut General Statutes to form a reorganized savings institution to be known as Collinsville Stock Bank, and subsequently merge Collinsville Savings Society with and into Collinsville Stock Bank, the resulting bank to operate as a capital stock savings bank under the name Collinsville Savings Bank.

ACQUISITION AND MERGER

On April 30, 2004, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by Salisbury Bancorp, Inc., of 100 percent of the voting securities of Canaan National Bancorp, Inc., and, indirectly, The Canaan National Bank. Also on April 30, 2004, pursuant to Section 36a-126(a) of the Connecticut General Statutes, the Commissioner approved the merger of The Canaan National Bank with and into Salisbury Bank and Trust Company.

NEW BANK ACTIVITY

On April 28, 2004, pursuant to Section 36a-70 of the Connecticut General Statutes, a temporary certificate of authority was issued to the organizers of The Bank of Southeastern Connecticut, for the purpose of conducting the business of a bank and trust company in New London, Connecticut.

On April 30, 2004, the Temporary Certificate of Authority for The Customers' Bank (In Organization) that was issued, pursuant to Section 36a-70 of the Connecticut General Statutes, expired.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist, Notice of Intent to Fine Issued
in Connection With Unregistered Promissory Note Sales

On March 29, 2004, the Commissioner issued an Order to Cease and Desist and Notice of Intent to Fine against Charles Michael Ameer of 69 Old Farm Road, Weston, Connecticut. The action alleged that 1) from July 1996 forward, the respondent sold unregistered securities in the form of promissory notes to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act; and 2) the respondent violated the fraud prohibition in Section 36b-4 of the Act by failing to place investor funds in safe, conservative investments as promised; representing to investors that he was a Certified Public Accountant when the Connecticut Board of Accountancy had revoked his license on March 3, 1998; failing to return investor funds as promised. Since the respondent did not request a hearing on the Order to Cease and Desist, the Order to Cease and Desist became permanent on April 17, 2004. A hearing on the Notice of Intent to Fine has been set for May 18, 2004.

Pennsylvania Firms Permanently Barred from Transacting Business
as Broker-dealers or Investment Advisers

On April 23, 2004, the Commissioner entered a Consent Order with respect to J.R.D. Productions, Inc. and Jan Lewan Show Gifts, Inc., both of 206 West 21st Street, Hazelton, Pennsylvania. The respondents had been the subject of a March 3, 2004 Order imposing a $20,000 fine against them as well as a November 19, 2003 Order to Cease and Desist which, being uncontested, had become permanent on December 16, 2003. In fining the respondents $20,000, the Commissioner had found that from June 1992 to April 5, 2002, promissory notes were issued by both respondents absent compliance with the securities registration requirements in Section 36b-16 of the Connecticut Uniform Securities Act, and that Jan Lewandowski a/k/a Jan Lewan, seller of the notes, was not registered as an agent of issuer in violation of Section 36b-6(b) of the Act. Subsequent to the entry of the March 3, 2004 Order Imposing Fine, the Commissioner received notice that the respondents had declared bankruptcy in Pennsylvania. As a result, the April 23, 2004 Consent Order rescinded the March 3, 2004 Order Imposing Fine, but permanently barred the respondents from transacting business as broker-dealers or investment advisers in Connecticut.

Dated: Tuesday, May 4, 2004

John P. Burke
Commissioner