DOB: News Bulletin 2112 - August 13, 2004

The Department of Banking News Bulletin

Bulletin # 2112
Week Ending August 13, 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
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 Financial Institutions Division, (860) 240-8180.

Date Bank Location Activity
8/09/04 New Alliance Bank
New Haven
FROM: 435-W Hartford Turnpike
          Vernon, CT  06066
TO:     348 Hartford Turnpike
          Vernon, CT  06066 
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 200 Merrow Road
         Tolland, CT  06084
TO:    215 Merrow Road
         Tolland, CT  06084 
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 1665 Ellington Road
          South Windsor, CT  06074
TO:     481 Buckland Road
          South Windsor, CT  06074
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 1671 Boston Turnpike
          Coventry, CT  06238
TO:     3534 Main Street
          Coventry, CT  06238 
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 49 Hazard Avenue
          Enfield, CT  06082
TO:     73 Hazard Avenue
          Enfield, CT  06082 
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 287 Somers Road
          Ellington, CT  06029
TO:     175 West Road
          Ellington, CT  06029 
approved
to relocate
8/09/04 New Alliance Bank
New Haven
FROM: 1007 Main Street
          Manchester, CT  06040
TO:     923 Main Street
          Manchester, CT  06040 
approved
to relocate

 SETTLEMENT AGREEMENT

On August 11, 2004, the Banking Commissioner entered into a Settlement Agreement with Joseph V. Ciaburri, Chairman and Chief Executive Officer of The Bank of Southern Connecticut ("the Bank"), and Michael M. Ciaburri, President and Chief Operating Officer of the Bank (collectively referred to as "the Respondents"). The Settlement Agreement was based upon an investigation by the Financial Institutions Division of the Connecticut Department of Banking which found a violation of the Connecticut General Statutes Section 36a-262(a) regarding limitations on liabilities of any one obligor. Specifically, the Respondents approved three (3) loans and issued a commitment letter on behalf of the Bank for such loans which resulted in a concentration of unsecured credit exceeding 15 percent of the equity capital and reserves for loan and lease losses of the Bank. Such conduct constituted violations of Section 36a-53(d)(1)(c) of the Connecticut General Statutes.

Each respondent has agreed to pay a civil penalty of $2,500. In addition, the respondents agree to maintain policies and practices that will ensure no future occurrence of said violations.

SALE OF ASSETS

On August 3, 2004, pursuant to the provisions of Section 36a-210 of the Connecticut General Statutes, The Community's Bank requested approval to sell the assets of its branch located at 48 Jerome Avenue, Bloomfield, Connecticut, to Windsor Federal Savings and Loan Association, Windsor, Connecticut.

CONVERSION

On August 10, 2004, pursuant to Section 36a-135 of the Connecticut General Statutes, as amended by P.A. 03-259, the Commissioner granted approval to Naugatuck Valley Savings and Loan, S.B., Naugatuck, Connecticut, to convert from a mutual savings bank to a federal mutual savings bank to be known as "Naugatuck Valley Savings and Loan".

Dated: Tuesday, August 17, 2004

John P. Burke
Commissioner