DOB: News Bulletin 2147 - April 15, 2005

The Department of Banking News Bulletin 

Bulletin # 2147
Week Ending April 15, 2005

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, Banking Commissioner, 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
4/04/05 Newtown Savings Bank
Newtown
815-819 Bridgeport Avenue
Shelton, CT  06484
opening
date
3/21/05 People's Bank
Bridgeport
Stop & Shop
125 Danbury Road
Ridgefield, CT  06877
opening
date

CREDIT UNION ACTIVITY
 Main Office Relocation

On April 13, 2005, pursuant to Section 36a-463b of the Connecticut General Statutes, CenConn Credit Union, Inc. filed an application to relocate its main office from 1064 East Main Street, Meriden, Connecticut to 279 New Britain Road, Berlin, Connecticut.

Merger

On April 15, 2005, pursuant to Section 36a-468a of the Connecticut General Statutes, Mutual Security Credit Union, Inc., Wilton, a Connecticut credit union, filed an application to merge with Main Street Members Federal Credit Union, Stratford, a federally chartered credit union, with Mutual Security Credit Union, Inc. as the resulting credit union.

Name Change

On April 15, 2005, pursuant to Section 36a-437a of the Connecticut General Statutes, CenConn Credit Union, Inc. received approval to change its name to Achieve Financial Credit Union, Inc.

Field of Membership

On April 15, 2005, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Inc., Elgin, Illinois, was granted approval to expand its field of membership in the State of Connecticut to include employees of Dixwell/NewHallville Community Mental Health Services, New Haven, Summit Crane Company, Inc., Terryville, and A Place to Grow, Terryville.

MONEY TRANSMITTER LICENSE ACTIVITY

On April 13, 2005, pursuant to Section 36a-598 of the Connecticut General Statutes, MiCash, Inc., Washington, DC, filed an application to issue Connecticut payment instruments and engage in the business of money transmission.

On April 14, 2005, pursuant to Section 36a-598 of the Connecticut General Statutes, The Pay-O-Matic Corp., New York, New York, filed an application to engage in the business of money transmission.

ACQUISITION AND MERGER

On April 15, 2005, NewAlliance Bancshares, Inc., a Delaware corporation, filed an acquisition statement pursuant to Section 36a-184 of the Connecticut General Statutes, for the acquisition of Trust Company of Connecticut, a Connecticut trust bank. In conjunction with this transaction, NewAlliance Bancshares, Inc.'s wholly-owned subsidiary, NewAlliance Bank, a Connecticut bank, and Trust Company of Connecticut, a Connecticut trust bank, filed an application pursuant to Section 36a-125 of the Connecticut General Statutes for the subsequent merger of Trust Company of Connecticut with and into NewAlliance Bank.

CONSUMER CREDIT DIVISION ACTIVITY 
Settlement Agreement

On April 13, 2005, the Commissioner entered into a Settlement Agreement with Melisa Shapiro D/B/A Gabriel-Jordan Mortgage & Acquisition Funders a/k/a Gabriel Jordan Mortgage Company ("Gabriel-Jordan"). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of the investigation, pursuant to Sections 36a-51, 36a-494(a) and 52-400e of the Connecticut General Statutes, on September 17, 2004, the Commissioner issued a Notice of Intent to Revoke First Mortgage Lender/Broker License and Notice of Right to Hearing against Gabriel-Jordan ("Notice") and on November 10, 2004, pursuant to Sections 36a-50 of the Connecticut General Statutes, as amended by Public Act 03-259 and Sections 36a-51, 36a-53a, 36a-494(a) and 52-400e of the Connecticut General Statutes, the Commissioner issued an Amended Notice of Intent to Revoke First Mortgage Lender/Broker License and Notice of Right to Hearing, Notice of Intent to Refuse to Renew First Mortgage Lender/Broker License, Notice of Intent to Impose Civil Penalty and Notice of Hearing ("Amended Notice"). The Amended Notice alleged that Gabriel-Jordan's failure to pay four civil judgments, failure to maintain the required tangible net worth and material misstatements in the renewal application constituted bases to revoke or refuse to renew Gabriel-Jordan's first mortgage lender/broker license and that Gabriel-Jordan's violation of Section 36a-53a served as a basis to impose a civil penalty. On January 25 and February 4, 2005, Gabriel-Jordan filed Satisfactions of Judgment for three of the judgments, and on February 9, 2005, Gabriel-Jordan filed a copy of the Motion to Reopen Judgment concerning the fourth matter. On February 14, 2005, Gabriel-Jordan filed an amendment to its renewal application indicating that it was seeking to renew as a first mortgage broker only, corrections to the prior misstatements in the renewal application, and revised financials which met the requirement for issuance of a first mortgage broker only license. Pursuant to the Settlement Agreement, Gabriel-Jordan is required to file a copy of the court's ruling on its Motion to Reopen Judgment and pay the judgment if the ruling is adverse to Gabriel-Jordan unless it is appealed. If appealed, Gabriel-Jordan is required to file a copy of the appeal and court's ruling with the Commissioner. If the final ruling is adverse to Gabriel-Jordan, Gabriel-Jordan is required to pay the judgment and submit proof of payment to the Commissioner. Gabriel-Jordan agreed to maintain the required net worth, pay future judgments and not file misstatements in future applications. Gabriel-Jordan consented to the revocation or refusal to renew its broker only license waiving its right to notice and an administrative hearing in conjunction therewith if it fails to abide by the terms of the Settlement Agreement. In addition, Gabriel-Jordan agreed to remit to the Department of Banking $1,000 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Deny Registration as Investment Adviser Issued

On April 12, 2005, the Commissioner issued a Notice of Intent to Deny Registration as Investment Adviser and Notice of Right to Hearing against Walsh Capital Management, LLC, an applicant for investment adviser registration under the Connecticut Uniform Securities Act. The firm is located at 941 Danbury Road, Wilton, Connecticut. The Notice of Intent to Deny Registration alleged that the firm failed to fulfill the experience requirements in the Act and its Regulations or to demonstrate that it otherwise possessed sufficient knowledge and experience in the sale of securities or the rendering of advice about the purchase or sale of securities. Walsh Capital Management, LLC was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Investment Adviser.

Dated: Tuesday, April 19, 2005

John P. Burke
Commissioner