DOB: News Bulletin 2149 - April 29, 2005

The Department of Banking News Bulletin 

Bulletin # 2149
Week Ending April 29, 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.


ACQUISITION

On April 28, 2005, pursuant to Sections 36a-411 of the Connecticut General Statutes, the Commissioner approved the application of U.S. Bancorp, Inc., and its subsidiary U.S. Bank, National Association, to acquire and retain the ownership and control of 100% of the to be issued voting stock of State Street Bank and Trust Company of Connecticut, National Association, and pursuant to Section 36a-185 of the Connecticut General Statutes, issued a notice of intent not to disapprove such acquisition.

CREDIT UNION ACTIVITY 
Name Change

On April 26, 2005, pursuant to Section 36a-437a of the Connecticut General Statutes, The Stamford Health System Employees Credit Union, Inc. received approval to amend its bylaws and certificate of incorporation to change its name to Stamford Healthcare Credit Union, Inc.

Field of Membership

On April 26, 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 Ward Leonard Electric Company, Inc., Thomaston, Connecticut.

Mergers

On April 29, 2005, pursuant to Section 36a-468a of the Connecticut General Statutes, Members Credit Union, Inc., Stamford, a Connecticut credit union, filed an application to merge with Bethel Stamford Credit Union, Inc., Stamford, a Connecticut credit union, with Members Credit Union, Inc. as the resulting credit union.

NEW BANK ACTIVITY
Order for Hearing

Pursuant to Section 36a-70 of the Connecticut General Statutes, the Commissioner has ordered a hearing to be held on May 18, 2005 at 10:00 a.m. in Room 50 of the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut, on the application of James E. Calkins, John J. Fareri, Anthony J. Melillo, Jr., Robert J. Oca, Richard M. Sontag, Thomas A. Steen and Stephen C. Thurlow to organize The Bank of Greenwich, Greenwich, Connecticut, for the purpose of doing business as a Connecticut bank.

CONSUMER CREDIT DIVISION ACTIVITY
Findings of Fact, Conclusions of Law and Order

On April 19, 2005, the Commissioner issued Findings of Fact, Conclusions of Law and Order ("Final Decision") In the Matter of: Fidelity Capital Group, Inc. (Respondent). Respondent had been the subject of a February 22, 2005 Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing. Respondent failed to request a hearing. The Commissioner ordered, pursuant to Section 36a-52(a) of the Connecticut General Statutes, that Respondent Cease and Desist from violating Section 36a-486(a) of the Connecticut General Statutes. A copy of the Final Decision can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.

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

On April 26, 2005, the Commissioner issued a Notice of Intent to Issue Stop Order Denying Effectiveness to a Business Opportunity Registration, Order to Cease and Desist and Notice of Intent to Fine against Power Internet Terminals, Inc. of 3400 Lakeside Drive, Suite 510, Miramar, Florida. Power Internet Terminals, Inc., which allegedly offered a public access internet terminal business opportunity, applied for registration under the Connecticut Business Opportunity Investment Act. The action alleged that the respondent's registration application was materially incomplete in that, among other things, it failed to disclose a May 1, 2003 Final Order to Cease and Desist, Denying Exemptions and Assessing Civil Penalties entered by the State of Oregon against Frank Mineo, president of the respondent, based on alleged violations of the Oregon antifraud provisions, and a September 13, 2004 Summary Order to Cease and Desist and Denying Registration issued by the State of Washington against the respondent and Frank Mineo. The action also alleged that the respondent 1) offered unregistered business opportunities through its web site in violation of Section 36b-71(1) of the Connecticut Business Opportunity Investment Act; and 2) violated Section 36b-67(2) of the Act by making representations of income and earnings potential without providing substantiating data to prospective purchaser-investors. 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 June 30, 2005.

Dated: Tuesday, May 3, 2005

John P. Burke
Commissioner