DOB: News Bulletin 2165 - August 19, 2005

 The Department of Banking News Bulletin

Bulletin # 2165
Week Ending August 19, 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
8/16/05 Rockville Bank
Rockville
FROM:1703 Boston Turnpike
         Meadowbrook Shop. Ctr.
         Coventry, CT  06238
TO:    1671 Boston Turnpike
         Meadowbrook Shop. Ctr.
         Coventry, CT  06238
approved
to relocate
8/18/05 The Simsbury Bank
   & Trust Company
Simsbury
250 Albany Turnpike
Canton, CT  06019
approved

CREDIT UNION ACTIVITY
Branch Activity

Date Credit Union Location Activity
8/18/05 Sikorsky Financial
  Credit Union, Inc.
Stratford
FROM:  711 Bridgeport Avenue
           Shelton, CT
TO:      707 Bridgeport Avenue
           Shelton, CT        
filed to
 relocate

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Virginia Firm Fined $10,000 for Unregistered Broker-dealer Activity;
Ordered to Cease and Desist from Regulatory Violations

On August 10, 2005, the Commissioner entered a Consent Order with respect to McKinnon & Company, Inc., an applicant for broker-dealer registration located at 555 Main Street, Norfolk, Virginia. The Consent Order alleged that the firm had transacted business as a broker-dealer absent registration, earning concessions from a bank stock underwriting and $1,267 in commissions, and had disclosed only part of its unregistered activity to the Division. The Consent Order required that the firm pay $10,000 to the department. Of that amount, $7,500 constituted an administrative fine, $1,200 represented partial disgorgement of commissions earned as a result of the unregistered activity, $500 of which represented past due broker-dealer and agent registration fees and $800 of which constituted reimbursement for Division investigative costs. In addition, the Consent Order directed the firm to cease and desist from regulatory violations; implement revised supervisory and compliance procedures; and provide the Division with quarterly reports concerning complaints, actions and proceedings involving Connecticut residents for two years. The firm's broker-dealer registration became effective in Connecticut on August 10, 2005.

Dated: Tuesday, August 23, 2005

John P. Burke
Commissioner