DOB: News Bulletin 2169 - September 16, 2005

The Department of Banking News Bulletin

Bulletin # 2169
Week Ending September 16, 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 Written comments will be considered only if they are received within ten days from the date of this bulletin.


The Department of Banking Web site address has changed, as of September 20, 2005, from to  Please change any bookmarks you may have in your browser for the department to the new address.  We encourage you to visit our new Web site which features expanded content for industry and consumers, a new navigation scheme and added features, such as    “e-alerts”.

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
Connecticut River
   Community Bank
64 Oak Street
Glastonbury, CT  06033
Savings Bank of Danbury
90 Mill Plain Road
Danbury, CT  06811
People's Bank
FROM: 24 Washington Ave.
          North Haven, CT 06473
TO:     79 Washington Ave.
          North Haven, CT 06473
filed to
Connecticut Bank and
  Trust Company, Hartford
148 Broad Street
Windsor, CT 06905
Connecticut Bank and
  Trust Company, Hartford
435 Hartford Turnpike
Vernon, CT  06066

On September 12, 2005, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Elgin, Illinois, filed a request for approval to expand its field of membership in the State of Connecticut to include employees of Best Western Hotel, Mystic.

The Securities and Business Investments Division, in conjunction with the Securities Advisory Council to the Department, is sponsoring its seventeenth annual Securities Forum conference on Tuesday, October 11, 2005 at the Crowne Plaza Hotel and Conference Center (formerly the Radisson Hotel and Conference Center) in Cromwell, Connecticut.  A timely and outstanding agenda of panel presentations, featuring expert speakers, will help financial industry professionals keep abreast of current and evolving regulatory developments.  Walter Ricciardi, District Administrator for the Boston District of the Securities and Exchange Commission, will be the keynote speaker.  The conference includes a luncheon and course materials.  For further program and registration information, visit the department's Web site or call the agency at (860) 240-8260.
On September 13, 2005, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by NewAlliance Bancshares, Inc. of all the outstanding voting securities of Cornerstone Bancorp, Inc., and indirectly, Cornerstone Bank.  Also on September 13, 2005, pursuant to Section 36a-125 of the Connecticut General Statutes, the Commissioner approved the merger of Cornerstone Bank with and into NewAlliance Bank.
Power Internet Terminals, Inc. Fined $20,000 for Offering Unregistered
Business Opportunities, Making Unsubstantiated Earnings Claims
On August 8, 2005, the Commissioner entered an Order fining Power Internet Terminals, Inc. $20,000 for violations of the Connecticut Business Opportunity Investment Act.  Power Internet Terminals, Inc. maintains an office at 3400 Lakeside Drive, Suite 510, Miramar, Florida.  The respondent was also the subject of a June 29, 2005 Stop Order denying effectiveness to the respondent’s pending business opportunity registration, and an April 26, 2005 Order to Cease and Desist and Notice of Intent to Fine alleging that 1) the respondent, which purportedly offered a public access Internet terminal business opportunity, filed a materially incomplete registration application that failed to disclose, inter alia, 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; 2) the respondent offered unregistered business opportunities through its web site in violation of Section 36b-71(1) of the Connecticut Business Opportunity Investment Act; and 3) the respondent 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 Order to Cease and Desist, being uncontested by the respondent, had become permanent on May 17, 2005.
In fining the respondent $20,000, the Commissioner found that the respondent had violated Sections 36b-67(1) and 36b-67(2) of the Connecticut Business Opportunity Investment Act as described above.  The respondent did not appear or contest the imposition of the fine.
Dated: Tuesday, September 20, 2005

John P. Burke