DOB: News Bulletin 2189 - February 3, 2006

The Department of Banking News Bulletin 

Bulletin # 2189
Week Ending February 3, 2006

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
1/30/06
First Signature Bank &
  Trust Company
Portsmourth, NH
* 56 Mason Street
   Greenwich, CT 06830
opening
date
2/01/06 People's Bank
Bridgeport
2145 Fairfield Avenue
Bridgeport, CT 06605
approved
2/01/06
People's Bank
Bridgeport
460 Elm Street
West Haven, CT  06516
approved
* De novo branch

State Credit Union Activity
 
Date Credit Union Location Activity
1/31/06
Connex Credit Union, Inc
New Haven
2110 Dixwell Avenue
Hamden, CT  06514
filed
1/31/06
Connex Credit Union, Inc.
New Haven
From: 210 Orange Street
        New Haven, CT 06510
To:   227 Church Street
        New Haven, CT 06510
filed to
relocate
 
ACQUISITIONS
 
On February 1, 2006, pursuant to Sections 36a-125 and 36a-184 of the Connecticut General Statutes, Nutmeg Financial MHC, a mutual savings and loan holding company headquartered in Naugatuck, Connecticut, filed an application to acquire Castle Bank & Trust Company, a Connecticut-chartered capital stock bank and trust company headquartered in Meriden, Connecticut.  The acquisition will occur through the merger of Nutmeg Interim Bank with and into Castle Bank & Trust Company, immediately following the conversion of Castle Bank & Trust Company to a Connecticut capital stock savings bank pursuant to 36a-137 of the Connecticut General Statutes. Upon consummation, the resultant organization would consist of Nutmeg Financial MHC as a multi-bank holding company with ownership of both Naugatuck Savings Bank and Castle Bank & Trust Company.  In connection with the application and acquisition statement, Nutmeg Financial MHC and Castle Bank & Trust Company filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.
 
On February 2, 2006, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, United States Trust Company of New York, New York, New York, currently a New York state-chartered bank and trust company, and U.S. Trust Company, National Association, Greenwich, Connecticut filed an application for the merger of U.S. Trust Company, National Association, with and into United States Trust Company of New York following its conversion to a national banking association.  Upon consummation, the resultant institution would operate under the name United States Trust Company, National Association, with headquarters in New York, New York.
 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $3,000 for Unregistered
Investment Adviser Agent Activity,
Late Investment Advisory Notice Filing
 
On February 2, 2006, the Commissioner entered into a Stipulation and Agreement with Comprehensive Capital Management, Inc., an SEC-registered investment adviser located at 2001 Route 46, Suite 506, Parsippany, New Jersey.  The Stipulation and Agreement alleged that from approximately August 4, 2004 until August 19, 2005, the firm engaged an unregistered investment adviser agent at its Woodbury, Connecticut office in contravention of Section 36b-6(c) of the Connecticut Uniform Securities Act; and that from approximately 2003 to August 3, 2005, the firm transacted investment advisory business in Connecticut without having filed the requisite notice.  The notice was filed and the investment adviser agent registered after the agency brought the issues to the firmís attention.  Pursuant to the Stipulation and Agreement, the firm agreed to implement revised procedures to ensure compliance with state investment advisory notice filing requirements and all statutory requirements governing the registration of affected personnel as investment adviser agents.  In addition, the firm agreed to pay $3,000 to the department.  Of that amount, $1,500 constituted an administrative fine for failing to timely file the notice required by Section 36b-6(c) of the Act, $1,000 constituted an administrative fine for failing to register its investment adviser agent and $500 represented past due notice filing and registration fees.
 
 
         Dated:  Tuesday, February 7, 2006
 
         John P. Burke
         Commissioner