The Department of Banking News Bulletin
Bulletin # 2208
Week Ending June 16, 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 email@example.com. Written comments will be considered only if they are received within ten days from the date of this bulletin.
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.
The Guilford Savings Bank
*494 Old Toll Road
North Madison, CT 06443
FROM: 670 North Colony Road
Wallingford, CT 06492
TO: 741 North Colony Road
Wallingford, CT 06492
|* Limited Branch - LPO|
MAIN OFFICE RELOCATION
On June 12, 2006, pursuant to Section 36a-81 of the Connecticut General Statutes, UPS Capital Business Credit, filed an application to relocate its main office from 280 Trumbull Street, Hartford, Connecticut, to 425 Day Hill Road, Windsor, Connecticut.
NEW BANK ACTIVITY
On June 7, 2006, pursuant to Section 36a-70(i) of the Connecticut General Statutes, Higher One Bank (In Organization) received approval for an extension of the period of its Temporary Certificate of Authority from June 30, 2006 to December 29, 2006. This approval was erroneously reported as being granted on May 15, 2006.
On June 16, 2006, pursuant to Section 36a-184 of the Connecticut General Statutes, People’s Mutual Holdings, a to be formed federal mutual holding company, filed an acquisition statement to acquire 57.8% of the issued and outstanding common stock of People’s Bank, a federal savings bank, upon its conversion from a Connecticut bank.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Two Nevada Firms and a Nevada Man Fined $350,000
in the Aggregate for Violations of State’s Securities Laws
On May 19, 2006, the Commissioner entered an Order Imposing Fine against Digital Entertainment Corp. and Pacific Rim Investment Partners, both of 3702 South Virginia Street, #G12, Reno, Nevada, and Ernest P. Lamonica of 6200 Meadwood #131, Reno, Nevada. The parties had been the subject of a February 9, 2006 Order to Cease and Desist and Notice of Intent to Fine. Respondent Lamonica was the president and CEO of Digital Entertainment Corp. and Pacific Rim Investment Partners. The February 9, 2006 action had alleged that 1) the respondents sold unregistered, non-exempt securities consisting of Digital Entertainment Corp. stock and notes and Pacific Rim Investment Partners stock to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act; 2) respondent Lamonica violated Section 36b-6(a) of the Act by transacting business as an unregistered agent of issuer; and 3) respondents Lamonica and Digital Entertainment Corp. violated Section 36b-4(a)(2) of the Act by failing to disclose to Connecticut investors that they had been the subject of cease and desist orders issued by the states of Iowa and Tennessee alleging violations of the antifraud provisions of those states’ securities laws. In fining respondent Lamonica $230,000, the Commissioner found that respondent Lamonica had committed one violation of the antifraud provisions in Section 36b-4(a)(2) of the Act, two violations of Section 36b-6(a) of the Act and two violations of Section 36b-16 of the Act. In fining respondent Digital Entertainment Corp. $20,000, the Commissioner found that Digital Entertainment Corp. committed one violation of Section 36b-4(a)(2) of the Act and one violation of Section 36b-16 of the Act. The Commissioner also fined respondent Pacific Rim Investment Partners $100,000 for committing one violation of Section 36b-16 of the Act. The respondents did not appear or contest the imposition of the fines.
Dated: Tuesday, June 13, 2006
John P. Burke