DOB: News Bulletin 2221 - September 15, 2006

The Department of Banking News Bulletin 

Bulletin # 2221
Week Ending September 15, 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 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.

Date Bank Location Activity
Naugatuck Savings Bank
1430 New Haven Road
Naugatuck, CT  06770

Issuer of Securities Extends $99,000 Rescission Offer
Following Unregistered Sales of Securities; Fined $1,000
On September 11, 2006, the Commissioner entered a Consent Order with respect to Friends With Benefits, Limited Partnership, an issuer of securities located at 205 Thornton Street, Hamden, Connecticut.  The Consent Order alleged that, to finance its filmmaking business, the issuer offered and sold limited partnership interests at a time when the securities were not registered under the Connecticut Uniform Securities Act nor the subject of an exemptive filing or a filing claiming covered security status.  Pursuant to the Consent Order, the issuer extended to the two purchasers of its securities a rescission offer totaling approximately $99,000 in the aggregate.  In addition, the Consent Order directed the issuer 1) to not accept funds for investment purposes from public or private investors without first consulting with legal counsel; and 2) to refrain from regulatory violations.  The Consent Order also required that Friends With Benefits, Limited Partnership pay a $1,000 fine to the Department.
       Dated:  Tuesday, September 19, 2006
       John P. Burke