DOB: News Bulletin 2230 - November 17, 2006

The Department of Banking News Bulletin 

Bulletin # 2230
Week Ending November 17, 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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. 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
10/10/06
Darien Rowayton Bank
Darien
FROM: 979 Post Road
          Darien, CT  06820
TO:     18 Corbin Drive
          Darien, CT  06820
relocation
effective
date
11/07/06
Newtown Savings Bank
Newtown
1450 Southford Road
Southbury, CT  06488
approved
11/09/06
Salisbury Bank and Trust
  Company, Salisbury
One Pathmark Plaza
Mount Vernon, NY  10550
filed
11/15/06
Northwest Community
  Bank, Winsted
FROM: 141 Albany Tnpk
          Foothills Plaza, Rt 44
          New Hartford, CT 06057
TO:     141-167 Albany Tnpk
          Foothills Plaza, Rt 44
          New Hartford, CT 06057
filed to
relocate
11/17/06
Citizens Bank of
  Connecticut
New London
One Mohegan Sun Blvd
Uncasville, CT  06382
filed

SURVEY RESULTS
 
The results of the 2005 Electronic Banking and Revenue Producing Services Surveys have been posted to the Department’s web-site.
 
ACQUISITIONS
 
On November 14, 2006, pursuant to Section 36a-411 of the Connecticut General Statutes, the Commissioner approved the application of Capital One Financial Corporation to acquire and retain indirect ownership and control of 10% or more of the voting stock of Superior Savings of New England, National Association, and, pursuant to Section 36a-185 of the Connecticut General Statutes, issued a notice of intent not to disapprove the acquisition by Capital One Financial Corporation of 100% of the issued and outstanding voting securities of North Fork Bancorporation, Inc., and indirectly Superior Savings of New England, National Association, or, under certain circumstances, of up to 19.9% of the issued and outstanding voting securities of North Fork Bancorporation, Inc.
 
On November 17, 2006, pursuant to Section 36a-184 of the Connecticut General Statutes, Higher One Inc., a Delaware corporation, filed an acquisition statement to acquire 100% of the issued and outstanding voting securities of Higher One Bank, a Connecticut bank in organization.  In addition, Inter-Atlantic Fund, L.P., a Bermuda limited partnership which owns more than 10% but less than 25% of the issued and outstanding stock of Higher One Inc.; Hanseatic Americas Ltd., a Bermuda limited liability company; Hanseatic Americas Ltd.’s wholly-owned subsidiary Hanseatic Americas LDC, a Bahamian limited duration company; Hanseatic Americas LDC’s wholly-owned subsidiary Hanseatic Americas (Holdings) Ltd., a company incorporated in the British Virgin Islands, and Hanseatic Americas (Holdings) Ltd.’s wholly-owned subsidiary Hanseatic Americas Inc., a Delaware corporation, which owns more than 10% but less than 25% of the issued and outstanding stock of Higher One Inc., filed an acquisition statement to maintain their ownership interest in Higher One Inc., and indirectly to acquire Higher One Bank, as a result of Higher One Inc., becoming a holding company upon its acquisition of Higher One Bank.
 
On November 17, 2006, pursuant to Section 36a-210(b) of the Connecticut General Statutes, Higher One Bank, a Connecticut bank in organization, filed an application to acquire a significant part of the business of The Frost National Bank, a national banking association with its principal office in San Antonio, Texas.

CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity

Date Check Casher Location Activity
11/13/06
Mitra, LLC
d/b/a Street Corner News 
7 Backus Avenue, #395
Danbury, CT  06810
filed
   
Notice of Intent to Issue Order to Cease and Desist,
Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing
 
On November 9, 2006, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: Raymond L. Patrice (“Patrice”).  Patrice was registered in Connecticut as a loan originator with VIP Mortgage Corporation between September 8, 2005 and May 11, 2006.  The Notice was based on the allegations that Patrice, in connection with the activity for which he was registered, employed a device, scheme or artifice to defraud; made untrue statements of material facts; omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or engaged in acts, practices or a course of business which operated as a fraud or deceit upon lenders.  The Notice also states that the Commissioner intends to impose a civil penalty upon Patrice not to exceed $100,000.  Patrice was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the notice can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.

Notice of Intent to Issue Order to Cease and Desist,
Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing Issued
 
On November 15, 2006, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: Greater Acceptance Mortgage Corp. (“GAMC”).  GAMC had a principal place of business in Santa Ana, California and held a first mortgage lender/broker license and a secondary mortgage lender/broker license.  The Notice was based on the allegations that, in connection with the making of at least 27 first mortgage loans, GAMC imposed prepaid finance charges which in the aggregate exceeded the greater of five percent of the principal amount of the loan or $2,000, in violation of Section 36a-498a of the Connecticut General Statutes (“General Statutes”); employed or retained at least five unregistered originators in violation of Section 36a-486(b) of the General Statutes; and, relocated to a new location without giving prior written notice to the Commissioner, in violation of Sections 36a-490(a) and 36a-515(a) of the General Statutes.  The Notice also states that the Commissioner intends to impose a civil penalty upon GAMC not to exceed $3,300,000.  GMAC was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the notice can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.
 
Notice of Intent to Issue Order to Cease and Desist,
Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing Issued
 
On November 16, 2006, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: Yvette Allen (“Allen”).  Allen was registered in Connecticut as a loan originator with Stanley Capital Mortgage Company, Inc. of Englewood Cliffs, New Jersey between July 14, 2004 and March 21, 2005.  The Notice was based on the allegations that Allen, in connection with the activity for which she was registered, employed a device, scheme or artifice to defraud; made untrue statements of material facts; omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or engaged in acts, practices or a course of business which operated as a fraud or deceit upon lenders.  The Notice also states that the Commissioner intends to impose a civil penalty upon GAMC not to exceed $200,000.  Allen was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the notice can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.
 
       Dated:  Tuesday, November 21, 2006
 
       Howard F. Pitkin
       Banking Commissioner