DOB: News Bulletin 2237 - January 5, 2007

The Department of Banking News Bulletin 

Bulletin # 2237
Week Ending January 5, 2007

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
1/04/07
Fairfield County Bank Corp.
Ridgefield
457 Main Street, Suite 3A
Danbury, CT  06811
approved
1/04/07
Fairfield County Bank Corp.
Ridgefield
114 Federal Road
Danbury, CT  06811
approved
1/08/07
Valley Bank
Bristol
98 Main Street
Southington, CT  06489
opening
date
3/30/07
Union Savings Bank
Danbury
2 Prospect Street
Ridgefield, CT  06877
closing
date
 
Foreign Bank Activity
 
Date Bank Location Activity
1/19/07
Society Generale
Paris, France
660 Steamboat Road, 3rd Floor
Greenwich, CT  06830
closing
date

CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreements
 
On January 2, 2007, the Commissioner entered into a Settlement Agreement with First Business Investments, Inc. (“FBII”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation the Commissioner alleged that FBII made first and secondary mortgage loans at 250 Sergeant Drive, New Haven, Connecticut without the required licenses in violation of Sections 36a-486(a), 36a-490(a), 36a-511(a) and 36a-515(a) of the Connecticut General Statutes.  Pursuant to the Settlement Agreement, FBII agreed not to engage in the business of making first or secondary mortgage loans or act as a first or secondary mortgage broker in Connecticut without the required license for each location where it conducts business.  In addition, FBII agreed to remit to the Department of Banking $15,000 as a civil penalty. 
 

On January 2, 2007, the Commissioner entered into a Settlement Agreement with Frontage Road Food Corp. d/b/a C-Town Supermarket (“Frontage Road Food Corp.”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation the Commissioner alleged that Frontage Road Food Corp. engaged in the business of cashing checks and money orders for consideration without obtaining the required license.  Pursuant to the Settlement Agreement, Frontage Road Food Corp. agreed not to engage in the business of cashing checks, drafts or money orders for consideration, except as an incident to the conduct of any other lawful business where not more than fifty cents ($.50) is charged for the cashing of such check, draft or money order, without obtaining a license to operate a check cashing general facility or limited facility for each location where such business is to be conducted.  In addition, Frontage Road Food Corp. agreed to remit to the Department of Banking $9,000 as a civil penalty. 
 
On January 2, 2007, the Commissioner entered into a Settlement Agreement with J & H Food Corp. d/b/a C-Town Supermarket (“J & H Food Corp.”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation the Commissioner alleged that J & H Food Corp. engaged in the business of cashing money orders for consideration without obtaining the required license.  Pursuant to the Settlement Agreement, J & H Food Corp. agreed not to engage in the business of cashing checks, drafts or money orders for consideration, except as an incident to the conduct of any other lawful business where not more than fifty cents ($.50) is charged for the cashing of such check, draft or money order, without obtaining a license to operate a check cashing general facility or limited facility for each location where such business is to be conducted.  In addition,      J & H Food Corp. agreed to remit to the Department of Banking $6,000 as a civil penalty. 
 
 
       Dated:  Tuesday, January 9, 2007
 
       Howard F. Pitkin
       Banking Commissioner