The Department of Banking News Bulletin
Bulletin # 2244
Week Ending February 23, 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.
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.
Citizens Bank of Connecticut
15 South Main Street
West Hartford, CT 06107
CREDIT UNION ACTIVITY
On February 23, 2007, pursuant to Section 36a-468a of the Connecticut General Statutes, the Commissioner approved the merger of The West Hartford Credit Union, Inc. with and into The Vendors Mutual Benefit Association. The approval was conditioned upon limiting the field of membership of the surviving credit union to persons who live, work, worship, or attend school in, and businesses and other legal entities located in the Hartford, Middlesex, New Haven, and Litchfield counties, as well as their family members. In conjunction with the merger, the Commissioner, pursuant to Section 36a-437a(g)(h) of the Connecticut General Statutes, approved an amendment to the Certificate of Incorporation and Bylaws to change the name of The Vendors Mutual Benefit Association to West Hartford Credit Union, Inc.
On January 23, 2007, pursuant to Section 36a-184 of the Connecticut General Statutes, New England Bancshares, Inc., a Connecticut holding company, and New England Bancshares Acquisition, Inc., a Connecticut corporation and wholly-owned subsidiary of New England Bancshares, Inc., filed an acquisition statement to acquire 100% of the issued and outstanding common stock of First Valley Bancorp, Inc., a Connecticut corporation, and indirectly Valley Bank, a Connecticut bank. The acquisition will take place through the merger of First Valley Bancorp, Inc., with and into New England Bancshares Acquisition, Inc., and the subsequent merger of New England Bancshares Acquisition, Inc., with and into New England Bancshares, Inc. New England Bancshares, Inc. also filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Roll-A-Cover, LLC and Michael P. Morris Each Fined $5,000 in
Connection With Prior Business Opportunity Sale;
Cease and Desist Order Rendered Permanent
On February 16, 2007, the Commissioner entered a Consent Order resolving allegations in an October 18, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Roll-A-Cover, LLC of 674 Amity Road, Bethany, Connecticut and 36 Sargent Drive, Bethany, Connecticut and its managing partner, Michael P. Morris. The October 28, 2006 action had alleged that in January 2004, the respondents offered and sold one unregistered business opportunity from Connecticut in contravention of the Connecticut Business Opportunity Investment Act. Roll-A-Cover, LLC is in the business of marketing retractable pool covers and other outdoor enclosures. The action also alleged that the respondents failed to provide prospective purchaser-investors with a disclosure document in violation of Section 36b-63(a) of the Act.
The Consent Order rendered the earlier Order to Cease and Desist permanent, and fined each of the respondents $5,000 for a total of $10,000.
Dated: Tuesday, February 27, 2007
Howard F. Pitkin