DOB: News Bulletin 2254 - May 4, 2007

The Department of Banking News Bulletin 

Bulletin # 2254
Week Ending May 4, 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.


Date Bank Location Activity
Fairfield County Bank
190 Weston Road
Weston, CT  06883
Fairfield County Bank
915 White Plains Road
Trumbull, CT  06611


On May 3, 2007, pursuant to Section 36a-428a of the Connecticut General Statutes, the Commissioner issued a license to The Royal Bank of Scotland plc to establish and maintain a state branch at 600 Steamboat Road, Greenwich, Connecticut.

Merger and Field of Membership
On April 30, 2007, pursuant to Section 36a-468a of the Connecticut General Statutes, Mutual Security Credit Union, Inc., Wilton, Connecticut, a Connecticut credit union, filed an application to merge with Technology Groups Federal Credit Union, Watertown, Connecticut, a federally chartered credit union, with Mutual Security Credit Union, Inc. as the resulting credit union.  As part of its merger application, pursuant to Section 36a-437a(h) and Section 36a-438a(d) of the Connecticut General Statutes, Mutual Security Credit Union, Inc., Wilton, Connecticut, filed an application to expand its field of membership in the State of Connecticut to include any and all persons, who live, work, attend school, or worship in, Fairfield, Litchfield and New Haven Counties, as well as any and all businesses, corporations, organizations or associations located in such counties.
Florida Company Fined $100,000; Amended and Restated
 Order to Cease and Desist Made Permanent
On April 27, 2007, the Banking Commissioner entered an Order fining Terry Lee Feibus of Boca Raton, Florida $100,000 and rendering permanent an Amended and Restated Order to Cease and Desist issued against the respondent on November 6, 2006.  The respondent did not appear at the hearing which preceded the Commissioner’s action.  Under Section 36a-1-31(b) of the Regulations of Connecticut State Agencies, where a party fails to appear at a scheduled hearing, the allegations against the party may be deemed admitted.  Accordingly, in imposing the $100,000 fine, the Commissioner adopted the allegations in the agency’s November 6, 2006 Amended and Restated Order to Cease and Desist and Notice of Intent to Fine, finding that the respondent violated Sections 36b-16 and 36b-6(a) of the Connecticut Uniform Securities Act.   Specifically, the earlier action had alleged that 1) at various times in 2003, respondent Feibus sold unregistered securities of Deltagen Inc., GoAmerica Inc.,, Loudeye Technologies, Paradigm Med Inds, Peregrine Pharmaceuticals Inc., Predictive Systems Inc., RoboticVision Systems Inc., Sagent Tech Inc., Skyway Communications, Tellium Inc. and Valicert Inc. “Unregistered Securities”) in violation of Section 36b-16 of the Act; and 2) respondent Feibus violated Section 36b-6 of the Act by transacting business as an unregistered agent in conjunction with sales and purchases of the Unregistered Securities as well as securities of 1st Investors Blue Chip FD-1, 1st Investors Growth & Inc.-A, 1st Investors Tot Return FD A, 1st Investors USA Midcap Opp A, Charter Communications CL A, Federated Growth Strategy FD-B, Federated Hi Inc. BD FD CL-B, Federated Kaufmann B, Lantronix Inc., Lucent Technologies Inc., Prosoft I-net Solutions Inc., Radview Software Ltd., Redback Networks Inc., Silicon Graphics Inc. (DE) and Transwitch Corp.

       Dated:  Tuesday, May 8, 2007
       Howard F. Pitkin
       Banking Commissioner