DOB: News Bulletin 2257 - May 25, 2007

The Department of Banking News Bulletin 

Bulletin # 2257
Week Ending May 25, 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
5/14/07
Liberty Bank
Middletown
*FROM:  710 Main Street
             Southington, CT 06479
  TO:      681 Main Street
             Southington, CT 06479
filed to
relocate
*Limited Branch

ACQUISITION

On May 23, 2007, pursuant to Section 36a-184 of the Connecticut General Statutes, an acquisition statement was filed by Lauren E. Ruttkamp to acquire more than 10% but less than 25% of the outstanding shares of common stock of The Wilton Bank, a Connecticut bank and trust company.

CREDIT UNION DIVISION ACTIVITY
Conversion
 
On May 17, 2007, pursuant to Section 36a-468b of the Connecticut General Statutes, approval was granted to Hartford Healthcare Credit Union, Inc., Hartford, Connecticut, to convert from a Connecticut credit union to a federal credit union.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist, Notice of Intent to Fine
and Notice of Intent to Revoke Registration as Broker-dealer Issued
 
On May 18, 2007, the Commissioner issued an Order to Cease and Desist and a Notice of Intent to Fine against Sands Brothers Asset Management LLC, an investment adviser registered with the Securities and Exchange Commission, and against Laidlaw & Company (UK) Ltd., a broker-dealer registered under the Connecticut Uniform Securities Act.   Sands Brothers Asset Management LLC maintains its principal place of business at 90 Park Avenue, 39th Floor, New York, New York.  Laidlaw & Company (UK) Ltd. is located at 35 Dover Street, London, England.  The action also contained a Notice of Intent to Revoke Laidlaw & Company (UK) Ltd.ís broker-dealer registration in Connecticut.  The respondents had been signatories to a November 29, 2004 Consent Order Conditioning Registration as an Investment Adviser Agent and Restricting Securities-Related Activities (File No. CO-04-7093) involving Martin Scott Sands (CRD number 1186904), then a broker-dealer agent of Laidlaw & Company (UK) Ltd.'s predecessor and an investment adviser agent of Sands Brothers Asset Management LLC.  The Consent Order obligated the respondents to file periodic reports with the agency concerning disciplinary matters involving Martin Scott Sands.
 
The May 18, 2007 action claimed that the respondents had violated the November 29, 2004 Consent Order as well as Section 36b-23 of the Connecticut Uniform Securities Act by filing incomplete or inaccurate reports with the department.  The respondents were afforded an opportunity to request a hearing on the Order to Cease and Desist, and respondent Laidlaw & Company (UK) was likewise afforded an opportunity to request a hearing on the Notice of Intent to Revoke Registration as Broker-dealer.  A hearing on the Notice of Intent to Fine has been scheduled for July 17, 2007.
 
 
       Dated:  Wednesday, May 30, 2007
 
       Howard F. Pitkin
       Banking Commissioner