The Department of Banking News Bulletin
Bulletin # 2349
Week Ending February 27, 2009
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 certain applications 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.
Farmington Savings Bank
FROM: 296 Country Club Road
Avon, CT 06001
TO: 427 West Avon Road
Unit #1 & 2
Avon, CT 06001
APPLICATION WITHDRAWAL AND FILING OF CRA PLAN
On February 13, 2009, Valley Bank withdrew its application to change its name to New England Bank, previously filed on February 9, 2009, pursuant to Section 36a-82 of the Connecticut General Statutes. The application was filed in conjunction with the application of Valley Bank and Enfield Federal Savings and Loan Association for the merger of Enfield Federal Savings and Loan Association with and into Valley Bank pursuant to Sections 36a-125 and 36a-126 of the Connecticut General Statutes. Upon consummation of the merger, the surviving entity will be known as New England Bank. On February 24, 2009, in connection with the merger, Valley Bank and Enfield Federal Savings and Loan Association 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
Connecticut-registered broker-dealer Assessed $7,500
For Alleged Sales of Unregistered Securities
and Failing to Promptly Provide Records to Agency
On February 20, 2009, the Commissioner entered a Consent Order with respect to Euro Pacific Capital, Inc., a Connecticut-registered broker-dealer located at 10 Corbin Drive, Darien, Connecticut. The Consent Order alleged that the firm 1) violated Section 36b-16 of the Connecticut Uniform Securities Act by effecting transactions in unregistered non-exempt securities; and 2) acted in contravention of Section 36b-14(d) of the Act and Section 36b-31-14f(b) of the Regulations under the Act by failing to promptly provide records to the Division when requested. The Consent Order directed the firm to cease and desist from regulatory violations and required that it retain an independent consultant to review its internal supervisory and compliance procedures for conformity with legal requirements. The Consent Order also required that the firm pay $7,500 to the department. Of that amount, $6,500 constituted an administrative fine and $1,000 will be applied to reimburse the Division for agency examination costs.
Dated: Tuesday, March 3, 2009