The Department of Banking News Bulletin
Bulletin # 2364
Week Ending June 12, 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.
FROM: 1340 Springfield Street
Feeding Hills, MA 01030
TO: 5 North Westfield Street
Feeding Hills, MA 01030
On June 19, 2009, pursuant to Sections 1-225 and 36a-70 of the Connecticut General Statutes, a special meeting of the Banking Commissioner, State Treasurer and State Comptroller, or their designees, will be held for the purpose of voting on the application of the organizers of First Community Bank of New Haven, New Haven, Connecticut, to organize a bank and trust company. The meeting is scheduled to be held at 9:30 a.m. at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.
On June 19, 2009, pursuant to Sections 1-225 and 36a-70 of the Connecticut General Statutes, a special meeting of the Banking Commissioner, State Treasurer and State Comptroller, or their designees, will be held for the purpose of voting on the application of the organizers of Sachem Bank, Madison, Connecticut, to organize a bank and trust company. The meeting is scheduled to be held at 9:45 a.m. at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION
Stipulation and Agreement
On June 12, 2009, the Banking Commissioner entered into a Stipulation and Agreement with Fox Run Management LLC of 35 Fox Run Lane, Greenwich, Connecticut. The firm is the general partner of, and holds a controlling interest in, Fox Run Alpha Fund, L.P., a broker-dealer registered under the Connecticut Uniform Securities Act and an issuer of securities. The Stipulation and Agreement alleged that, from 1999 to 2008, Fox Run Management LLC rendered investment advisory services for compensation solely to Fox Run Alpha Fund, L.P. at a time when Fox Run Management LLC was not registered as an investment adviser in Connecticut. Fox Run Management LLC has since applied for Connecticut investment adviser registration. In executing the Stipulation and Agreement, Fox Run Management LLC represented that it had relied upon prior legal counsel in not pursuing investment adviser registration at an earlier date. Pursuant to the Stipulation and Agreement, Fox Run Management LLC agreed to refrain from engaging in violative conduct and to remit $2,500 to the agency. Of that amount $500 constituted an administrative fine; $1,500 would be applied to reimburse the department for past due registration fees; and $500 would be applied to defray the Divisionís examination and investigative costs.
Fox Run Management LLC became registered as an investment adviser in Connecticut on June 12, 2009.