DOB: News Bulletin 2394 - January 8, 2010

The Department of Banking News Bulletin 

Bulletin # 2394
Week Ending January 8, 2010

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 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.

 

Date Bank Location Activity
01/11/10
Fairfield County Bank
Ridgefield
20 Compo Road South
Westport, CT  06880
opening
date

CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
12/12/09 Primo Services, LLC
337 Grand Avenue
New Haven, CT  06513
filed
01/05/10
 
Connecticut State Check
  Cashing Service, Inc.
515 Broad Street
Meriden, CT  06450
filed
 
01/05/10
 
Connecticut State Check
  Cashing Service, Inc.
200-202 West Main Street
Meriden, CT  06451
filed
 
01/05/10
 
Connecticut State Check
  Cashing Service, Inc.
212 Main Street
Norwich, CT  06360
filed
 
01/05/10
 
Connecticut State Check
  Cashing Service, Inc.
18 Main Street
New Britain, CT  06051
filed
 
 
CREDIT UNION ACTIVITY
Branch Office Relocation
 
On January 5, 2010, pursuant to Section 36a-462a(a)(3) of the Connecticut General Statutes, approval was granted to Mutual Security Credit Union, Inc. to relocate its branch office from 404 Westport Avenue, Norwalk, Connecticut, to 295 Westport Avenue, Norwalk, Connecticut.
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION
Consent Orders

On January 5, 2010, the Banking Commissioner entered a Consent Order with respect to Mercer Capital Ltd., a Connecticut-registered broker-dealer located at 40 Wall Street, 31st Floor, New York, New York.  The Consent Order alleged that 1) from April 24, 2007 to August 20, 2008, the firm violated Section 36b-6(b) of the Connecticut Uniform Securities Act by employing one or more unregistered agents; 2) between June 4, 2007 and January 22, 2008, the firm violated Section 36b-16 of the Act by offering and selling unregistered securities in Connecticut; and 3) in contravention of Section 36b-31-6f(b) of the Regulations under the Act, the firm failed to establish and implement a system for supervising the activities of its agents that was reasonably designed to achieve regulatory compliance.  The Consent Order directed the firm to cease and desist from regulatory violations.  In addition, the Consent Order required that Mercer Capital Ltd. pay $5,000 to the agency.  Of that amount, $3,500 constituted an administrative fine and $1,500 would be applied to defray the departmentís investigative and examination costs associated with the matter.
 
On January 5, 2010, the Banking Commissioner entered a Consent Order with respect to McMahan Securities Co. L.P., a Connecticut-registered broker-dealer located at 500 West Putnam Avenue, Greenwich, Connecticut.  The Consent Order alleged that 1) for an extended period of time, the firm violated Section 36b-6(b) of the Connecticut Uniform Securities Act by employing numerous unregistered agents; and 2) the firm violated Section 36b-31-6f(b) of the Regulations under the Act in that it failed to implement supervisory procedures designed to uncover such unregistered activity.  The Consent Order directed the firm to cease and desist from regulatory violations and to update its supervisory systems to ensure that all persons requiring agent registration were properly registered.  In addition, the Consent Order required that McMahan Securities Co. L.P. pay $20,130 to the agency.  Of that amount, $13,000 constituted an administrative fine and $7,130 represented reimbursement for past due agent registration fees.
 
 
       Dated:  Tuesday, January 12, 2010
 
       Howard F. Pitkin
       Banking Commissioner