DOB: News Bulletin 2404 - March 19, 2010

The Department of Banking News Bulletin 

Bulletin # 2404
Week Ending March 19, 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.


 
STATE BANKING ACTIVITY
Change of Name
 
On March 16, 2010, pursuant to Section 36a-82 of the Connecticut General Statutes, The Chelsea Groton Savings Bank, Norwich, received approval from the Banking Commissioner to change its name to Chelsea Groton Bank.
 
Acquisition and Merger
 
On March 19, 2010, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by Union Savings Bank of 100 percent of the voting securities of First Litchfield Financial Corporation and, indirectly, The First National Bank of Litchfield.  Also on March 19, 2010, pursuant to Section 36a-126(a) of the Connecticut General Statutes, the Commissioner approved the merger of The First National Bank of Litchfield with and into Union Savings Bank.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Order

On March 16, 2010, the Banking Commissioner entered a Consent Order with respect to Raymond James Financial Services, Inc., a Connecticut-registered broker-dealer having its principal office at 880 Carillon Parkway, St. Petersburg, Florida.  The Consent Order alleged that, in violation of Section 36b-31-6(b) of the Regulations under the Connecticut Uniform Securities Act the firm 1) failed to follow its mutual fund exchange procedures relating to the completion and submission of mutual fund switch letters; and 2) failed to reasonably supervise the activities of an employee who provided inaccurate written statements to the Division concerning mutual fund trades in a Connecticut client’s accounts, which trades were outside their contingent deferred sales charge period.  The Consent Order directed the firm to cease and desist from regulatory violations and to pay $15,000 to the department.  Of that amount, $10,000 constituted an administrative fine and $5,000 would be applied to defray agency investigative costs.
 
 
       Dated:  Tuesday, March 23, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner