The Department of Banking News Bulletin
Bulletin # 2419
Week Ending July 2, 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 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.
48 East Street
Plainville, CT 06062
OUT OF STATE BANKS
First Republic Bank completed the acquisition of certain offices, deposits, fiduciary relationships, and certain other assets and liabilities associated with the First Republic Bank division of Bank of America, N.A., including a Connecticut branch located at 56 Mason Street, Greenwich, Connecticut, and commenced business as an independent California state-chartered, FDIC-insured bank as of July 1, 2010.
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
Post Road Deli, LLC
983 Orange Avenue
West Haven, CT 06516
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
On June 28, 2010, the Banking Commissioner entered a Consent Order with respect to James Fowler Hickman a/k/a Jay Hickman. Hickman, a registered broker-dealer agent under the Connecticut Uniform Securities Act, is also a principal of Aquinnah Investments, LLC of 65 Marlborough Street, Boston, Massachusetts. The Consent Order alleged that James Hickman and Aquinnah Investments, LLC obtained investors for Grove Electronics, LLC d/b/a Chip Partners, a North Reading, Massachusetts issuer of securities. At the time James Hickman engaged in such activity, he was not registered as an agent of issuer or in any other capacity under the Act nor was Aquinnah Investments, LLC registered as a broker-dealer in Connecticut.
The Consent Order directed James Hickman to (1) cease and desist from regulatory violations; (2) absent the prior written approval of the Division Director, refrain from offering or selling securities on behalf of any issuer in or from Connecticut unless the transactions were effected within the scope of Hickmanís employment with a Connecticut registered broker-dealer; and (3) refrain from representing multiple broker-dealers or investment advisers absent written permission from the Division Director. In addition, the Consent Order fined Hickman $2,500, and required that Hickman refund to affected Grove Electronics, LLC investors in Connecticut the pro rata share of sales commission Hickman earned that was attributable to the Connecticut sales.
Dated: Wednesday, July 7, 2010
Howard F. Pitkin