State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2286
Week Ending December 14, 2007

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.

INTEREST RATE TO BE PAID ON CLAIMS FOR PROPERTY, FUNDS OR MONEY
DELIVERED TO THE STATE TREASURER PURSUANT TO
SECTION 3-57a(a)(1) or (2), MORTGAGE ESCROW ACCOUNTS,
PUBLIC SERVICE COMPANY, CERTIFIED TELECOMMUNICATIONS
PROVIDER AND ELECTRIC SUPPLIER CUSTOMER SECURITY DEPOSITS
AND TENANT SECURITY DEPOSITS
In accordance with Sections 3-70a(e), 16-262j(d), 47a-21(i)(2) and 49-2a(c) of the Connecticut General Statutes, the deposit index for calendar year 2008 is 0.94%. However, Sections 3-70a(e), 16-262j(c), 47a-21(i)(1) and 49-2a(a) provide that in no event shall the rate be less than 1.5%.  Therefore, the interest rate to be paid on claims for property, funds or money delivered to the State Treasurer pursuant to Section 3-57a(a)(1) or (2), and mortgage escrow accounts, public service company, certified telecommunications provider and electric supplier customer security deposits and tenant security deposits is 1.5% for the period commencing January 1, 2008 and ending December 31, 2008.

FIDUCIARY POWERS
On December 14, 2007, pursuant to Section 36a-70(n) of the Connecticut General Statutes, approval was granted to Dime Bank, Norwich, to exercise fiduciary powers.
       Dated:  Tuesday, December 18, 2007
       Howard F. Pitkin
       Banking Commissioner