The Department of Banking News Bulletin

Bulletin # 1774
Week Ending February 20, 1998

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 John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which money will be lent, 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 Bank Examination Division, (860) 240-8180 . Note: dates are listed in month/day/year format.

On February 19, 1998, pursuant to Section 36a-184 of the Connecticut General Statutes, an acquisition statement was filed by David B. Payne to increase his beneficial ownership from 23.6% to 27.1% of the common stock of Trust Company of Connecticut, a Connecticut bank organized to function solely in a fiduciary capacity.

On February 19, 1998, pursuant to Section 36a-125 of the Connecticut General Statutes, approval was granted for the merger of The Norwich Savings Society with and into People’s Bank, the resulting bank to operate as a capital stock savings bank under the name "People’s Bank". The Commissioner also issued a notice of intent not to disapprove the acquisition by People’s Bank, and indirectly by People’s Mutual Holdings, of 100% of the beneficial ownership of the issued and outstanding common stock of Norwich Financial Corp. and The Norwich Savings Society, through the merger of Norwich Financial Corp. with and into People’s Bank.

On February 17, 1998, an application was filed by Norwest Corporation, a Minnesota corporation, to establish an office of its subsidiary, Norwest Mortgage, Inc., a California corporation, at 383 Main Avenue, Norwalk, Connecticut.