The Department of Banking News Bulletin

 Bulletin # 1785
Week Ending May 8, 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.

Pursuant to the provisions of Section 36a-70 of the Connecticut General Statutes, on May 4, 1998, an application was filed by the organizers of Valley Bank, for the establishment of a state bank and trust company in Bristol, Connecticut. The organizers are Robert L. Messier, Jr., Thomas O. Barnes, David Florian and James J. Pryor. Spokesperson for the organizers is Robert L. Messier, Jr., 163 Boy Street, Bristol, CT 06010 (860) 582-8712. Agent for the organizers is David J. Preleski, 135 West Street, Bristol, CT 06010 (860) 584-2800.

On May 7, 1998, pursuant to Section 36a-181 of the Connecticut General Statutes, Salisbury Bank and Trust Company, a capital stock Connecticut bank, filed an application for approval to organize Salisbury Bancorp, Inc., a Connecticut corporation, as a bank holding company. Pursuant to an Agreement and Plan of Reorganization filed with the application, Salisbury Bancorp, Inc., would acquire direct or indirect ownership, control or power to vote 100% of the voting shares of Salisbury Bank and Trust Company. In connection with the application, Salisbury Bank and Trust Company filed a community reinvestment plan which is available for inspection and comment for a period of 30 days.

The repeal of the following regulations concerning conversion of a mutual savings bank to a mutual savings and loan association; conversion of a mutual savings and loan to a mutual savings bank; sale of negotiable checks by credit unions; licensing of check cashing services; and interest on funds held in escrow by mortgagees became effective on May 4, 1998: Sections 36-140b-1 to 36-140b-8, inclusive; Sections 36-192a-1 to 36-192a-9, inclusive; Sections 36-214-1 to 36-214-5, inclusive; Section 36a-588-2; Section 49-2a-3; and Section 49-2a-6 of the Regulations of Connecticut State Agencies.