The Department of Banking News Bulletin

Bulletin # 1804
Week Ending September 18, 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 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 Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

The Securities and Business Investments Division, in conjunction with the Securities Advisory Council to the Department, is sponsoring its tenth annual Securities Forum conference on Monday, October 19, 1998 at the Radisson Hotel and Conference Center in Cromwell, CT.  Conference panels will focus on timely subjects such as doing business over the Internet, broker-dealer licensing and examinations, investment adviser regulation, and a discussion of regulatory developments from the perspectives of state and federal government agencies and SROs.  State Treasuer Paul J. Silvester and Mary Alice Brophy, Executive Vice President of NASD Regulation, Inc., will be featured speakers.  For conference and registration information, contact the department at (860) 240-8170 or visit the department's web site at http://www.ct.gov/dob

On September 14, 1998, Peoples Heritage Financial Group, Inc., a bank holding company with its principal place of business in Maine, and Peoples Heritage Merger Corp., a Maine corporation and direct wholly-owned subsidiary of Peoples Heritage Financial Group, Inc., filed an application pursuant to Sections 36a-184 and 36a-411 of the Connecticut General Statutes for the direct acquisition by Peoples Heritage Merger Corp., and the indirect acquisition by Peoples Heritage Financial Group, Inc., of 100% of the voting stock of Glastonbury Bank & Trust Company, a Connecticut bank, through the merger of SIS Bancorp, Inc., the sole shareholder of Glastonbury Bank & Trust Company, with and into Peoples Heritage Merger Corp.   In connection with the application, Peoples Heritage Financial Group, Inc. and Peoples Heritage Merger Corp., also have filed a community reinvestment plan for Glastonbury Bank & Trust Company which is available for public inspection and comment at the Department of Banking for a period of 30 days.

On September 17, 1998, pursuant to Section 36a-411 of the Connecticut General Statutes, the Banking Commissioner approved the application filed by Summit Bancorp to acquire and retain the ownership or control of 100% of the issued and outstanding voting stock of NSS Bank.  The Commissioner also issued, pursuant to Section 36a-185 of the Connecticut General Statutes, a notice of intent not to disapprove the acquisition by Summit Bancorp of 100% of the beneficial ownership of the voting securities of NSS Bancorp, Inc. and, indirectly, of NSS Bank.

Pursuant to the provisions of Section 36a-70(i) of the Connecticut General Statutes, on September 17, 1998, the Banking Commissioner, State Treasurer and State Comptroller approved the application, filed on January 15, 1997, by the organizers of Castle Bank and Trust Company (In Organization) to extend the period for which the Temporary Certificate of Authority for the bank is valid from September 19, 1998 to March 19, 1999.

Pursuant to the provisions of Section 36a-70 of the Connecticut General Statutes, a hearing has been scheduled on October 14, 1998 at 10 a.m. in Room 50 of the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut, on the application of The Apple Valley Bank & Trust Company, Cheshire, for the purpose of doing business as a Connecticut bank.