The Department of Banking News Bulletin

 Bulletin # 1827
Week Ending February 26, 1999

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.

On February 26, 1999, approval was granted to Merrill Lynch & Co., Inc., a Delaware corporation, to establish two offices of its subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a Delaware corporation, at 95 Glastonbury Boulevard, Glastonbury, and 174 West Street, Litchfield, Connecticut.

Pursuant to Section 36a-470(a) of the Connecticut General Statutes, on February 26, 1999, approval was requested to merge the Community Credit Union, Inc., Ansonia, with and into First Connecticut Credit Union, Inc., Wallingford.

On February 23, 1999, 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 New Canaan Bank and Trust Company, and pursuant to Section 36a-125 of the Connecticut General Statutes, as amended by Public Act 98-260, for the merger of New Canaan Bank and Trust Company with and into NSS Bank, subject to approval of the merger by shareholders in accordance with Section 36a-125(d) of the Connecticut General Statutes, as amended, and receipt by the Commissioner of a certificate from the secretaries of New Canaan Bank and Trust Company and NSS Bank that such approval has been obtained and of copies of all approvals required under federal law. The Commissioner also issued a notice of intent not to disapprove the acquisition by Summit Bancorp of 100% of the beneficial ownership of the issued and outstanding voting stock of New Canaan Bank and Trust Company.