The Department of Banking News Bulletin 

 Bulletin # 1842
Week Ending June 11, 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 June 8, 1999, approval was granted to Wells Fargo & Company, a Delaware corporation, to establish an office of its subsidiary, New England Home Loans, LLC, a Delaware limited liability company, at 2330 Whitney Avenue, Hamden, Connecticut.

On June 7, 1999, the Banking Commissioner entered a Consent Order with respect to Ralph Richard Everett, a registered investment adviser under the Connecticut Uniform Securities Act and a registered broker-dealer agent of FFP Securities, Inc. An investigation uncovered evidence that Everett recommended and effected the purchase or sale of limited partnerships, real estate investment trusts and variable annuities without regard to whether such investments were suitable for customers.

Acknowledging that Everett had extended rescission offers to affected Connecticut residents, the Consent Order fined Everett $25,000, required that he reimburse the agency $5,000 for investigative costs and directed him to cease and desist from regulatory violations.