The Department of Banking News Bulletin

Bulletin # 1844
Week Ending June 25, 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 24, 1999, applications were filed by First American Corporation, a Tennessee corporation, to establish offices of its subsidiaries, INVEST Financial Corporation, a Delaware corporation, and INVEST Financial Corp. Insurance Agency Inc. of CT, a Connecticut corporation, at 315 West Main Street, Avon; and I-84 at Route 195, Mansfield, Connecticut.

On June 23, 1999, a Stipulation and Agreement was entered into with United American Securities, Inc., an investment adviser regulated by the Securities and Exchange Commission. The firm, which is also registered as a broker-dealer under the Connecticut Uniform Securities Act, maintains its principal office at 441 Lexington Avenue, Suite 806, New York, New York. The Stipulation and Agreement followed an investigation which revealed indications that, commencing on or about February 11, 1998, the firm employed one Roy J. Makowsky as an investment adviser agent without registering Makowsky in that capacity. Pursuant to the Stipulation and Agreement, the firm agreed to 1) review, revise and implement enhanced supervisory and compliance procedures; 2) refrain from engaging in violative conduct; and 3) pay $3,500 to the department, $2,500 of which would constitute an administrative fine and $1,000 of which would represent reimbursement for agency investigative costs.