The Department of Banking News Bulletin 

Bulletin # 1860
Week Ending October 15, 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.

NAME CHANGE

Pursuant to the provisions of Section 36a-82 of the Connecticut General Statutes, on October 12, 1999, Columbus Circle Trust Company, Stamford, filed an application for permission to change its name to Circle Trust Company. Written objection to the application may be made for a period of 30 days from the date of publication of this bulletin on the grounds that the name selected will tend to confuse the public.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

Pursuant to Section 36a-600 of the Connecticut General Statutes, on October 15, 1999, Cashpoint Network Services, Inc. filed an application to engage in the business of receiving money for transmitting the same.

SECTION 36a-425 APPLICATION

On October 12, 1999, an application was filed by GreenPoint Financial Corp., a Delaware corporation, to establish an office of its subsidiary, GreenPoint Mortgage Funding, Inc., a New York corporation, at 200 First Stamford Place, Stamford, Connecticut.

CREDIT UNION ACTIVITY
Name Change

Pursuant to the provisions of Section 36a-437(g)(1) of the Connecticut General Statutes, on October 12, 1999, the Norwalk Municipal Employees Credit Union, Inc. requested approval to amend its certificate of organization to change its name to The Greater Norwalk Area Credit Union, Inc.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Suspend Broker-Dealer Registration,
to Fine and to Condition Securities Activities Issued

On October 8, 1999, a Notice of Intent to Suspend Registration as Broker-dealer; Notice of Intent to Impose Conditions on Securities Activities of Broker-dealer; and Notice of Intent to Fine with respect to Preston Langley Asset Management, Inc. was issued. The firm, formerly known as Lexington Capital Corporation, is located at 48 West 38th Street, 7th Floor, New York, New York.

In issuing the Notices, the Commissioner claimed that from at least July 1997, the firm had employed at least two unregistered agents in violation of Section 36b-6(b) of the Connecticut Uniform Securities Act; failed to apprise the department of a net capital deficiency occurring between October 1997 and April 1998; and failed to reasonably supervise its agents in a manner designed to prevent noncompliance with applicable securities laws and regulations. The respondent was afforded an opportunity for a hearing on the Commissioner's allegations.