The Department of Banking News Bulletin 

Bulletin # 1866
Week Ending November 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.

STATE BANK ACTIVITY
Branch Activity

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.

Pursuant to Section 36a-470(a) of the Connecticut General Statutes, on November 24, 1999, Universal Wire Division Employees Credit Union, Inc., Clinton, applied to merge with and into Stanley Works Employees Federal Credit Union, New Britain.

ORGANIZATION OF HOLDING COMPANY

On November 22, 1999, pursuant to Section 36a-181 of the Connecticut General Statutes, The Savings Bank of Manchester filed an application for approval to organize a holding company. Pursuant to a Plan of Organization filed with the application, Connecticut Bancshares, Inc., will acquire all of the common stock to be issued by The Savings Bank of Manchester in connection with the conversion of its holding company, Connecticut Bankshares, M.H.C., to stock form.

ACQUISITION AND MERGER

On November 22, 1999, Summit Bancorp, a bank holding company with its principal place of business in New Jersey, filed an application, pursuant to Sections 36a-411 and 36a-184 of the Connecticut General Statutes, for the acquisition of NMBT Corp and the indirect acquisition of its wholly-owned subsidiary, NMBT, a Connecticut bank. In conjunction with this transaction, Summit Bancorp's wholly-owned subsidiary, Summit Bank, filed an application pursuant to Section 36a-125 of the Connecticut General Statutes for the subsequent merger of NMBT with and into Summit Bank.