The Department of Banking News Bulletin 

Bulletin # 1867
Week Ending December 3, 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.

In accordance with Sections 49-2a, 16-262j and 47a-21(i) of the Connecticut General Statutes, the interest rate to be paid on mortgage escrow accounts, public service company and electric supplier customer security deposits and tenant security deposits is 2.2% for the period commencing January 1, 2000 and ending December 31, 2000.

NAME CHANGE

The name change of Columbus Circle Trust Company, Stamford, to Circle Trust Company, Stamford, became effective on November 30, 1999.

CREDIT UNION ACTIVITY

Pursuant to the provisions of Section 36a-470(a) of the Connecticut General Statutes, on December 3, 1999, Shoreline Credit Union, Inc., Madison, filed an application to merge with and into UI Employees Federal Credit Union, New Haven.

Pursuant to the provisions of Section 36a-470 of the Connecticut General Statutes, on November 19, 1999, approval was granted to G & D Employees Credit Union, Inc., Kensington, to merge with and into Dutch Point Credit Union, Inc., Wethersfield.

Pursuant to the provisions of Section 36a-470 of the Connecticut General Statutes, on November 19, 1999, approval was granted to Nielsen Tool & Die Employees Credit Union, Inc., Hartford, to merge with and into Hartford Healthcare Credit Union, Inc., Hartford.

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

Pursuant to the provisions of Sections 36a-437(g) and (h) of the Connecticut General Statutes, as amended by Public Act 99-36, on December 2, 1999, approval was granted to CenConn Healthcare Credit Union, Inc. to amend its certificate of organization and bylaws to expand its field of membership to include employees of the visiting nurses and home care associations operating in the Meriden Metropolitan Area; "Meriden Metropolitan Area" means Meriden, Middletown, Wallingford, Cheshire, Plainville, Southington, New Britain, Cromwell, Middlefield, and Durham; the professional staff having an affiliation with hospitals located in the Meriden Metropolitan Area and contiguous towns, having fewer than 500 employees and members and employees of other care-related services, institutions and/or associations located in the Meriden Metropolitan Area and contiguous towns.

SECTION 36a-425 APPROVALS

On November 30, 1999, approval was granted to Irwin Financial Corporation, an Indiana corporation, to establish an office of its subsidiary, Irwin Mortgage Corporation, an Indiana corporation, at 2080 Silas Deane Highway, Suite 203, Rocky Hill, Connecticut.

On December 1, 1999, approval was granted to UBS AG, a Swiss corporation, to establish an office of ARI Acquisition Corporation, a Massachusetts corporation; Allegis Realty Investors LLC and Agrivest LLC, both Massachusetts limited liability companies; and Allegis Capital LLC, a Delaware limited liability company, at 242 Trumbull Street, Hartford, Connecticut, upon the consummation of UBS AG's acquisition of 100% of the voting shares of ARI Acquisition Corporation and the indirect acquisition of 100% of the membership interests in Allegis Realty Investors LLC, Agrivest LLC and Allegis Capital LLC.

On December 1, 1999, approval was granted to Citigroup, Inc., a Delaware corporation, to establish an office of its subsidiaries, Copeland Associates, Inc., a Delaware corporation, Copeland Mortgage Services, Inc., Copeland Equities, Inc., and Copeland Financial Services, Inc., all New Jersey corporations, at 101 Barnes Road, Suite 100, Wallingford, Connecticut.

On December 1, 1999, approval was granted to Citigroup, Inc., a Delaware corporation, to establish an office of its subsidiary, Source One Mortgage Corporation, a Delaware corporation, at 1229 Winsted Road, Unit 129, Torrington, Connecticut.

SECTION 36a-425 APPLICATIONS

On November 30, 1999, an application was filed by Republic Security Financial Corporation, a Florida corporation, to establish an office of its subsidiary, RS Maritime Corporation, at 1000 Bridgeport Avenue, Suite 501, Shelton, Connecticut.

On December 1, 1999, an application was filed by Citigroup, Inc., a Delaware corporation, to establish an office of its subsidiary, Citicorp Investment Services, at 1 Vision Drive, Enfield, Connecticut.

On December 1, 1999, applications were filed by Citigroup, Inc., a Delaware corporation, to establish offices of its subsidiary, Salomon Smith Barney Inc., at 753 Boston Post Road, Guilford, and 50 Locust Avenue, New Canaan, Connecticut.

ORGANIZATION OF HOLDING COMPANY AND ACQUISITION

On December 2, 1999, pursuant to Section 36a-181 of the Connecticut General Statutes, The Greenwich Bank and Trust Company, a Connecticut bank, filed an application for approval to organize a holding company, Associated Community Bancorp, Inc. Pursuant to a plan of organization filed with the application, Associated Community Bancorp, Inc. will acquire all of the outstanding shares of The Greenwich Bank and Trust Company. In connection with the application, The Greenwich Bank and Trust Company also filed a community reinvestment plan which is available for public inspection and comment at the Department of Banking for a period of 30 days. Also on December 2, 1999, pursuant to Section 36a-184 of the Connecticut General Statutes, Associated Community Bancorp, Inc. filed an acquisition statement to acquire all of the outstanding shares of stock of Westport National Bank, a national banking association. Associated Community Bancorp, Inc. also filed a community reinvestment plan which is available for public inspection and comment at the Department of Banking for a period of 30 days.