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.

NEW BANK ACTIVITY

Pursuant to the provisions of Section 36a-70 of the Connecticut General Statutes, on February 28, 2000, an application was filed by the organizers of Bank of New Haven County for the establishment of a bank and trust company in New Haven, Connecticut. The organizers are Carl Borrelli, James S. Brownstein, Esq., Kenneth Campbell, Joseph V. Ciaburri, George Collins, Janet Levy, W. Martyn Philpot, Jr., Esq., Dr. Alfred J. Ranieri, J. Daniel Sangarin, Esq., James Salatto, Joseph Salatto, Elmer Laydon, Mark Levy, Richard Lightfoot, and Joshua Sandman. Spokespersons for the organizers are Joseph V. Ciaburri, 551 Muirfield Lane, West Haven, CT 06516, (203) 389-1689, and Michael M. Ciaburri, 21 North Racebrook Road, Woodbridge, CT 06525, (203) 387-1828. Agent for the organizers is Lewis A. Hurwitz, Esq., 147 N. Broad Street, Milford, CT 06460, (203) 877-8000.

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581(d) of the Connecticut General Statutes, on March 1, 2000, Check Stop, Inc. was approved to relocate its licensed check cashing service general facility from 86 Beaver Street, New Britain, Connecticut to 121 Main Street, Suite 116, New Britain, Connecticut.

Pursuant to Section 36a-581 of the Connecticut General Statutes, on February 29, 2000, New York Cash Express, Inc. DBA ACE "America's Cash Express" received approval to operate a check cashing service general facility at 161 Boston Avenue, Bridgeport, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

Pursuant to the provisions of Section 36a-600 of the Connecticut General Statutes, on February 28, 2000, Dollars Direct Inc. filed an application to engage in the business of receiving money for transmitting the same.

ORGANIZATION OF HOLDING COMPANY AND CONVERSION

On February 28, 2000, pursuant to Section 36a-181 of the Connecticut General Statutes, the Banking Commissioner granted approval to The Savings Bank of Manchester, a capital stock Connecticut bank, to organize Connecticut Bancshares, Inc. as a holding company. In addition, pursuant to Sections 36a-136 and 36a-197 of the Connecticut General Statutes and Section 36-142m-11(a) of the Regulations of Connecticut State Agencies, approval was granted to Connecticut Bankshares, M.H.C., Manchester, Connecticut, to convert to stock form, with the resulting holding company to be known as Connecticut Bancshares, Inc.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Fined $20,000

On December 16, 1999, the Banking Commissioner entered a Consent Order with respect to Preston Langley Asset Management, Inc. of 48 West 38th Street, 7th Floor, New York, New York. The firm had been the subject of an October 8, 1999 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. The Consent Order resolved the allegations in the earlier action. In issuing the Notices, the Commissioner claimed that from at least July 1997, the firm 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 Consent Order directed the firm to pay a $20,000 fine and restrict its business for three years to investment company securities, governmental securities, exchange-listed securities and NASDAQ-NMS issues. In addition, the Consent Order required that the firm 1) retain a consultant to assess its supervisory procedures and file a report thereon with the agency; 2) file a quarterly report for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents; 3) cause its chief executive officer and its chief financial officer to complete the Regulatory Element of the Securities Industry Continuing Education Program; and 4) reimburse the department up to $2,500 for any future examinations conducted within 18 months following entry of the Consent Order.

Business Opportunity Law Violations

On February 28, 2000, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against First Resource, Inc. of 55 Skyline Drive, Suite 2200, Lake Mary, Florida, and Home Buyers of America, Inc., Home Buyers Training Corporation and Robert A. Blair, all of 445 West Colonial Drive, Orlando, Florida. The Order to Cease and Desist and Notice of Intent to Fine alleged that the respondents sold unregistered business opportunities that would enable purchasers to start their own real estate investment business. In addition, the respondents allegedly failed to inform prospective purchasers that the program was not registered under the Connecticut Business Opportunity Investment Act. Respondents were afforded an opportunity to request a hearing on the claims in the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for April 25, 2000.

Company Ordered to Cease and Desist from Violating
Business Opportunity Investment Act; Notice of Intent to Fine Issued

On February 28, 2000, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Ameritel Payphone Distributors, Inc. of 11098 Biscayne Boulevard, Suite 201, North Miami, Florida. The Order to Cease and Desist and Notice of Intent to Fine were based on allegations that, from at least 1995, the corporation sold unregistered pay phone business opportunities to at least six Connecticut purchaser-investors. A hearing on the Notice of Intent to Fine has been scheduled for April 11, 2000. The respondent was also afforded an opportunity to request a hearing on the Order to Cease and Desist.

Company Ordered to Cease and Desist from Securities Violations

On February 28, 2000, the Banking Commissioner entered an Order to Cease and Desist and Notice of Right to Hearing against Midas Corporation a/k/a Midas World Holdings S.A. of Bolam House, Third Floor, King & George Street, P.O. Box N-3026, Nassau, Bahamas. The Order to Cease and Desist alleged that, from at least June 1999, the corporation 1) offered securities of the Midas Venture Fund in Connecticut without registering those securities under the Connecticut Uniform Securities Act, and 2) failed to disclose to prospective purchasers the investment objectives and financial condition of the securities, the attendant risk factors and the unregistered status of the fund shares. The respondent was provided with an opportunity to request a hearing on the Order to Cease and Desist.

CREDIT UNION DIVISION ACTIVITY
Field of Membership

Pursuant to Sections 36a-437(g) and (h) of the Connecticut General Statutes, as amended by Public Act 99-36, on March 2, 2000, Kimberly Clark Employees Credit Union, Inc. filed an application to amend its certificate of organization and bylaws to expand its field of membership to include all persons who live, work, or attend school in the Greater New Milford area. The Greater New Milford area is defined as the towns of New Milford, Bridgewater, Kent, Sherman, Roxbury, Warren, Brookfield, and Washington.