The Department of Banking News Bulletin 

 Bulletin # 1889
Week Ending May 5, 2000

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.

MERGER

On May 1, 2000, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, the Banking Commissioner approved the merger of Glastonbury Bank & Trust Company with and into First Massachusetts Bank, National Association.

ACQUISITION

On May 1, 2000, pursuant to Section 36a-411 of the Connecticut General Statutes, the Banking Commissioner approved the application of The Charles Schwab Corporation to acquire and retain indirect ownership and control of 100% of the voting stock of U.S. Trust Company. Also on May 1, 2000, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued notices of intent not to disapprove the acquisitions by The Charles Schwab Corporation of 100% of the beneficial ownership of U.S. Trust Company, and by Charles R. Schwab of 10%, but less than 25%, of the beneficial ownership of U.S. Trust Company.

SECTION 36a-425 APPROVAL

On May 1, 2000, approval was granted to Citigroup Inc., a Delaware corporation, to establish an office of its subsidiaries, Phibro Inc. and Phibro Energy Clearing Inc., both Delaware corporations, at 500 Nyala Farms, Westport, Connecticut.

NEW BANK ACTIVITY

Pursuant to Section 36a-70(i) of the Connecticut General Statutes, on May 2, 2000, the Banking Commissioner extended for 6 months the period for which the temporary certificate of authority of The Apple Valley Bank & Trust Company (In Organization) is valid. The bank's temporary certificate of authority will expire on December 7, 2000.