The Department of Banking News Bulletin 

 Bulletin # 1894
Week Ending June 9, 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.

ORDER FOR HEARING

Pursuant to the provisions of Section 36a-70 of the Connecticut General Statutes, a hearing has been scheduled for June 19, 2000, at 9:30 a.m. in Room 50 of the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut, on the application to organize The Community's Bank, Bridgeport, as a Connecticut bank.

YEAR 2001 LEGAL HOLIDAYS

These legal holidays are not to be construed as bank holidays. Individual banks and credit unions may, at their option, close or remain open for business on a full or partial basis. Notice to this department will not be required. However, the institution shall give at least two weeks' advance notice to its customers of holiday openings and closings by posting such notice in the lobby of each office.

For the year 2002 the first holiday will be January 1, New Year’s Day
and will be observed on Tuesday, January 1, 2002.

* The day which will be designated by the Governor as a day of Fasting and Prayer.

** The day which will be designated by the Governor as a day of Thanksgiving.

SECTION 36a-425 APPROVAL

On June 5, 2000, approval was granted to The PNC Financial Services Group, Inc., a Pennsylvania corporation, to establish an office of its subsidiary, PNC Mortgage Corp. of America, an Ohio corporation, at 18 Titus Road, Washington Depot, Connecticut.

REORGANIZATION INTO A MUTUAL HOLDING COMPANY

On June 5, 2000, the Banking Commissioner, in connection with the application by the Savings Institute to reorganize to form a mutual holding company, issued a notice of intent not to disapprove the formation of the proposed mutual holding company to be known as SI Bancorp, Inc. pursuant to Section 36a-192(d) of the Connecticut General Statutes. Also in connection with the application, approval was granted pursuant to Sections 36a-193 and 36a-192(b)(2) of the Connecticut General Statutes to form a reorganized savings institution to be known as SI-Stock Savings Bank, and subsequently merge the Savings Institute with and into SI-Stock Savings Bank, the resulting bank to operate as a capital stock savings bank under the name Savings Institute.

On June 5, 2000, the Banking Commissioner entered a Consent Order with respect to Lawrence Helfant, Inc. of 30 Broad Street, 45th Floor, New York, New York. The Consent Order alleged that from approximately 1993 through 1999, the firm transacted business as a broker-dealer in violation of Section 36b-6(a) of the Connecticut Uniform Securities Act and employed unregistered agents in violation of Section 36b-6(b) of the Act.

The Consent Order assessed the firm $17,300. Of that amount, $15,000 constituted an administrative fine, $1,300 represented reimbursement of past due registration fees and $1,000 represented reimbursement for agency investigative costs. In addition, the Consent Order required that affected current and ex-customers of the firm receive a commission credit or refund for trades placed during the period of unregistered activity. The Consent Order also mandated that the firm implement revised supervisory and compliance procedures, and that it provide quarterly reports to the department for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents.

The firm became registered in Connecticut on June 5, 2000.