The Department of Banking News Bulletin 

 Bulletin # 1906
Week Ending September 1, 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.

NAME CHANGE

Pursuant to Section 36a-82 of the Connecticut General Statutes, on August 28, 2000, approval was granted to New Milford Savings Bank, New Milford, to change its name to NewMil Bank.

SECTION 36a-425 APPROVAL

On August 28, 2000, approval was granted to The Advest Group, Inc., a Delaware corporation, to establish an office of its subsidiary, Advest, Inc., a Delaware corporation, at 38 East Main Street, Mystic, Connecticut.

CREDIT UNION DIVISION ACTIVITY
Branch Activity

Field of Membership

Pursuant to Sections 36a-437(g) and (h) of the Connecticut General Statutes, on August 28, 2000, Hartford Courant Employees Credit Union, Inc., Hartford, Connecticut, requested approval to amend its certificate of organization and bylaws to expand its field of membership to include employees of the subsidiaries of the Chicago Tribune, Inc. located in Connecticut.

Pursuant to Section 36a-437, subsections (g) and (h), of the Connecticut General Statutes, on August 30, 2000, approval was granted to Danbury Cyanamid Employees Credit Union, Inc., Danbury, Connecticut, to amend its certificate of organization and bylaws to expand its field of membership to include all persons who live, work, worship, or attend school in, and businesses and other entities located in, the greater Danbury area. The greater Danbury area is defined by the towns of Danbury, Bethel, Brookfield, New Fairfield, Redding, Ridgefield, and Newtown.

SECURITIES & BUSINESS INVESTMENTS DIVISION ACTIVITY
Firm Fined $10,000 for Employing Unregistered
Agents; Supervisory Lapses

On August 29, 2000, a Consent Order was entered with respect to Dirks & Company, Inc. of 520 Madison Avenue, Tenth Floor, New York, New York. The Consent Order alleged that 1) at various times commencing in 1998, the firm employed unregistered agents in Connecticut in violation of Section 36b-6(b) of the Connecticut Uniform Securities Act; and 2) the firm failed to establish, enforce and maintain a system for supervising agent activities that was reasonably designed to achieve compliance with regulatory requirements.

The Consent Order fined Dirks & Company, Inc. $10,000. In addition, the Consent Order required that the firm pay the costs of one or more examinations to be conducted within twenty-four months. The Consent Order also required that the firm submit quarterly written reports for two years describing any securities-related complaints, actions or proceedings involving Connecticut residents.

NEW BANK ACTIVITY

Pursuant to Section 36a-70 of the Connecticut General Statutes, on September 1, 2000, an application was filed by the organizer of The Manhattan Trust Company for the establishment of a limited purpose trust company at 280 Trumbull Street, Hartford, Connecticut. The organizer and spokesperson is Stephen M. Carta, 221 Vineyard Point Road, Guilford, Connecticut, 06437, (203) 453-1191.