The Department of Banking News Bulletin 

Bulletin # 1920
Week Ending December 8, 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.

CREDIT UNION ACTIVITY
Merger

Pursuant to Section 36a-470 of the Connecticut General Statutes, on November 29, 2000, Norwalk Educational Credit Union, Inc., Norwalk, Connecticut, filed an application to merge with and into Mutual Security Federal Credit Union, Wilton, Connecticut.

NEW BANK ACTIVITY

On November 8, 2000, an amendment was filed to the application of The Manhattan Trust Company for the establishment of a Connecticut bank to function solely in a fiduciary capacity at 280 Trumbull Street, Hartford, replacing Stephen M. Carta with Arthur J. Bacci, 1001 Cedar Mill Lane, West Chester, PA 19382, phone (610) 793-9302, as organizer and spokesperson.

ACQUISITION

On December 7, 2000, Urban Financial Group, Inc., a Delaware corporation, filed an acquisition statement, pursuant to Section 36a-184 of the Connecticut General Statutes, for the acquisition of 100 percent of the voting securities of The Community's Bank, a Connecticut bank (in organization). In connection with the acquisition, Urban Financial Group, Inc. filed a community reinvestment plan on November 10, 2000, which is available for public inspection and comment at the Department of Banking for a period of 30 days.

INTEREST RATE TO BE PAID ON MORTGAGE ESCROW ACCOUNTS,
PUBLIC SERVICE COMPANY AND ELECTRIC SUPPLIER CUSTOMER
SECURITY DEPOSITS AND TENANT SECURITY DEPOSITS

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 2.4% for the period commencing January 1, 2001 and ending December 31, 2001.

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581 of the Connecticut General Statutes, on December 7, 2000, Connecticut State Check Cashing Services, Inc. filed an application to operate check cashing service general facilities at 751 Park Street, Hartford, Connecticut and 309 Grand Avenue, New Haven, Connecticut.