The Department of Banking News Bulletin 

Bulletin # 1928
Week Ending February 2, 2001

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.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order Vacating Registration Conditions and Restrictions Entered

On January 30, 2001, the Banking Commissioner entered an Order Vacating Registration Conditions and Restrictions with respect to Robert Steven Ritson.  Ritson is registered in Connecticut as a broker-dealer agent of FFP Securities, Inc. and an investment adviser agent of FFP Advisory Services, Inc.  Both corporations maintain their principal office at 15455 Conway Road, Chesterfield, Missouri. On July 24, 1998, the department had entered a Consent Order conditioning Ritson's registrations with those firms based upon a February 5, 1991 Order To Cease and Desist issued in conjunction with an administrative proceeding.

In vacating those licensing restrictions that had not yet expired by their terms, the January 30, 2001 Order stated that Ritson had not been the subject of any customer complaints since 1990 and that he had achieved several professional industry designations since the 1998 Consent Order was issued.

Order to Cease and Desist Becomes Permanent

On January 30, 2001, the Banking Commissioner entered a Consent Order with respect to Chemical Trust of 130 Wildwood Parkway, Suite 108, Birmingham, Alabama. Chemical Trust had been the subject of a November 8, 2000 Order to Cease and Desist and Notice of Intent to Fine based on allegations that from at least August 1999, the respondent sold unregistered non-exempt notes to Connecticut investors through at least one unregistered agent of issuer in violation of the Connecticut Uniform Securities Act. On January 12, 2000, the United States District Court for the District of South Carolina, Greenville Division, had appointed a receiver to manage the respondent's property and assets. To date, less than fifty percent of investor assets have been recovered in the receivership proceeding.

The Consent Order rendered the November 8, 2000 Order to Cease and Desist permanent as of January 30, 2001 and withdrew the Notice of Intent to Fine.

CHECK CASHING SERVICE LICENSE ACTIVITY

Pursuant to Section 36a-581 of the Connecticut General Statutes, on January 26, 2001, Ace Cash Express, Inc. received approval to operate check cashing service general facilities at the following locations: 649 West Main Street, Waterbury; 376 Whalley Avenue, New Haven; 593 Farmington Avenue, #F, Hartford; 90 E. Main Street, New Britain; and 21-A100 Hawley Lane Mall, Trumbull; all in Connecticut.