The Department of Banking News Bulletin 

 Bulletin # 1930
Week Ending February 16, 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.

CREDIT UNION DIVISION ACTIVITY

Pursuant to Section 36a-469 of the Connecticut General Statutes, on February 16, 2001, Mutual Security Federal Credit Union, Wilton, filed for approval to convert from a federal credit union to a Connecticut credit union.

SECTION 36a-425 APPROVAL

On February 14, 2001, approval was granted to Principal Holding Company, an Iowa corporation, to establish an office of its subsidiary, Principal Residential Mortgage, Inc., an Iowa corporation, at 500 Boston Post Road, Milford, Connecticut.

SECTION 36a-425 APPLICATION

On February 14, 2001, Principal Holding Company, an Iowa corporation, filed an application to establish an office of its subsidiaries, Professional Pensions, Inc., d/b/a Northeast Plan Administrators, and PPI Employees Benefits Corporation, both Connecticut corporations, at 444 Foxon Road, East Haven, Connecticut.

ACQUISITIONS

On February 16, 2001, the acquisition statement filed on December 7, 2000 by Urban Financial Group, Inc., pursuant to Section 36a-184 of the Connecticut General Statutes, was amended to indicate that Peter F. Hurst, Jr. and Louis A. DeNaples plan to acquire beneficial ownership of more than 25 percent of the voting securities of Urban Financial Group, Inc., and indirectly, The Community's Bank.

On February 15, 2001, The Phoenix Companies, Inc., a Delaware corporation, and Newco, a corporation to be formed, filed an acquisition statement, pursuant to Section 36a-184 of the Connecticut General Statutes, for the acquisition of Phoenix Charter Oak Trust Company, a Connecticut bank organized to function solely in a fiduciary capacity.

ACQUISITION AND MERGER

On February 15, 2001, pursuant to Section 36a-411 of the Connecticut General Statutes, the Banking Commissioner approved the application of FleetBoston Financial Corporation to acquire and retain the ownership and control of 100 percent of the issued and outstanding voting stock of Summit Bancorp., and indirectly, Summit Bank, and, pursuant to Section 36a-185 of the Connecticut General Statutes, issued a notice of intent not to disapprove such acquisitions. The Commissioner also approved the merger of Summit Bank with and into Fleet National Bank, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Assessed $7,500

On February 13, 2001, the Banking Commissioner entered a Consent Order with respect to F1 Trading.com, Inc., formerly known as Gold Country Securities. The firm maintains its principal office at 600 Old Country Road, Suite 535, Garden City, New York. The firm had been the subject of a November 8, 2000 Order to Cease and Desist, Notice of Intent to Deny Registration as Broker-Dealer and Notice of Intent to Fine based on claims that 1) from at least September 1999 to June 2000, the firm transacted business as a broker-dealer absent registration under the Connecticut Uniform Securities Act; and 2) in conjunction with its broker-dealer application, the firm filed false or misleading information concerning the extent of its prior broker-dealer activity.

Without admitting or denying the allegations in the November 8, 2000 Order to Cease and Desist, Notice of Intent to Deny Registration as Broker-dealer and Notice of Intent to Fine, the firm agreed to pay a $7,500 assessment and to withdraw its broker-dealer application without prejudice. The Consent Order granted the firm leave to reapply for broker-dealer registration after five years had elapsed.