The Department of Banking News Bulletin

Bulletin # 1934
Week Ending March 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.

CREDIT UNION ACTIVITY
Mergers

On March 13, 2001, pursuant to Section 36a-470 of the Connecticut General Statutes, approval was granted to Norwalk Educational Credit Union, Inc., Norwalk, Connecticut, to merge with and into Mutual Security Federal Credit Union, Wilton, Connecticut.

On March 13, 2001, pursuant to Section 36a-470 of the Connecticut General Statutes, approval was granted to Taylor & Fenn Co. Employees Credit Union, Inc., Windsor, Connecticut, to merge with and into The Kief Protective Mutual Benefit Association Incorporated, Bloomfield, Connecticut.

Notice of Intent to Revoke Registration as Investment Adviser,
Order to Cease and Desist and Notice of Intent to Fine Issued

On February 27, 2001, the Banking Commissioner issued a Notice of Intent to Revoke the investment adviser registration of Dana J. Andrusik of Glastonbury, Connecticut. The Notice of Intent to Revoke was coupled with an Order to Cease and Desist and Notice of Intent to Fine against the respondent. The department's action was based on claims that from at least February 1999 forward, the respondent violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered non-exempt notes issued by World Vision Entertainment, Inc. and Sebastian International Entertainment, Inc. The department also alleged that the respondent acted as an unregistered agent of issuer in effecting the note transactions.

The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Revoke Registration as Investment Adviser and the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for April 24, 2001.