The Department of Banking News Bulletin 

 Bulletin # 1961
Week Ending September 21, 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, Commissioner of Banking, 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.

NEW BANK ACTIVITY

On September 21, 2001, pursuant to Section 36a-70(I) of the Connecticut General Statutes, upon the application filed on May 20, 1999 by the organizers of The Bank of New Canaan, and after a hearing, the Commissioner extended for cause the period for which the Temporary Certificate of Authority is valid from September 24, 2001 to March 25, 2002.

MERGER

On September 17, 2001, pursuant to Section 36a-125 of the Connecticut General Statutes, American Savings Bank, a wholly-owned subsidiary of American Financial Holdings, Inc., and American Bank of Connecticut, both Connecticut banks, filed an application for the merger of American Bank of Connecticut with and into American Savings Bank. The application was filed in connection with the acquisition statement filed by American Financial Holdings, Inc. on September 14, 2001, pursuant to Section 36a-184 of the Connecticut General Statutes, to acquire American Bank of Connecticut. In connection with the merger, American Savings Bank and American Bank of Connecticut filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.

FOREIGN BANK ACTIVITY

On September 17, 2001, pursuant to Section 36a-428a of the Connecticut General Statutes, the Commissioner issued a license to Abbey National Treasury Services plc to establish and maintain a state branch at 400 Atlantic Street, Stamford, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $2,500 for Investment Advisory Notice Filing Delinquency

On September 17, 2001, the Commissioner executed a Stipulation and Agreement with respect to Vernes Asset Management, LLC, an SEC-regulated investment adviser located at 993 Farmington Avenue, Suite 205, West Hartford, Connecticut. The Stipulation and Agreement alleged that from June 30, 2000, when Vernes Asset Management, LLC became registered with the Securities and Exchange Commission, until July 5, 2001, when a notice filing was made, the firm failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act.

In entering into the Stipulation and Agreement, the Commissioner acknowledged that the firm had brought the filing delinquency to the department's attention, and that the firm had retained legal counsel to advise it concerning establishing a compliance system to facilitate adherence to state notice filing requirements.

Pursuant to the Stipulation and Agreement, Vernes Asset Management, LLC agreed to 1) review, revise and implement such supervisory and compliance procedures as were necessary to ensure compliance with state notice filing requirements; and 2) remit $2,500 to the department, $2,000 of which constituted an administrative fine and $500 of which represented reimbursement for Division investigative costs.