The Department of Banking News Bulletin

 Bulletin # 1969
Week Ending November 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, 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.

FIDUCIARY POWERS

On November 8, 2001, pursuant to Section 36a-70(n) of the Connecticut General Statutes, North American Bank and Trust Company, Waterbury, applied for permission to exercise fiduciary powers.

CHECK CASHING SERVICE LICENSE ACTIVITY

On November 16, 2001, pursuant to Section 36a-581 of the Connecticut General Statutes, SDM Check Cashing of CT II, LLC received approval to operate check cashing service general facilities at 161 Boston Avenue, Bridgeport, Connecticut and 2165 Boston Avenue, Bridgeport, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Agent Ordered to Cease and Desist from Alleged Violations
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On November 7, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Donald R. Bisson of Windsor, Connecticut. The Order to Cease and Desist and Notice of Intent to Fine claimed that, from January 1999 to December 1999, while employed as a broker-dealer agent of Bannon, Ohanesian & Lecours, Inc., respondent Bisson sold at least $60,000 of promissory notes issued by Pacific Air Transport, Inc., Corlogic Corporation, Quality Automotive Enterprises, LLC and Technical Support Services, Inc. The respondent allegedly sold the notes outside the scope of his employment with Bannon, Ohanesian & Lecours, Inc. and without notice to the brokerage firm in violation of Section 36b-31-6e of the Regulations under the Connecticut Uniform Securities Act. The Order to Cease and Desist and Notice of Intent to Fine also alleged that, in selling the notes, the respondent 1) transacted business as an unregistered agent of the issuers involved in violation of Section 36b-6(a) of the Connecticut Uniform Securities Act; and 2) violated Section 36b-16 of the Act by offering and selling unregistered, non-exempt securities.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for December 18, 2001.