The Department of Banking News Bulletin 

Bulletin # 1981
Week Ending February 8, 2002

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.

BRANCH ACTIVITY
State Bank

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.

MAIN OFFICE RELOCATION

On February 5, 2002, pursuant to Section 36a-81 of the Connecticut General Statutes, The North American Bank and Trust Company received approval to relocate its main office from 1151 Stratford Avenue, Stratford, Connecticut, to 132 Grand Street, Waterbury, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On February 8, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, AAA Financial Corporation applied for approval to engage in the business of money transmission.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $2,400 for Filing Delinquency

On February 5, the Commissioner executed a Stipulation and Agreement with respect to PIMCO Specialty Markets LLC, an SEC-regulated investment adviser located at 55 Greens Farms Road, Westport, Connecticut. The Stipulation and Agreement alleged that from August 10, 2000, when PIMCO Specialty Markets LLC became subject to SEC regulation, until August 29, 2001, when a notice filing was made with the department, 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 the firm's representations that it had been formed to service large institutional accounts; that none of the firm's clients were principally domiciled in Connecticut; and that no general solicitation of investment advisory business had occurred in Connecticut. In furtherance of its desire to settle the matter informally, the firm represented that, after receiving notice of the filing deficiency from the Division, the firm had reviewed, revised and implemented supervisory and compliance procedures necessary to ensure regulatory compliance.

The Stipulation and Agreement fined the firm $2,000 and required that it reimburse the department $400 for investigative costs.