The Department of Banking News Bulletin 

Bulletin # 2000
Week Ending June 21, 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 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.

MAIN OFFICE RELOCATION

On June 18, 2002, pursuant to Section 36a-81 of the Connecticut General Statutes, Ridgefield Bank received approval to relocate its main office from 374 Main Street, Ridgefield, Connecticut, to 150 Danbury Road, Ridgefield, Connecticut.

CHECK CASHING SERVICE LICENSE ACTIVITY

On June 17, 2002, pursuant to Section 36a-581 of the Connecticut General Statutes, Suresh Shah filed an application to operate a check cashing service general facility at 522 Pequonnock Street, Bridgeport, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Investment Adviser Assessed $2,100 for Notice Filing Lapse

On June 18, 2002, the Commissioner entered into a Stipulation and Agreement with Hart Advisers, Inc. of One Mill Pond Lane, Simsbury, Connecticut. The firm is an investment adviser registered with the Securities and Exchange Commission.

The Stipulation and Agreement alleged that from 1997 until April 11, 2002, when a notice was filed, the firm failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act and pay the related fees. Pursuant to the Stipulation and Agreement, the firm agreed to pay $2,100 to the agency. Of that amount, $1,500 constituted an administrative fine and $600 represented reimbursement for past due notice filing fees.

Investment Advisers Collectively Assessed $5,850
for Delinquent Investment Advisory Notice Filings

On June 19, 2002, the Commissioner entered into a Stipulation and Agreement with Grossman Asset Management Inc., Grossman Asset Management Partners LP and Quantitative Financial Strategies Inc., all of Four Stamford Plaza, 107 Elm Street, Suite 500B, Stamford, Connecticut. The entities, which are affiliated, are registered as investment advisers with the Securities and Exchange Commission.

The Stipulation and Agreement alleged that from November 19, 1999 until March 27, 2002, when appropriate notice filings were made, the entities failed to make the investment advisory notice filings required by Section 36b-6(e) of the Connecticut Uniform Securities Act and pay the associated fees.

Without admitting or denying the Commissioner's allegations, each of the entities agreed to pay a $1,500 fine to the agency and to reimburse the agency $450 for past due notice filing fees. The total amount assessed against the respondents collectively was $5,850.

Investment Adviser Assessed $2,250 for Notice Filing Lapse

On June 19, 2002, the Commissioner entered into a Stipulation and Agreement with Huntoon Hastings Inc. of 9 Old Kings Highway South, Darien, Connecticut. The firm is an investment adviser registered with the Securities and Exchange Commission.

The Stipulation and Agreement alleged that from 1997 until May 7, 2002, when a notice was filed, the firm failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act and pay the related fees. Pursuant to the Stipulation and Agreement, the firm agreed to pay $2,250 to the agency. Of that amount, $1,500 constituted an administrative fine and $750 constituted reimbursement for past due notice filing fees.