The Department of Banking News Bulletin

 Bulletin # 2029
Week Ending January 10, 2003

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

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.

State Bank Activity

On January 10, 2003, pursuant to Section 36a-411 of the Connecticut General Statutes, the Commissioner approved the application of Banknorth Group, Inc. to acquire and retain ownership and control of 100 percent of the issued and outstanding voting stock of American Financial Holdings, Inc., and indirectly, American Savings Bank, and, pursuant to Section 36a-185 of the Connecticut General Statutes, issued a notice of intent not to disapprove such acquisitions. The Commissioner also approved the merger of American Savings Bank with and into Banknorth, National Association, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, as amended by P.A. 01-76.

BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION

On January 10, 2003, pursuant to the provisions of Section 36a-628 of the Connecticut General Statutes, Pitney Bowes Small Business Lending, LLC, 27 Waterview Drive, Shelton, CT 06484 was licensed to operate as a business and industrial development corporation.

REORGANIZATION AS A MUTUAL HOLDING COMPANY AND ESTABLISHMENT OF A SUBSIDIARY HOLDING COMPANY

On January 7, 2003, the Commissioner, in connection with the application by Putnam Savings Bank to reorganize so as to form a mutual holding company, issued a notice of intent not to disapprove the formation of a proposed mutual holding company to be known as Putnam Bancorp MHC, Inc. pursuant to Section 36a-192(d) of the Connecticut General Statutes. Also in connection with the application, approval was granted pursuant to Sections 36a-193 and 36a-192(b) of the Connecticut General Statutes to form a reorganized savings institution to be known as Putnam Stock Bank, and subsequently merge Putnam Savings Bank with and into Putnam Stock Bank, the resulting capital stock savings bank to be known as Putnam Savings Bank. Approval was also granted pursuant to Section 36a-198 of the Connecticut General Statutes, as amended by P.A. 02-47, for the proposal of Putnam Bancorp MHC, Inc. to establish a subsidiary holding company to be known as PSB Holdings, Inc.