The Department of Banking News Bulletin 

Bulletin # 2042
Week Ending April 11, 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
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.

On April 11, 2003, pursuant to Sections 36a-412(a)(2) and 36a-145(b)(1) of the Connecticut General Statutes, Charter One Bank, National Association, with its main office located in Cleveland, Ohio, filed an application to establish a de novo branch at 943 Wolcott Street, Waterbury, Connecticut. In connection with the application, a community reinvestment plan was filed, and is available for public inspection and comment at the Department of Banking for a period of 30 days.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On April 9, 2003, pursuant to Section 36a-600 of the Connecticut General Statutes, Envios de Valores La Nacional Corp. filed an application to engage in the business of money transmission.

MAIN OFFICE RELOCATION

On April 9, 2003, pursuant to Section 36a-81 of the Connecticut General Statutes, approval was granted to Deutsche Bank Trust Company Connecticut Ltd for the relocation of its main office from One Fawcett Place, 3rd Floor, Greenwich, Connecticut, to One Pickwick Plaza, 3rd Floor, Greenwich, Connecticut. The effective date of the above relocation was April 11, 2003.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
New Jersey Firm Fined $10,000; Connecticut Activities Restricted

On April 7, 2003, the Commissioner entered a Consent Order with respect to Seaboard Securities, Inc. of 25B Vreeland Road, Suite 305, Florham Park, New Jersey. The Consent Order alleged that the firm engaged in dishonest or unethical practices in the securities business by employing individuals who were not registered with the NASD; guaranteeing customer accounts against loss; and engaging in unauthorized trading. The conduct allegedly occurred at the firm's Islandia, New York branch office which has since been closed. In addition, the Consent Order alleged that the firm failed to establish, enforce and maintain an adequate supervisory system.

The Consent Order fined the firm $10,000 and restricted its Connecticut securities activity for two years to investment company securities, government securities, exchange-listed options, exchange-listed securities and NASDAQ-NMS securities. In addition, the Consent Order directed the firm to file quarterly reports with the department for two years covering any securities-related complaints, actions or proceedings involving Connecticut residents. The Consent Order also mandated that the firm reimburse the agency up to $2,500 to cover the costs of one or more examinations of the firm's offices to be conducted within 24 months.