The Department of Banking News Bulletin 

Bulletin # 2076
Week Ending December 5, 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.

INTEREST RATE TO BE PAID ON CLAIMS FOR PROPERTY, FUNDS OR
MONEY DELIVERED TO THE STATE TREASURER PURSUANT TO
SECTIONS 3-57a(a)(1) OR (2) MORTGAGE  ESCROW ACCOUNTS,
PUBLIC SERVICE COMPANY AND ELECTRIC SUPPLIER
CUSTOMER SECURITY DEPOSITS AND TENANT SECURITY DEPOSITS

In accordance with Sections 3-70a(e), as amended by June 30 Special Session Public Act 03-1, 16-262j(d), 47a-21(i)(2) and 49-2a of the Connecticut General Statutes, the deposit index for calendar year 2004 is 0.55%. However, Sections 3-70a(e), as amended, 16-262j(c), 47a-21(i)(1) and 49-2a(a) provide that in no event shall the rate be less than 1.5%. Therefore, the interest rate to be paid on claims for property, funds or money delivered to the State Treasurer pursuant to Sections 3-57a(a)(1) or (2), and mortgage escrow accounts, public service company and electric supplier customer security deposits and tenant security deposits is 1.5% for the period commencing January 1, 2004 and ending December 31, 2004.

CIVIL PENALTIES IMPOSED ON BANK DIRECTORS

As of December 2, 2003, the Commissioner entered into Settlement and Release Agreements with the following former directors of Connecticut Bank of Commerce, a bank and trust company that was closed by the Commissioner on June 26, 2002: Marshall C. Asche, Marcial Cuevas, Jack W. Dunlap, Steven B. Levine, Brian A. Marks and Timothy S. Reed. The notices that initiated the administrative actions brought against them alleged that the directors, through their approval of various loans, engaged or participated in unsafe and unsound practices in connection with the bank and used their official positions in a manner contrary to the interest of the bank and its depositors. The notices further alleged that the conduct of the directors significantly contributed to the severe undercapitalization of the bank, resulting in a determination that it was insolvent. Pursuant to the Settlement and Release Agreements, the directors agreed not to serve as an officer or director of any Connecticut-chartered bank and to pay civil penalties as follows: Asche $17,000, Cuevas $25,000, Dunlap $50,000, Levine $50,000, Marks $25,000 and Reed $17,000.

MERGER ACTIVITY

On December 1, 2003, the merger of The Greenwich Bank & Trust Company, a bank and trust company, with and into Westport National Bank, became effective. As part of the merger, Westport National Bank changed its name to Connecticut Community Bank, National Association, and will conduct business at its current offices in Connecticut as Westport National Bank, a Division of Connecticut Community Bank, National Association, and conduct business at the current offices of The Greenwich Bank & Trust Company in Connecticut as The Greenwich Bank & Trust Company, a Division of Connecticut Community Bank, National Association.

 On December 4, 2003, pursuant to Section 36a-125 of the Connecticut General Statutes, as amended by Public Act 03-259, approval was granted for the merger of Fairfield County Savings Bank with and into Ridgefield Bank, the resulting bank to operate as a mutual savings bank under the name of Fairfield County Bank Corp.

CHECK CASHING SERVICES LICENSE ACTIVITY

On December 2, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, City Check Cashing, Inc. received approval to operate a check cashing service general facility at 575 Talcottville Road, Unit C, Vernon, Connecticut.

On December 5, 2003, Thomas Signorelli, d/b/a Arrow Check Cashing surrendered his general facility license at the following location: 21 New Britain Avenue, Hartford, Connecticut.

On December 5, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, ABNA America Inc. received approval to operate a check cashing service general facility at 21 New Britain Avenue, Hartford, Connecticut.

CREDIT UNION DIVISION ACTIVITY

On December 2, 2003, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, as amended by Public Act 03-84 and 03-196, approval was granted to Corporate America Family Credit Union, Elgin, Illinois, to expand its field of membership to include employees of MIDSUN Group, Inc., Southington, Connecticut, and employees of World Fulfillment LLC, Bristol, Connecticut.