The Department of Banking News Bulletin 

Bulletin # 2080
Week Ending January 2, 2004

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.

CHECK CASHING SERVICE LICENSE ACTIVITY

On December 13, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Williams’ Pawn & Jewelry, LLC received approval to operate a check cashing service general facility at 128 Church Street, Naugatuck, Connecticut.

On December 13, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Ace Cash Express, Inc. received approval to operate check cashing service general facilities at the following locations: 411 Barnum Avenue, Stratford, Connecticut; 649 West Main Street, Waterbury, Connecticut; 90 East Main Street, New Britain, Connecticut; and 593 Farmington Avenue, Hartford, Connecticut.

On December 31, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Connecticut State Check Cashing Service, Inc. received approval to operate check cashing service general facilities at the following locations: 353 East Main Street, Waterbury, Connecticut; 2165 Boston Avenue, Bridgeport, Connecticut; and 289 Main Street, New Britain, Connecticut.

On December 22, 2003, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, as amended by Section 15 of Public Act 03-196, Corporate America Family Credit Union, Elgin, Illinois, filed an application to expand its field of membership to include employees of Superior Electric, Bristol, Connecticut, and employees of Select Energy Contracting, Inc., Bristol, Connecticut.

On December 30, 2003, the Commissioner entered into a Stipulation and Agreement with Geller Capital Management, LLC, an investment adviser located at 11 Hotel Drive, White Plains, New York. The Stipulation and Agreement alleged that, from April 2000 until March 20, 2001, and at a time when the firm was regulated by the Securities and Exchange Commission, the firm failed to make the notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act. Since its assets under management dropped below $25 million since 2001, the firm applied for registration as an investment adviser under Connecticut’s securities laws and, in so doing, disclosed the extent of its prior investment advisory activity. In entering into the Stipulation and Agreement, the Commissioner acknowledged the firm’s representation that it had relied upon the advice of prior compliance counsel in not making an investment advisory notice filing. The Stipulation and Agreement required that the firm revise its supervisory and compliance procedures to ensure compliance with state investment advisory registration and notice filing requirements. In addition, the Stipulation and Agreement required that the firm pay $900 to the department; of that amount, $500 constituted an administrative fine and $400 represented past due notice filing fees.