The Department of Banking News Bulletin

Bulletin # 2081
Week Ending January 9, 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.

MERGER

On January 6, 2004, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, as amended by Public Act 03-196, The Prudential Savings Bank, FSB, a federal savings bank with its main office located in Atlanta, Georgia, filed an application for its merger with CIGNA Bank & Trust Company, FSB, a federal savings bank with its main office located in Hartford, Connecticut, the resultant bank to be The Prudential Savings Bank, FSB.

The effective date of the approved merger of Fairfield County Savings Bank with and into Ridgefield Bank, and Ridgefield Bank's name change to Fairfield County Bank Corp. was January 1, 2004.

CHECK CASHING SERVICE LICENSE ACTIVITY

On Bulletin #2080 the address for Connecticut State Check Cashing Service, Inc. was incorrectly listed. The address should be 298 Main Street, New Britain.

The date on the following applications was erroneously listed as December 13, 2003.

On December 30, 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 30, 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.

CREDIT UNION DIVISION ACTIVITY
Field of Membership

On January 8, 2004, pursuant to Section 36a-437a(h)(3) and Section 36a-438(d) of the Connecticut General Statutes, Dutch Point Credit Union, Inc., Wethersfield, Connecticut, requested approval to amend its bylaws to expand its field of membership to include persons, who live, work, worship, or attend school in, and businesses and other legal entites located in the Hartford, Middlesex, New Haven, and New London Counties, as well as their family members.

CONSUMER CREDIT DIVISION ACTIVITY

On December 31, 2003, the Commissioner issued a Notice of Intent to Revoke First Mortgage Broker and Secondary Mortgage Broker Licenses and Notice of Right to Hearing against C & S Mortgage, LLC. The entity is located at 2139 Silas Deane Highway, Rocky Hill, CT 06067. The agency’s action was based on allegations that the entity made misrepresentations of material particulars of first mortgage loan transactions to a person entitled to such information. The matters asserted demonstrate a lack of character, reputation, integrity and general fitness on the part of the entity and warrant the belief that the entity would not be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498, inclusive, and Sections 36a-510 to 36a-524, inclusive, of the Connecticut General Statutes. The entity has been afforded the opportunity to request a hearing which is scheduled to be held on February 26, 2004.

On December 31, 2003, the Commissioner issued a Notice of Intent to Revoke Originator Registration and Notice of Right to Hearing against Andrew Constantinou. The individual is employed by C & S Mortgage, LLC, which is located at 2139 Silas Deane Highway, Rocky Hill, CT 06067. The agency’s action was based on allegations that the individual made misrepresentations of material particulars of first mortgage loan transactions to a person entitled to such information. The matters asserted demonstrate a lack of character, integrity and general fitness on the part of the individual and warrant the belief that the individual’s registration to act as an originator would not be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498, inclusive, of the Connecticut General Statutes. The individual has been afforded the opportunity to request a hearing which is scheduled to be held on February 26, 2004.

On December 31, 2003, the Commissioner issued a Notice of Intent to Revoke Originator Registration and Notice of Right to Hearing against Kim Chimblo. The individual is employed by C & S Mortgage, LLC, which is located at 2139 Silas Deane Highway, Rocky Hill, CT 06067. The agency’s action was based on allegations that the individual made misrepresentations of material particulars of first mortgage loan transactions to a person entitled to such information. The matters asserted demonstrate a lack of character, integrity and general fitness on the part of the individual and warrant the belief that the individual’s registration to act as an originator would not be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498, inclusive, of the Connecticut General Statutes. The individual has been afforded the opportunity to request a hearing which is scheduled to be held on February 26, 2004.

On January 5, 2004, the Commissioner issued an Order of Summary Suspension, Notice of Intent to Revoke First Mortgage Lender/Broker License and Notice of Right to Hearing against Frederick Cornelius d/b/a Focus Mortgage. The entity is located at 637 Park Road, West Hartford, CT 06107. The agency’s action was based on allegations that the entity submitted appraisal reports under the name "Camilleri Appraisal Company" to various lenders to support mortgage loan applications with the signature of Brian Camilleri, a principal of Camilleri Appraisal Company, without Mr. Camilleri’s knowledge, consent or authorization. The matters asserted constitute the commission of fraud and the misrepresentation of material particulars of first mortgage loan transactions on the part of the individual and demonstrate a lack of character, reputation, integrity and general fitness on the part of the entity and warrant the belief that the entity would not be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498, inclusive, of the Connecticut General Statutes. The individual has been afforded the opportunity to request a hearing which is scheduled to be held on March 18, 2004.

On January 5, 2004, the Commissioner issued a Notice of Intent to Refuse to Renew Secondary Mortgage Broker License and Notice of Right to Hearing against Frederick Cornelius d/b/a Focus Mortgage. The entity is located at 637 Park Road, West Hartford, CT 06107. The agency’s action was based on allegations that the entity submitted appraisal reports under the name "Camilleri Appraisal Company" to various lenders to support mortgage loan applications with the signature of Brian Camilleri, a principal of Camilleri Appraisal Company, without Mr. Camilleri’s knowledge, consent or authorization. The matters asserted constitute the commission of fraud and the misrepresentation of material particulars of secondary mortgage loan transactions on the part of the individual and demonstrate a lack of character, reputation, integrity and general fitness on the part of the entity and warrant the belief that the entity would not be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-510 to 36a-524, inclusive, of the Connecticut General Statutes. The individual has been afforded the opportunity to request a hearing which is scheduled to be held on March 18, 2004.

On January 8, 2004, the Commissioner issued a Notice of Intent to Revoke First Mortgage Correspondent Lender/Broker License, Notice of Intent to Revoke Secondary Mortgage Lender/Broker License, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against RMBC Corp. f/k/a The Realtors Mortgage Banking Corporation, 497 Main Street, Ansonia, CT 06401. The action was based on allegations that: (1) the entity made material misrepresentations in its renewal applications for first mortgage correspondent lender/broker and secondary mortgage lender/broker licenses; (2) the entity employed or retained at least six originators without registration in violation of Sections 36a-486(b) and 36a-511(b) of the Connecticut General Statutes; (3) a judgment was entered against an officer and principal employee of the entity on a conversion claim; and (4) the entity, through an officer and principal employee, provided an altered document to the Consumer Credit Division. The entity has been afforded the opportunity to request a hearing which, if requested, is scheduled to be held on April 1, 2004.

On January 8, 2004, the Commissioner denied the application for a First Mortgage Lender/Broker License filed by RMBC Corp. d/b/a Premiere Mortgage Banking Corp. of 497 Main Street, Ansonia, CT 06401. The action was based upon the fact that the Applicant made a material misstatement in its application and upon additional facts resulting in the Commissioner not being able to find that the financial responsibility, character, reputation, integrity and general fitness of the applicant and of an officer and principal employee of the applicant are such to warrant the belief that the entity will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498, inclusive, of the Connecticut General Statutes.