The Department of Banking News Bulletin

Bulletin # 2117
Week Ending September 17, 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
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 Financial Institutions Division, (860) 240-8180.

On August 4, 2004, pursuant to Section 36a-598 of the Connecticut General Statutes, Remesas Quisqueyana, Inc. filed an application to engage in the business of money transmission.

CHECK CASHING SERVICE LICENSE ACTIVITY

On September 8, 2004, pursuant to Section 36a-581 of the Connecticut General Statutes, Envios Al Instante LLC filed an application for approval to operate a check cashing service general facility at 1797 Park Street, Hartford, Connecticut.

CREDIT UNION ACTIVITY

On September 14, 2004, pursuant to Section 36a-468a of the Connecticut General Statutes, BIC Credit Union, Inc., Milford, Connecticut, filed an application to merge with General Electric Employees Federal Credit Union, with General Electric Employees Federal Credit Union being designated as the resulting credit union.

ACQUISITION

On September 15, 2004, pursuant to Sections 36a-411 and 36a-184 of the Connecticut General Statutes, The Royal Bank of Scotland Group plc ("RBSG"), a corporation organized under the laws of Great Britain, and RBSG's indirectly owned subsidiary, Citizens Financial Group, Inc. ("Citizens"), a bank holding company with its principal place of business in Rhode Island, filed an acquisition statement for the acquisition of 100% of the voting stock of RBS National Bank, a limited purpose credit card bank in organization, with its principal office to be in Connecticut. In connection with the acquisition, RBSG and Citizens filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY 
Ohio Firm Assessed $10,000 for Unregistered Brokerage Activity

On September 13, 2004, the Commissioner entered a Consent Order with respect to Butler, Wick & Co., Inc., of City Centre One, Suite 700, Youngstown, Ohio. The firm had applied for registration as a broker-dealer under the Connecticut Uniform Securities Act. The Consent Order alleged that the firm had disclosed in its registration application that, at various times commencing in 1996, the firm had transacted business in Connecticut absent registration as a broker-dealer and had employed unregistered agents. The Consent Order directed the firm to cease and desist from regulatory violations; implement a revised compliance and supervisory system designed to improve the monitoring of state broker-dealer and agent licensing requirements; and provide quarterly reports for two years concerning any securities-related complaints, actions or proceedings involving Connecticut residents. In addition, the Consent Order fined the firm $10,000.

Butler, Wick & Co., Inc. became registered as a broker-dealer under the Act on September 13, 2004.