The Department of Banking News Bulletin 

Bulletin # 2131
Week Ending December 24, 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 December 20, 2004, pursuant to Section 36a-198 of the Connecticut General Statutes, Charter Oak Community Bank Corp., a mutual holding company ("Charter Oak"), filed an application for the establishment of a subsidiary holding company to be known as Rockville Financial, Inc. ("RFI"), and, pursuant to Section 36a-184 of the Connecticut General Statutes, Charter Oak and RFI filed an acquisition statement for Charter Oak to acquire 55% of the outstanding shares of common stock of RFI and for RFI to acquire 100% of the common stock of Rockville Bank, a Connecticut bank. In connection with the acquisition, Charter Oak and RFI filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.

MONEY TRANSMITTER LICENSE ACTIVITY

On December 17, 2004, pursuant to Section 36a-598 of the Connecticut General Statutes, Custom House Currency Exchange (USA) Ltd. filed an application to issue Connecticut payment instruments which are electronic payment instruments and to engage in the business of money transmission.

On December 21, 2004, pursuant to Section 36a-598 of the Connecticut General Statutes, ITC Financial Licenses, Inc. filed an application to engage in the business of money transmission.

CONSUMER CREDIT DIVISION ACTIVITY
 Notice of Intent to Refuse to Renew First Mortgage Lender/Broker
 License, Notice of Intent to Refuse to Renew Secondary Mortgage
Lender/Broker License, Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing Issued

On December 21, 2004, the Commissioner issued a Notice of Intent to Refuse to Renew First Mortgage Lender/Broker License, Notice of Intent to Refuse to Renew Secondary Mortgage Lender/Broker License, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing ("Notice") with respect to Olympia Mortgage Corp. of 1716 Coney Island Avenue, Brooklyn, New York. The Notice was based on allegations that Olympia Mortgage Corp. failed to promptly notify the Commissioner, in writing, that it had been the subject of actions by other regulatory agencies, in violation of Section 36a-490(b) of the Connecticut General Statutes. Olympia Mortgage Corp. was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Findings of Fact, Conclusions of Law and Order Issued

On December 21, 2004, the Commissioner issued Findings of Fact, Conclusions of Law and Order ("Final Decision") In the Matter of: Robert J. Kaczorowski. The respondent had been the subject of a July 20, 2004 Notice of Intent to Revoke Originator Registration and Notice of Right to Hearing. The hearing was held on September 27, 2004. The Commissioner ordered that pursuant to Sections 36a-494(a)(2) and 36a-51 of the Connecticut General Statutes, the registration of Kaczorowski to act as an originator in Connecticut be revoked. A copy of the Final Decision can be obtained from the department's Web site or by contacting the department's Legal Division.