The Department of Banking News Bulletin

 Bulletin # 2151
Week Ending May 13, 2005

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, Banking Commissioner, 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.

 ORGANIZATION OF HOLDING COMPANY

On May 12, 2005, pursuant to Section 36a-181 of the Connecticut General Statutes, approval was granted to Valley Bank, a capital stock Connecticut Bank, to organize First Valley Bancorp, Inc., as a holding company.

CREDIT UNION ACTIVITY
Field of Membership

On May 10, 2005, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Elgin, Illinois, filed a request for approval to expand its field of membership in the State of Connecticut to include employees of Mazzioti Family of Mary Kay, Inc., Orange, Connecticut.

CONSUMER CREDIT DIVISION ACTIVITY

On May 10, 2005 the Commissioner issued an Order of Automatic Suspension, Notice of Intent to Refuse to Renew First Mortgage Correspondent Lender/Broker License and Notice of Right to Hearing ("Order"), In the Matter of: Federated First Mortgage Corporation d/b/a FedFirst Mortgage Corporation ("Respondent"), of 23-B Shelter Cove Lane, Suite 100-A, Hilton Head Island, South Carolina. The action was based on the fact that Respondent failed to maintain a surety bond in violation of Section 36a-492(a) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order. A copy of the Order can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.