State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2171
Week Ending September 30, 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.

Date Bank Location Activity
9/12/05
The Milford Bank
Milford
*142 Temple Street, Suite 306
  New Haven, CT  06510
opening
date
9/27/05
People's Bank
Bridgeport
 1163 Farmington Avenue
Berlin, CT  06037
filed
*Limited Branch - Loan Production Office

BANK CLOSING
On September 30, 2005, pursuant to the provisions of Chapter 664c of the Connecticut General Statutes, the Superior Court for the Judicial District of Hartford, having determined that there was reasonable likelihood that an unsafe or unsound condition existed which was likely to have an adverse effect on the clients and creditors, placed Circle Trust Company in receivership. Banking Commissioner John P. Burke has been appointed as Receiver, and Howard Siegel of Brown Rudnick Berlack Israels, LLP has been retained as counsel.
CONSUMER CREDIT DIVISION ACTIVITY
On September 23, 2005 the Commissioner issued an Order of Automatic Suspension, Notice of Intent to Revoke First Mortgage Correspondent Lender/Broker License and Notice of Right to Hearing, in the matter of: NationsBest Mortgage Corporation, of 625 The City Drive, Suite 210, Orange, California.  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 Web site or by contacting the department's Legal Division.
REORGANIZATION INTO A HOLDING COMPANY STRUCTURE
On September 30, 2005, pursuant to Section 36a-181 of the Connecticut General Statutes, Simsbury Bank & Trust Company, Inc., Simsbury, Connecticut, a Connecticut state-chartered bank, filed an application to reorganize into a holding company structure to be known as SBT Bancorp, Inc., a Connecticut stock corporation with Simsbury Bank & Trust Company, Inc. as its wholly–owned subsidiary.
Dated: Tuesday, October 4, 2005

John P. Burke
Commissioner