State of Connecticut Department of Banking

The Department of Banking News Bulletin 

Bulletin # 2195
Week Ending March 17, 2006

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
3/10/06
Prime Bank
Orange
*FROM:  180 Amity Road
            Woodbridge, CT  06525
*TO:      270 Amity Road
            Woodbridge, CT  06525
amend location
of limited branch
previously
approved on
6/28/05
3/13/06
First County Bank
Stamford
FROM:  19 Corbin Drive
           Darien, CT  06820
TO:      1006 Post Road
           Darien, CT  06820
filed to
relocate
3/15/06
People's Bank
Bridgeport
19 East Main Street
North Canaan, CT  06018
 approved
3/15/06
Jewett City Savings Bank
Jewett City
560 Hartford Turnpike
Dayville, CT  06241
 filed
*Limited Branch - LPO


ACQUISITION
On March 15, 2006, pursuant to Section 36a-184 of the Connecticut General Statutes, First Suffield Financial, Inc., a Connecticut corporation, filed an acquisition statement to acquire 100% of the issued and outstanding common stock of The First National Bank of Suffield, a national banking association with its principal office in Suffield, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Assessed $10,000 for Failing to Observe
Branch Office Registration and Other Requirements
On March 13, 2006, the Commissioner entered a Consent Order with respect to GunnAllen Financial, Inc., a registered broker-dealer located at 5002 West Waters Avenue, Tampa, Florida.  The Consent Order alleged that the firm 1) violated Section 36b-6(d) of the Connecticut Uniform Securities Act by transacting business from six unregistered branch office locations; 2) violated Section 36b-6(f) of the Act by failing to provide written notice to the Commissioner prior to the termination of business activity at seven of its branch offices;  3) violated Section 36b-6(d)(3) of the Act by failing to promptly notify the Commissioner in writing that three of the firm’s offices had relocated; and 4) violated Section 36b-31-6f(b) of the Regulations under the Act by failing to establish, enforce and maintain an adequate supervisory system.   The Consent Order directed the firm to cease and desist from regulatory violations, and mandated that the firm implement revised supervisory procedures designed to improve regulatory compliance.  In addition, the Consent Order required that the firm pay $10,000 to the agency.  Of that amount, $9,000 constituted an administrative fine and $1,000 constituted reimbursement for agency investigative costs.
  
         Dated:  Tuesday, March 21, 2006
         John P. Burke
         Commissioner