Bulletin # 2246
Week Ending March 9, 2007

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

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	Check Casher	Location	Activity
3/09/07	Elsayed Hassan    d/b/a Hot Dog Plus	24 Belden Avenue Norwalk, CT  06850	approved

The Commissioner is issuing a Notice of Intent to Adopt Regulations concerning the conversion of mutual Connecticut banks to capital stock Connecticut banks.  Interested persons who wish to receive copies of the proposed regulations may contact the Legal Division of the Department at 860-240-8142, or view the proposed regulations at the Department’s website.

On March 6, 2007, pursuant to Section 36a-70(n) of the Connecticut General Statutes, Bankers’ Bank Northeast, Glastonbury, applied for the authority to exercise fiduciary powers.

On March 8, 2007, the Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against 4 L.I.F.E., Inc. of 450 Stonewall Street, Suite 102, Atlanta, Georgia, and Terry Mayfield of 120 Potters Pond Drive, Phoenixville, Pennsylvania.  The action alleged that in 2004, the respondents sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act.   Investment proceeds were to be invested in the L.I.F.E. Ventures Development Fund to fund the acquisition of multi-family properties in the Atlanta area by nonprofit developers.  The action also alleged that the respondents violated the antifraud provisions in Section 36b-4 of the Act by misrepresenting that investors would receive back their initial investment in three to six months and by failing to disclose pertinent risk factors or background information on 4 L.I.F.E., Inc.   The respondents were afforded an opportunity to request a hearing on the Order to Cease and Desist.  A hearing on the Notice of Intent to Fine has been scheduled for May 15, 2007.