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 certain applications 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 May 19, 2010, pursuant to Section 36a-463b of the Connecticut General Statutes, approval was granted to Metropolitan District Employees Credit Union, Inc. to relocate its main office from 555 Main Street, Hartford, Connecticut, to 250 Murphy Road, Hartford, Connecticut.

On May 17, 2010, the Banking Commissioner entered into a Stipulation and Agreement with Millbrae Natural Gas Development Fund 2005, L.P. (the “Millbrae Fund”) and its managing partner, Millbrae Natural Gas 2005, L.L.C., both of 29 Upper Hook Road, Katonah, New York.  The Stipulation and Agreement recited that, during an examination of Millbrae Capital LLC, now known as Raine Securities LLC, the Division ascertained that in 2005 and 2006, unregistered interests in the Millbrae Fund had been sold to Connecticut investors through unregistered agents of issuer.   The Stipulation and Agreement acknowledged that, on March 1, 2010, a corrective Rule 506 notice filing had been made under Section 36b-21(e) of the Connecticut Uniform Securities Act covering the prior offering of the Millbrae Fund securities.  Pursuant to the Stipulation and Agreement, the Millbrae Fund and its managing partner agreed to jointly and severally remit a $2,300 fine to the department.  In addition, the Millbrae Fund and its managing partner agreed to refrain from offering or selling securities in or from Connecticut absent compliance with the Section 36b-16 of the Act and to refrain from employing unregistered agents of issuer in contravention of Section 36b-6(b) of the Act.

On May 13, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  Best Deal Mortgage LLC d/b/a Best Deal Mortgage (“Respondent”).  The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 454 East Main Street, Branford, Connecticut, in violation of Section 36a-492 of the 2010 Supplement to the General Statutes.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist.  Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the Notice can be obtained from the Department’s website.

On May 13, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Correspondent Lender License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  M & W Financial Services, Inc. (“Respondent”).  The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 42 West Allendale Avenue, Allendale, New Jersey, in violation of Section 36a 492 of the 2010 Supplement to the General Statutes.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist.  Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the Notice can be obtained from the Department’s website.

       Dated:  Tuesday, May 25, 2010