News Bulletin 2323 - August 29, 2008

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2323 Week Ending August 29, 2008

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.

BRANCH ACTIVITY State Bank Activity

Section 36a-145 of the 2008 Supplement to the 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

7/18/08

Newtown Savings Bank

Newtown

FROM: 956 White Plains Rd

Trumbull, CT 06611

TO:   *926 White Plains Rd

Trumbull, CT 06611

filed to

relocate

8/12/08

Newtown Savings Bank

Newtown

FROM: 956 White Plains Rd

Trumbull, CT 06611

TO:   *926 White Plains Rd

Trumbull, CT 06611

approved

to relocate

*Erroneously filed as 962 White Plains Rd.

State Credit Union Activity

Date

Credit Union

Location

Activity

8/26/08

Achieve Financial

Credit Union, Inc.

Berlin

720 Pleasant Street

Southington High School

Southington, CT 06489

approved

NEW BANK ACTIVITY

On August 29, 2008, pursuant to Section 36a-70(l) of the Connecticut General Statutes, the Banking Commissioner, State Treasurer and State Comptroller issued a final certificate of authority to The Bank of Fairfield , Fairfield, Connecticut, authorizing it to commence the business of a bank and trust company.  Also on August 29, 2008, BNC Financial Group, Inc. acquired 100 percent of the voting securities of The Bank of Fairfield .  The bank officially opened on the same date at 2248 Black Rock Turnpike, Fairfield, Connecticut.

CONSUMER CREDIT DIVISION ACTIVITY Check Cashing Service License Activity

Date

Check Casher

Location

Activity

8/25/08

Luna's Pay A Bill, LLC

582 Park Street

Hartford, CT 06106

filed

Settlement Agreement

On August 22, 2008, the Commissioner entered into a Settlement Agreement with Gateway Home Loans, LLC (“Gateway”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Gateway employed or retained at least one originator without registration, in violation of Sections 36a-486(b) and 36a-511(b) of the 2008 Supplement to the General Statutes.  On July 22, 2008, Gateway voluntarily made a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $1,000 to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.  Upon entry of the Settlement Agreement, the matter was resolved.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

SIGN UP NOW FOR SECURITIES FORUM 2008

The Securities and Business Investments Division, in conjunction with the Securities Advisory Council to the Department, is sponsoring its 20th annual Securities Forum conference on Thursday, October 23, 2008 at the Sheraton Hotel in Stamford, Connecticut.  A timely and outstanding agenda of panel presentations, featuring expert speakers, will help financial industry professionals keep abreast of current and evolving regulatory developments.  Stephen A. Ross, Franco Modigliani Professor of Financial Economics at Massachusetts Institute of Technology (MIT), will deliver the keynote address.  With more than 35 years of research and teaching to his credit, Dr. Ross has had a major impact on the field of finance, and has authored more than 100 related articles.  Among other things, he invented the Arbitrage Pricing Theory and conducted cutting edge studies in the areas of financial derivatives and interest rate models.  Models developed by Dr. Ross and his coworkers are now standards for pricing in major securities trading firms.  Dr. Ross is also the Chief Investment Officer and Principal of Ross Institutional Investors, LLC, a firm managing portfolios of alternative investments, and the Chairman of Compensation Valuation, Inc., a leading provider of option valuation services.  Dr. Ross is on the board of directors of the Freddie Mac where he chairs the Finance and Capital Deployment Committee.  The registration fee (which includes materials and luncheon) is $70 per person, but if you register by September 26, 2008, you qualify for the Early Bird discount of $60 per person.  Multiple attendees from the same firm also pay a discounted rate of $60.  Download a registration form and read the planned agenda.

Dated:  Wednesday, September 3, 2008

Howard F. Pitkin

Banking Commissioner