News Bulletin 2329 - October 10, 2008

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2329 Week Ending October 10, 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

10/06/08

Castle Bank & Trust

Company, Meriden

FROM: 852 East Main St.

Meriden, CT  06450

TO:    1295 East Main St.

Meriden, CT  06450

relocation

effective

date

10/14/08

Newtown Savings Bank

Newtown

FROM: 956 White Plains Rd

Trumbull, CT 06611

TO:    926 White Plains Rd

Trumbull, CT 06611

relocation

effective

date

CONSUMER CREDIT DIVISION ACTIVITY Settlement Agreement

On October 2, 2008, the Commissioner entered into a Settlement Agreement with American Mortgage Inc. (“American”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that American employed or retained at least six originators without registering them, in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes.  On September 15, 2008, American 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 $6,000 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 Department Announces Change in Securities Forum Keynote Speaker Author, Economist, Dr. Robert J. Shiller to Deliver Keynote Address

Robert J. Shiller, the Arthur M. Okun Professor of Economics at Yale University, will deliver the keynote address at Securities Forum 2008: Weathering the Economic Storm.  The event will be held on October 23, 2008 at the Sheraton Hotel in Stamford, Connecticut from 9:00 a.m. to 3:00 p.m.  Shiller replaces MIT Economics Professor Stephen A. Ross who was previously scheduled to speak at the event.

Professor Shiller is best known for his extensive writings in the area of financial market analysis.  His book Irrational Exuberance, published in sixteen languages, predicted the bursting of the tech stock bubble eight years ago.  Just last month, Shiller released his latest book, Subprime Solution:  How the Global Financial Crisis Happened and What to Do About It.  The book analyzes the housing and economic crisis and offers timely steps to address the problem.

Professor Shiller writes the "Economic View" column for The New York Times as well as a regular column, "Finance in the 21st Century", for Project Syndicate which publishes around the world.

The registration fee for the event is $70 per person, discounted to $60 per person for multiple attendees from the same organization, and includes course materials and a luncheon. For further information, call the agency at (860) 240-8176, or Toll-free at 1-800-831-7225, ext. 8176, or visit the Department of Banking’s Web site , to read the agenda and download the registration form.

Dated:  Wednesday, October 15, 2008

Howard F. Pitkin

Banking Commissioner