State of Connecticut Department of Banking

The Department of Banking News Bulletin 

Bulletin # 2182
Week Ending December 16, 2005

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
12/13/05
Liberty Bank
Middletown
710 Main Street, Suite 10
Southington, CT  06489
filed


INTEREST RATE TO BE PAID ON CLAIMS FOR PROPERTY, FUNDS OR
MONEY DELIVERED TO THE STATE TREASURER PURSUANT TO
SECTION 3-57a(a)(1) or (2), MORTGAGE ESCROW ACCOUNTS,
PUBLIC SERVICE COMPANY, CERTIFIED TELECOMMUNICATIONS PROVIDER
AND ELECTRIC SUPPLIER CUSTOMER SECURITY DEPOSITS AND
TENANT SECURITY DEPOSITS
In accordance with Sections 3-70a(e), 16-262j(d), 47a-21(i)(2) and 49-2a(c) of the Connecticut General Statutes, the deposit index for calendar year 2006 is 0.76%. However, Sections 3-70a(e), 16-262j(c), 47a-21(i)(1) and 49-2a(a) provide that in no event shall the rate be less than 1.5%.  Therefore, the interest rate to be paid on claims for property, funds or money delivered to the State Treasurer pursuant to Section 3-57a(a)(1) or (2), and mortgage escrow accounts, public service company, certified telecommunications provider and electric supplier customer security deposits and tenant security deposits is 1.5% for the period commencing January 1, 2006 and ending December 31, 2006.

CREDIT UNION ACTIVITY
Merger
On December 15, 2005, pursuant to Section 36a-468a of the Connecticut General Statutes, approval was granted for Heim Employees Credit Union, Inc., Fairfield, a Connecticut credit union, to merge with and into Mutual Security Credit Union, Inc., Wilton, a Connecticut credit union.

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Order to Cease and Desist and Notice of Intent to Fine Issued
On December 8, 2005, the Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against PIPS Incorporated, a Panamanian corporation located at P.T. 7323, Second Floor, Jalan BBN ½ E, Bandar Baru Nilai, Negeri Sembilan 71800, Malaysia.  The action alleged that, in 2005, the respondent violated Section 36b-16 of the Connecticut Uniform Securities Act by offering via the Internet unregistered, non-exempt securities in the form of private loan agreements.  The respondent was 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 January 19, 2006.
Dated:  Tuesday, December 20, 2005

John P. Burke
Commissioner