Circular
Closing of Connecticut Bank of Commerce
July 1, 2002
Circular No. 11452

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

We have been advised that effective June 26, 2002, the Commissioner of Banking of the Connecticut Department of Banking issued its order providing for the closing of Connecticut Bank of Commerce (CBC) and determined to appoint the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC has entered into a purchase and assumption agreement pursuant to which it transferred certain assets and liabilities of CBC to Hudson United Bank, Mahwah, New Jersey.

Hudson United Bank has agreed, effective Monday, July 1, 2002, to receive certain payment transactions of CBC, including funds transfers, checks, and automated clearinghouse transactions bearing the routing number of CBC. Hudson United Bank will continue to use the routing number previously used by CBC (0260-1289-4) for these transactions. During the period following the closing of CBC, funds transfers to CBC were returned, and there was a delay in the presentment of cash items to CBC and in the return of items by CBC. In addition, ACH items directed to CBC were returned. Normal payment processing has now resumed.