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To Her Excellency M. Jodi Rell, Governor - page 13 / 25

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FINANCIAL INSTITUTIONS DIVISION

The Financial Institutions Division (“Division”) is responsible for the supervision and regulation of state-chartered commercial banks, savings banks, savings and loan associations, limited-purpose trust companies, and credit unions. The Division also regulates the activities of foreign banking organizations with branches, agencies, and representative offices located in Connecticut.

Through a combination of continuous off-site reviews and periodic on-site examinations, the Division monitors these institutions for compliance with Connecticut banking law, as well as applicable rules and regulations of the institutions’ respective federal regulators. Additionally, the Division, in conjunction with federal regulatory agencies, conducts examinations of one bankers’ bank and several information technology service providers whose services substantially impact the operations of Connecticut banks and credit unions. The Division is also responsible for processing applications for new banks and credit unions, branches, acquisitions, mergers and consolidations, bank holding company formations, and requests for credit union field of

membership corporations

expansions. The Division also licenses business and industrial development and certain non-banking corporations exercising fiduciary powers in the State.

Consolidated Condition and Operating Results

As of December 31, 2008, there were 17 state-chartered commercial banks and 22 state- chartered savings banks. There were no state-chartered savings and loan associations operating in Connecticut as of December 31, 2008.

State-chartered assets of $28.0 billion billion reported as of

commercial banks and state-chartered savings, collectively, reported total

as of December December 31,

31, 2008, a $1.7 billion or 6.5% increase from the

2007.

Aggregate

deposits

totaled

$19.0

billion

$26.3 as of

December 31, 2008, a $0.9 billion or 5.0% increase from the $18.1 billion year-end; while aggregate equity capital declined by 2.0% year-over-year $3.38 billion.

reported for the prior from $3.45 billion to

In the aggregate, state-chartered banks’ earnings performance for the year-ended December 31, 2008 declined from the prior year level, generating an average return on assets (ROA) and return on equity (ROE) of 0.38% and 2.97%, respectively, compared to the ROA of 0.56% and ROE of 4.24% for the year-ended December 31, 2007. The decline in earnings is primarily attributable to an increase in securities losses and provision expenses, which offset an increase in net interest income.

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