In accordance with Governor Lamont's emergency declaration, employees and the public are asked to observe social distancing measures to ensure communal safety and to slow the spread of the novel coronavirus (COVID-19). People are asked to work from home and telecommute wherever possible. Adhering to these instructions, the Department of Banking has closed its offices to the public. However, agency staff will continue to provide services to consumers and industry through telework. When contacting the Department, please use electronic communication whenever possible. Agency staff will continue to check voicemails during this time. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 2706
Week Ending January 1, 2016

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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-Branch Type
First County Bank
Academy of Information
 Technology & Engineering
411 High Ridge Road
Stamford, CT  06905
Filed - Special Needs
Limited Branch *
Liberty Bank
190 Main Street
Middletown, CT  06457
315 Main Street
Middletown, CT  06457
Notice of Branch -
Consolidation (Limited
into Full Service)
Farmington Bank
Westfarms - Suite B103
1500 New Britain Avenue
Farmington, CT  06032
Closing Date -
Full Service
*Correction from Bulletin 2704 - Application did not specify branch type.
Consent Order

On December 30, 2015, the Commissioner entered into a Consent Order with Michael J. Roth (“Roth”). The Consent Order alleged that Roth, who was an employee of New England Bank, was charged with, and pled guilty to, one count of larceny in the first degree. As part of the Consent Order, Roth may not hold any position as a director, officer, employee or independent contractor with any bank, Connecticut credit union or federal credit union or with a holding company that holds a subsidiary that is a bank, or as a licensee or registrant under Title 36a or 36b of the Connecticut General Statutes, without the consent of the Commissioner.
On December 24, 2015, Sikorsky Financial Credit Union, Inc. (“Sikorsky”), a Connecticut credit union, and Stratford Municipal Federal Credit Union (“Stratford”), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of Stratford with and into Sikorsky.
On December 30, 2015, the Commissioner approved the conversion of Fairfield County Federal Credit Union, Fairfield, Connecticut, from a federal credit union to a Connecticut credit union pursuant to Section 36a-469b of the Connecticut General Statutes.  The Connecticut credit union will be known as Cornerstone Community Credit Union.  The proposed field of membership will be limited to: any and all persons who live, work, attend school, or worship in Fairfield County, Connecticut, as well as any and all businesses, corporations, organizations or associations located in such county; persons within the immediate family of a member; the surviving persons within the immediate family of a deceased member; and alumni of Sacred Heart University in Bridgeport, Connecticut.

Order to Cease and Desist and Order Imposing Civil Penalty
On December 22, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Compliance Audit Group (“Respondent”), Los Angeles and Beverly Hills, California.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000.  In addition, an Order to Make Restitution issued against Respondent on November 16, 2015, remains in effect and became permanent against Respondent on December 9, 2015.

Dated: Tuesday, January 5, 2016

Jorge L. Perez
Banking Commissioner