To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. 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 # 2790
Week Ending August 11, 2017

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 361-145 of the Connecticut General Statutes requires certain applications for a branch, of 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:  August 9, 2017
BANK:  The Milford Bank, Milford
LOCATION:  96B Broad Street, Guilford
ACTIVITY-BRANCH TYPE:  Filed to Open Branch - Limited Branch
DATE:  August 11, 2017
BANK:  Salisbury Bank and Trust Company, Lakeville
LOCATION:  FROM:  52 Route 17K, Suite 201, Newburgh, NY  12550
                  TO:  801 Auto Park Place, Newburgh, NY  12550
ACTIVITY-BRANCH TYPE:  Approved to Relocate - Full Service Branch

Interstate Loan Production Office
On August 11, 2017, the Commissioner approved the application of Magnolia Bank, Inc., a Kentucky-chartered community bank, to establish a loan production office in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes.  The office will be located at 1 Morgan Avenue, Third Floor, Norwalk, Connecticut.

Notice of Intent to Issue Order to Cease and Desist
and notice of Intent to Impose Civil Penalty
On August 4, 2017, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Vanguard Funding LLC (NMLS # 2675) (“Respondent”), Garden City, New York.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent failed to timely file certain quarterly information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.
Dated: Tuesday, August 15, 2017

Jorge L. Perez
Banking Commissioner