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 # 2865 - Week Ending January 18, 2019


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 business days from the date of this bulletin.



On January 22, 2019, Governor Ned Lamont signed emergency legislation establishing a no-interest loan program to provide the federal workers in Connecticut who are affected by the federal government shutdown with necessary financial support. Loans made under the program will be guaranteed by the State of Connecticut, subject to certain limitations. In order for a bank or credit union to participate in the program, the financial institution must meet the criteria of an “eligible financial institution” and apply to the Department. Applications can be made using the form found here: Application



Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or 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 the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE:  January 14, 2019
BANK: Jewett City Savings Bank, Jewett City
LOCATION:  46 West Broad Street, Stonington, CT  06378
ACTIVITY-BRANCH TYPE:  Filed to Establish Full Service Branch


DATE:  January 14, 2019
BANK: Eastern Connecticut Savings Bank, Norwich
LOCATION:  688 Boston Post Road, Guilford, CT  06437
ACTIVITY-BRANCH TYPE:  Approved to Establish Loan Production Office


Consent Order

On January 14, 2019, the Commissioner entered into a Consent Order with Kenneth Jones (“Jones”). The Consent Order was based on an investigation by the Financial Institutions Division. As a result of such investigation, the Commissioner alleged that Jones violated Sections 36a-53(b)(1)(C) and 36a-53(b)(1)(E) of the Connecticut General Statutes. As part of the Consent Order, Jones 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, and has paid $5,884 as a civil penalty.

Change of Name
On January 16, 2019, Laurel Road Bank, Darien, Connecticut, filed an application to change its name to DR Bank pursuant to Section 36a-82 of the Connecticut General Statutes. Written objections to such application may be made, for a period of 30 days from the date of publication of this Bulletin, on the grounds that the name selected will tend to confuse the public.




DATE:  January 18, 2019
CREDIT UNION: Nutmeg State Financial Credit Union, Rocky Hill
LOCATION:  Rocky Hill High School, 50 Chapin Avenue, Rocky Hill, CT  06067
ACTIVITY:  Approved to Open Branch


Consent Order
On January 8, 2019, the Commissioner entered into a Consent Order with Embrace Home Loans, Inc. (NMLS # 2184) (“Embrace Home Loans”), Middletown, Rhode Island. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Embrace Home Loans failed to file with the Nationwide Multistate Licensing System and Registry a change of address of two branch offices at least 30 calendar days prior to such change and, in connection with such address change, failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b) of the 2018 Supplement to the General Statutes and Section 36a-490(b) of the 2018 Supplement to the General Statutes, as amended by Public Act 18-173. As part of the Consent Order, Embrace Home Loans paid $500 as a civil penalty.



Vir-Sec, Inc. and Christopher Murphy - Consent Order Entered

On January 17, 2019, the Commissioner entered a Consent Order (Docket No. CRF-18-8268-S) with respect to Vir-Sec, Inc. of 2840 West Bay Drive, #212, Belleair Bluffs, Florida 33770 and Christopher Murphy, president and control person of the corporation. Vir-Sec, Inc., a currently inactive Delaware corporation, was involved in the development of Internet security software. The respondents had been the subject of a July 20, 2018 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing alleging that the respondents violated Section 36b-16 of the Connecticut Uniform Securities Act by offering and/or selling unregistered securities. The offering was allegedly conducted through general solicitation at a Connecticut hotel. The action had also alleged that the respondents violated the antifraud provisions in Section 36b-4(a)(2) of the Act by failing to provide investors with material information concerning the issuer's financial condition, the specific risks associated with investing in Vir-Sec, Inc. and background information on the issuer's officers, directors and their compensation.

The Consent Order noted that respondent Murphy had provided the agency with a sworn financial affidavit attesting to his financial inability to pay the restitution contemplated by the administrative action, and that he maintained that he had relied on the advice of legal counsel in connection with the securities registration issues. The Consent Order also reflected a voluntarily undertaking by Murphy not to engage in any activity requiring registration under Connecticut's securities laws for three years.

The Consent Order directed the respondents to cease and desist from regulatory violations. Based on Murphy's financial affidavit, enforcement of the July 20, 2018 Order to Make Restitution was stayed for three years unless either respondent became able to pay restitution during that period or if it was determined that Murphy's financial affidavit contained material misstatements or omissions. In the latter instances, the restitutionary amount would become immediately due and payable.



      Dated: Wednesday, January 23, 2019


      Jorge L. Perez
      Banking Commissioner