State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2866 - Week Ending January 25, 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.

 

STATE BANK ACTIVITY

Out-Of-State Trust Company

On January 22, 2019, Ankura Trust Company, LLC, a New Hampshire-chartered nondepository trust company with a principal office in Concord, New Hampshire, filed an application pursuant to Connecticut General Statutes Section 36a-434a to establish a trust office at 140 Sherman Street, 4th floor, in Fairfield, Connecticut. 

 

CREDIT UNION ACTIVITY

Branch Activity

DATE:  January 25, 2019
CREDIT UNION: American Eagle Financial Credit Union, East Hartford
LOCATION:  427 West Avon Road, Avon, CT  06001
ACTIVITY:  Approved to Establish Branch

 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Aquila Municipal Trust

On January 25, 2019, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-18-8488-S) with Aquila Municipal Trust, an open-end management investment company located at 120 West 45th Street, Suite 3600, New York, New York 10036. Aquila Narragansett Tax-Free Income Fund is a series of the trust. The Stipulation and Agreement alleged that the trust, through its filing service provider, reported that in 2015 and 2016, sales of Aquila Narragansett Tax-Free Income Fund had been made to two Connecticut purchasers at a time when no exemption was available for the sales and no notice filing for the fund had been made under Section 36b-21(c) of the Connecticut Uniform Securities Act. A curative notice filing was subsequently made on June 22, 2018.

In resolution of the matter, Aquila Municipal Trust agreed to refrain from offering or selling securities absent timely compliance with the filing requirements in Section 36b-21(c) of the Act. In addition, the trust agreed to pay $3,000 to the agency. Of that amount, $1,500 represented reimbursement for past due notice filing fees and $1,500 constituted an administrative fine.

 

      Dated: Tuesday, January 29, 2019

 

      Jorge L. Perez
      Banking Commissioner