The Department of Banking News Bulletin
Bulletin # 2874 - Week Ending March 22, 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
Interstate Loan Production Office
On March 21, 2019, Magnolia Bank, Inc., a Kentucky-chartered bank, filed an application to establish a loan production office at 53 East Avenue, Suite 2 in Norwalk, Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. In connection with opening this office, Magnolia Bank, Inc. plans to close its loan production office at 94 East Avenue in Norwalk, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Soma Equity Partners, LP (IARD No. 283613)
On March 20, 2019, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-19-8487-S) with Soma Equity Partners, LP, an investment adviser registered with the Securities and Exchange Commission. The firm, which renders advice exclusively to pooled investment vehicles, maintains its principal office at 44 Montgomery Street, Suite 3710, San Francisco, California 94104. The Stipulation and Agreement alleged that, although the firm maintained an additional office in Connecticut, the firm failed to make the notice filing required of SEC-registered investment advisers pursuant to Section 36b-6(e) of the Connecticut Uniform Securities Act over a two year period.
Upon being apprised of the agency’s concerns, the firm was responsive to agency inquiries, made the notice filing and paid the fee required by Section 36b-6(e) of the Act and renewed its notice filing for calendar year 2019.
In resolution of the matter, the firm agreed to refrain from violative conduct and to remit $1,825 to the department. Of that amount, $1,500 constituted an administrative penalty and $325 represented reimbursement for past due investment advisory notice filing fees.
Dated: Tuesday, March 26, 2019
Jorge L. Perez