The Department of Banking News Bulletin
Bulletin # 2895 - Week Ending August 16, 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
Reorganization into a Mutual Holding Company
On August 15, 2019, The Guilford Savings Bank, a Connecticut-chartered mutual savings bank, filed a notice and application to reorganize as a mutual holding company to be known as GSB Mutual Holding Company pursuant to Section 36a-192 of the Connecticut General Statutes, an application to form a reorganized savings institution to be known as The Guilford Savings Bank pursuant to Section 36a-193 of the Connecticut General Statutes and a proposal to establish a subsidiary holding company to be known as GSB Bancorp, Inc. pursuant to Section 36a-198 of the Connecticut General Statutes.
CONSUMER CREDIT DIVISION ACTIVITY
On August 5, 2019, the Commissioner entered into a Consent Order with Sortis Financial, Inc. (NMLS # 3761) (“Sortis”), Plano, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Sortis failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least 30 calendar days prior to such change and, in connection with such 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 Sections 36a-490(b)(2) and 36a-801(i) of the Connecticut General Statutes. As part of the Consent Order, Sortis paid $500 as a civil penalty.