The Department of Banking News Bulletin
Bulletin # 2999 - Week Ending August 13, 2021
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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
STATE BANK 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: August 12, 2021
BANK: Savings Bank of Danbury, Danbury
LOCATION: 295 Westport Avenue, Norwalk, CT 06851
ACTIVITY-BRANCH TYPE: Approved to Establish – Full Service Branch
Temporary Certificate of Authority Issued
On August 10, 2021, the Commissioner issued a temporary certificate of authority to the organizers of Banking Circle US to complete the organization of a Connecticut uninsured bank in Stamford, Connecticut, pursuant to Section 36a-70 of the Connecticut General Statutes.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Stipulation and Agreement
Abbington Investment Group, LLC (IARD No. 174407)
On August 9, 2021, the Banking Commissioner entered into a Stipulation and Agreement (Matter No. ST-21-20211-S) with Abbington Investment Group, LLC, a Connecticut-registered investment adviser located at 251 Riverside Avenue, Westport, Connecticut 06880. Prior to May 2021, the firm was based in Boston, Massachusetts. The Stipulation and Agreement alleged that, from approximately October 2019 through December 21, 2020, the firm violated Section 36b-6(d) of the Connecticut Uniform Securities Act by transacting business from an unregistered branch office in Connecticut. The unregistered branch office was located at 251 Riverside Avenue, Westport, Connecticut. The firm cured the violation by registering the Westport branch, and the branch office registration was later terminated when the firm moved its main office to the Westport site. In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay a $2,500 fine to the department.
Mountain Vista Wealth Management, LLC (IARD No. 290456)
On August 13, 2021, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-21-202129-S) with Mountain Vista Wealth Management, LLC, a Connecticut-registered investment adviser. The firm maintains its principal office at 1514 Anacapa Street, Suite C, Santa Barbara, California 93101. The Stipulation and Agreement alleged that from approximately September 14, 2018 to June 11, 2021, the firm violated Section 36b-6(d) of the Connecticut Uniform Securities Act by transacting business from an unregistered branch office located at 4 Prospect Street, Ridgefield, Connecticut 06877. The Ridgefield branch office became registered on June 11, 2021 after the agency brought the matter to the firm's attention. In resolution of the matter, Mountain Vista Wealth Management, LLC agreed to refrain from regulatory violations and to pay a $2,500 fine to the department.
Dated: Wednesday, August 18, 2021
Jorge L. Perez