The Department of Banking News Bulletin
Bulletin # 3008 - Week Ending October 15, 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
On October 12, 2021, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, Northeast Bank, a Maine-chartered bank headquartered in Portland, Maine, filed an application to acquire a significant part of the assets of UPS Capital Business Credit, a Connecticut uninsured bank, which will be effected in accordance with Section 36a-210(a) of the Connecticut General Statutes.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Davinci Capital Management, Inc. (CRD No. 46897)
On October 12, 2021, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-21-2020799-S) with Davinci Capital Management, Inc., a Connecticut-registered broker-dealer located at 801 Cambridge Street, Cambridge, Massachusetts 02141. The Stipulation and Agreement alleged that from approximately April 2015 through May 2021, the firm transacted business from an unregistered branch office at 662 Wethersfield Avenue, Hartford, Connecticut, in violation of Section 36b-6(d) of the Connecticut Uniform Securities Act.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay a $2,500 fine to the department.
Dated: Tuesday, October 19, 2021
Jorge L. Perez