The Department of Banking News Bulletin
Bulletin # 3079 - Week Ending February 24, 2023
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.
Section 36a-145 of the Connecticut General Statutes requires that 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 may be submitted when such applications are filed and any plans that are filed will be made 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 at (860) 240-8180.
DATE: February 16, 2023
BANK: Liberty Bank, Middletown
LOCATION: FROM: 1206 Silas Dean Hwy, Wethersfield, CT 06109
TO: 1901 Silas Dean Hwy, Wethersfield, CT 06067
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Relocation
PROPOSED RELOCATION DATE: July 6, 2023
DATE: February 23, 2023
BANK: Union Savings Bank, Danbury
LOCATION: 454 Main Avenue, Norwalk, CT 06851
ACTIVITY-BRANCH TYPE: Approved to Establish Full Service Branch
PROPOSED OPENING DATE: Summer 2023
DATE: February 23, 2023
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: 2020 Salzedo Street, Suite 300, Coral Gables, FL 33134
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing
PROPOSED CLOSING DATE: May 31, 2023
CREDIT UNION ACTIVITY
On February 10, 2023, SoundView Financial Credit Union ("SoundView"), a Connecticut credit union, and Western Connecticut Federal Credit Union ("Western Connecticut"), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of Western Connecticut with and into SoundView Financial, with the resulting credit union to operate as a Connecticut credit union. The proposed effective date of the merger is July 1, 2023.
On February 21, 2023, Sikorsky Financial Credit Union ("Sikorsky"), a Connecticut credit union, and McKesson Federal Credit Union ("McKesson"), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of McKesson with and into Sikorsky Financial, with the resulting credit union to operate as a Connecticut credit union. The proposed effective date of the merger is June 30, 2023.
On February 27, 2023, the Commissioner approved the merger of Stamford Postal Employees Federal Credit Union, a federal credit union, with and into America's First Network Credit Union, a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. The anticipated target date for this merger is March 1, 2023.
CONSUMER CREDIT DIVISION ACTIVITY
Notice of Automatic Suspension, Notice of Intent to Revoke Money Transmission License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On February 14, 2023, the Commissioner issued a Notice of Automatic Suspension, Notice of Intent to Revoke Money Transmission License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: BlockFi Trading, LLC d/b/a BlockFi Trading d/b/a BlockFi (NMLS # 1873137) (“Respondent”), Jersey City, New Jersey. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges in the Notice that: (1) Respondent’s failure to transmit monetary value received from Connecticut purchasers is conduct that is likely to materially prejudice the interests of purchasers, which constitutes an unsafe or unsound practice within the meaning of Section 36a-608(a) of the Connecticut General Statutes; and (2) Respondent’s failure to maintain a surety bond that runs concurrently with the period of its money transmission license, as required pursuant to Section 36a-602(a) of the Connecticut General Statutes, constitutes sufficient grounds for the Commissioner to revoke Respondent’s license to engage in the business of money transmission in Connecticut pursuant to Section 36a-602(c) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Parker Street Securities LLC (CRD No. 316044)
On February 17, 2023, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-2022-47-S) with Parker Street Securities LLC of 751 Park of Commerce Drive, Suite 128, Boca Raton, Florida. The Stipulation and Agreement alleged that, between May 2022 and August 2022, the firm violated Section 36b-6 of the Connecticut Uniform Securities Act by transacting business as an unregistered broker-dealer and employing an unregistered agent. More specifically, the firm sold interests in two private equity funds to a single Connecticut investor whom the firm represented was accredited under federal Regulation D. The firm self-reported the issue in connection with its currently effective broker-dealer registration.
The firm represented to the department that it had extended a $400,000 rescission offer to the affected investor, and that the investor had declined the rescission offer. The firm also represented that it had hired a new Chief Compliance Officer to ensure compliance with Connecticut requirements.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to remit $5,340 to the department. Of that amount, $5,000 constituted an administrative fine and $340 represented payment of past due broker-dealer and agent registration fees.
Jorge L. Perez