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Date	Bank	Location	Activity
2/09/09	Newtown Savings Bank Newtown	FROM: 3 Pomeraug Office Park           Southbury, CT  06488 TO: *  685 Main Street South           Southbury, CT  06488	relocation effective date
* Filed as 33 Brown Rd. at Main St. South. Address corrected    by local postal office.

On February 9, 2009, pursuant to Sections 36a-125 and 36a-126 of the Connecticut General Statutes, Valley Bank, a Connecticut bank, and Enfield Federal Savings and Loan Association, a federal bank, both wholly-owned subsidiaries of New England Bancshares Inc., filed an application for the merger of Enfield Federal Savings and Loan Association with and into Valley Bank.  In addition, pursuant to Section 36a-82 of the Connecticut General Statutes, Valley Bank filed an application to change its name to New England Bank concurrent with the consummation of the merger.

On February 10, 2009, The Bank of Greenwich, Greenwich, notified the Department of Banking that it intends to relocate its main office from 165 Mason Street, Greenwich, to 444-450 East Putnam Avenue, Greenwich, on February 23, 2009.

Pursuant to Section36a-488 of the Connecticut General Statutes, on and after March 2, 2009, the minimum tangible net worth requirement for Mortgage Correspondent Lenders and Mortgage Brokers will increase from $25,000 to $50,000.  The $50,000 minimum net worth applies to both new and existing licensees and is required to be maintained throughout the term of the license. 

On February 4, 2009, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of: Bruce D. Simmons (“Respondent”).  The basis of the Order was that Respondent acted as a mortgage loan originator absent being licensed as such, in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended by Public Act 08-176.  Respondent was ordered to cease and desist from violating Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended, and to pay a civil penalty in the amount of $10,000.  Respondent was given an opportunity to request a hearing and failed to request a hearing in this matter.  A copy of the Order can be obtained from the Department's website.

On February 4, 2009 the Commissioner issued an Order Revoking Mortgage Broker License and Order Imposing Civil Penalty (“Order”), In the Matter of: Michael Schulman d/b/a New England Financial (“Respondent”).  The basis of the Order was that Respondent employed or retained a loan originator absent registration or licensure in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended by Public Act 08-176, and failed to respond to complaints and provide the Commissioner with the information requested on 5 loan files in violation of Section 36a-17(d) of the Connecticut General Statutes.  The license of Respondent to act as a mortgage broker in Connecticut was revoked and Respondent was ordered to pay a civil penalty in the amount of $30,000. Respondent was given an opportunity to request a hearing and failed to request a hearing in this matter.  A copy of the Order can be obtained from the department's website.

Attached to this issue of the Bulletin is a copy of regulations amended by the Commissioner concerning protection from mortgage foreclosure.  The new regulations were effective February 9, 2009, and are also available here.