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On August 2, 2013, The Bank of New Canaan, a Connecticut-chartered bank and trust company and wholly-owned subsidiary of BNC Financial Group, Inc., a Connecticut corporation, and The Wilton Bank, a Connecticut-chartered bank and trust company, filed an application pursuant to Section 36a-125 of the Connecticut General Statutes for the merger of The Wilton Bank, with its main office located at 47 Old Ridgefield Road, Wilton, Connecticut, with and into The Bank of New Canaan, with its main office located at 208 Elm Street, New Canaan, Connecticut.  Previously, on July 23, 2013, the Commissioner approved the merger of The Bank of Fairfield with and into The Bank of New Canaan, the resulting bank to operate under the name “Bankwell Bank,” which merger is expected to occur prior to the effective date of the merger of The Wilton Bank with and into The Bank of New Canaan.  Accordingly, the name of the bank surviving the merger of The Wilton Bank with and into The Bank of New Canaan will be “Bankwell Bank”.

On July 2, 2013, the Commissioner issued a 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:  Summit Funding, Inc d/b/a Summit Funding Inc. Your Mortgage Professionals (NMLS # 84943) (“Respondent”), Flushing, New York.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

On July 29, 2013, following an administrative hearing, the Banking Commissioner entered Findings of Fact, Conclusions of Law and an Order (Docket No. CF-12-7791-S) against RMV Holding Company, LLC and RMV Investments, LLC, both of Norwalk, Connecticut, and Ronald Marvin, principal of the firms.  Respondent RMV Holding Company, LLC was the general partner of RMV Partners, L.P., a hedge fund started by Respondent Marvin.  The action had been preceded by a May 9, 2012 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-12-7791-S) against the respondents.

The hearing decision found that (1) Ronald Marvin violated Section 36b-6(c)(2) of the Connecticut Uniform Securities Act by transacting business as an unregistered investment adviser agent; (2) RMV Holding Company, LLC violated Section 36b-6(c)(1) of the Act by transacting business as an unregistered investment adviser; (3) in connection with their advisory activities, Ronald Marvin and RMV Holding Company, LLC engaged in dishonest or unethical practices within the meaning of Section 36b-5(f) of the Act, and RMV Investments, LLC materially assisted in that violation; 4) Ronald Marvin engaged in dishonest or unethical practices while registered as a broker-dealer agent under the Act; and 5) Ronald Marvin failed to make certain conflict of interest disclosures in contravention of Section 36b-31-15d(a)(2) of the Regulations under the Act.

The July 29, 2013 Order rendered permanent the cease and desist order issued against each respondent.  In addition, the Order imposed fines of $200,000 against Ronald Marvin, $20,000 against RMV Holding Company, LLC and $10,000 against RMV Investments, LLC for their respective violations of Connecticut’s securities laws.

       Dated:  Tuesday, August 6, 2013