Bulletin # 2624 - Week Ending June 6, 2014

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY

Acquisition

On June 4, 2014, pursuant to Section 36a-184 of the Connecticut General Statutes, Lion Connecticut Holdings, Inc., a Connecticut corporation located in Windsor, Connecticut, filed an acquisition statement to acquire 100% of the outstanding shares of common stock of Voya Institutional Trust Company, a proposed Connecticut trust bank to be headquartered in Windsor, Connecticut.

Merger

On June 5, 2014, Bankwell Bank, a Connecticut-chartered bank and trust company and wholly-owned subsidiary of Bankwell Financial Group, Inc., a Connecticut corporation, and Quinnipiac Bank & Trust Company, a Connecticut-chartered bank and trust company, filed an application pursuant to Section 36a-125 of the Connecticut General Statutes seeking approval for the merger of Quinnipiac Bank & Trust Company, with its main office located at 2704 Dixwell Avenue, Hamden, Connecticut, with and into Bankwell Bank, with its main office located at 208 Elm Street, New Canaan, Connecticut.  In connection with the application, Bankwell Bank and Quinnipiac Bank & Trust Company filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days. 

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On May 19, 2014, the Commissioner entered into a Consent Order with Umbrella Recovery Team LLC (“Umbrella Recovery”), Palm Desert, California and La Quinta, California.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Umbrella Recovery acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the 2014 Supplement to the General Statutes.  As part of the Consent Order, Umbrella Recovery was ordered to pay $5,000 as a civil penalty.

On May 21, 2014, the Commissioner entered into a Consent Order with Universal Debt Services Inc. (“Universal Debt”), Rosedale, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged in a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued against Universal Debt on May 2, 2013, that Universal Debt engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes in effect prior to October 1, 2011, and offered to engage in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  As part of the Consent Order, Universal Debt was ordered to pay $2,500 as a civil penalty.

Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On May 19, 2014, 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:  Mortgage Services, Inc. (NMLS # 2594) (“Respondent”), Waterbury, Connecticut.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to timely 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 allegations set forth in the Notice.

Dated:  Tuesday, June 10, 2014