The Department of Banking News Bulletin
Bulletin # 2627 - Week Ending June 27, 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
Branch Activity
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
| Date | Bank | Location | Activity |
|---|---|---|---|
| 06/25/14 |
United Bank
Rockville
|
268 Hazard Avenue
Enfield, CT 06082
Into
231 Hazard Avene
Enfield, CT 06082
|
Filed to
Consolidate
Effective
10/10/14
|
| 06/25/14 |
United Bank
Rockville
|
112 Mountain Road
Suffield, CT 06078
Into
275 Mountain Road
Suffield, CT 06078
|
Filed to
Consolidate
Effective
10/10/14
|
| 10/10/14 |
United Bank
Rockville
|
12 Main Street
Ellington, CT 06029
|
Closing
Date
|
| 10/10/14 |
United Bank
Rockville
|
23 Main Street
Manchester, CT 06042
|
Closing
Date
|
Interstate De Novo Branch
On August 29, 2014, Manufacturers and Traders Trust Company, Buffalo, New York, plans to close its de novo branch at 4 High Ridge Park, Stamford, Connecticut.
Change of Name
On June 24, 2014, pursuant to Section 36a-82 of the Connecticut General Statutes, Darien Rowayton Bank, Darien, Connecticut, filed an application with the Commissioner to change its name to DRB Bank. Written objections to such application may be made, for a period of 30 days from the date of publication of this Bulletin, on the grounds that the name selected will tend to confuse the public.
CONSUMER CREDIT DIVISION ACTIVITY
Withdrawal of Notice of Intent to Issue Order to Cease and Desist, Withdrawal of Notice of Intent to Impose Civil Penalty and Withdrawal of Notice of Right to Hearing
On June 17, 2014, the Commissioner issued a Withdrawal of Notice of Intent to Issue Order to Cease and Desist, Withdrawal of Notice of Intent to Impose Civil Penalty and Withdrawal of Notice of Right to Hearing (“Withdrawal”) in the Matter of: CUSTOMIZED MORTGAGE SOLUTIONS, LLC (NMLS # 214882), Old Tappan, New Jersey.
Consent Order
On June 18, 2014, the Commissioner entered into a Consent Order with New Milford Mortgage Company, LLC (NMLS # 110092) (“New Milford Mortgage Company”), New Milford, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on April 22, 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. The Commissioner alleged that New Milford Mortgage Company failed to timely file certain annual information required by mortgage call reports in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner. As part of the Consent Order, New Milford Mortgage Company paid $4,500 as a civil penalty.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Connecticut registered broker-dealer fined $53,800 for Unregistered Sales Assistant Activity
On June 25, 2014, the Banking Commissioner entered a Consent Order (No. CO-14-8151-S) with respect to J.P. Morgan Securities, LLC, a Connecticut-registered broker-dealer. The settlement arose from a multi-state investigation into the firm's supervisory system as it related to the state registration of sales assistants. The investigation covered the period from January 1, 2004 through December 31, 2011. In this case, certain sales assistants accepted unsolicited securities orders at a time when the sales assistants were not appropriately registered under the Connecticut Uniform Securities Act. The Consent Order noted that the firm had since implemented a new trading system with the ability to confirm the registration status of order acceptors.
In resolution of the matter, the firm agreed to pay a fine of $53,800 to the department.