Bulletin # 2672 - Week Ending May 8, 2015

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 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.

Interstate Loan Production Office

On May 6, 2015, the Commissioner approved the application of Evolve Bank & Trust, an Arkansas banking corporation, to establish a loan production office at 1449 Old Waterbury Road, Suite 207-C, Southbury, Connecticut.  The application was approved pursuant to Section 36a-412(d) of the Connecticut General Statutes.

CONSUMER CREDIT DIVISION ACTIVITY

Order Accepting Surrender

On April 23, 2015, the Commissioner, acting pursuant to Section 36a-51(c) of the Connecticut General Statutes, issued an Order Accepting Surrender (“Order”) of the sales finance company license of Condor Capital Corp., Hauppauge, New York, following the issuance by the Commissioner on May 8, 2014, of an Order of Summary Suspension, Notice of Intent to Revoke Sales Finance Company License and Notice of Right to Hearing.  As part of the Order, the Commissioner accepted the surrender of the license for the office located at 165 Oser Avenue, Hauppauge, New York, effective as of April 23, 2015, and imposed no additional terms and conditions.

Consent Order

On April 27, 2015, the Commissioner entered into a Consent Order with Residential Mortgage Services Inc. d/b/a Residential Mortgage Services (“Residential Mortgage”) (NMLS # 1760), South Portland, Maine.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Residential Mortgage changed its name of its branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change and, in connection with such name change, failed to provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new name of the branch office, in violation of Section 36a-490(b) of the Connecticut General Statutes.  As part of the Consent Order, Residential Mortgage paid $500 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Stipulation and Agreement

On May 5, 2015, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-15-8037-S) with First Connecticut Capital, LLC, a previously licensed mortgage lender located in Stratford, Connecticut.  Lawrence R. Yurdin, manager of First Connecticut Capital, LLC, was also a party to the Stipulation and Agreement.  The Stipulation and Agreement alleged that, at various times in 2005 and 2006, Lawrence R. Yurdin and First Connecticut Capital, LLC sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act.  The securities were sold to finance the construction of certain real estate projects.  The Stipulation and Agreement imposed an aggregate fine of $5,000 against Lawrence R. Yurdin and First Connecticut Capital, LLC, and required that, for three years, they retain experienced securities legal counsel prior to engaging in the offer or sale of securities in or from Connecticut.