The Department of Banking News Bulletin
Bulletin # 2681 - Week Ending July 10, 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.
|
Date
|
Bank
|
Location
|
Activity
|
| 07/06/15 |
Simsbury Bank & Trust
Company, Simsbury
|
1232 Farmington Avenue
West Hartford, CT 06107
|
Filed
|
| 07/06/15 |
Farmington Bank
Farmington
|
61 North Main Street
East Longmeadow, MA 01028
|
Notice of Intent
Not to Disapprove
|
| 07/06/15 |
Dime Bank
Norwich
|
139 South Main Street
Colchester, CT 06415
|
Notice of Intent
Not to Disapprove
|
|
07/31/15
|
Simsbury Bank & Trust
Company, Simsbury
|
250 Albany Turnpike
Canton, CT 06019
|
Closing *
Date
|
| 09/30/15 |
Farmington Bank
Farmington
|
500 West Farms Mall
Suite B103
Farmington, CT 06032
|
Closing
Date
|
| 09/30/15 |
Farmington Bank
Farmington
|
138 Memorial Avenue
West Springfield, MA 01089
|
Closing *
Date
|
| *Loan Production Office | |||
CREDIT UNION ACTIVITY
Branch Activity
|
Date
|
Credit Union
|
Location
|
Activity
|
|
08/29/15
|
Nutmeg State Financial
Credit Union, Rocky Hill
|
137 Prospect Hill Road
East Windsor, CT 06088
|
Closing
Date
|
CONSUMER CREDIT DIVISION ACTIVITY
Consent Order
On June 30, 2015, the Commissioner entered into a Consent Order with James D. Graham d/b/a CFLA Agent (“James D. Graham”). The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that James D. Graham engaged and offered to engage in debt negotiation in this state without the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes. As part of the Consent Order, James D. Graham was ordered to repay fees in 10 installments to an identified Connecticut resident until a total of $1,500 has been paid.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist and Notice of Intent to Fine Issued
On July 10, 2015, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-15-8113-S) against Southridge Real Estate Partners, Limited Partnership (the "Fund"), a private investment fund focusing on real estate; Ridgebury Partners, LLC, general partner of the Fund; Douglas R. Esposito; and Stephen Murray Hicks. The Fund maintains or has maintained an office in Danbury, Connecticut. The action alleged that respondents Esposito and Hicks, through one or more entities, exerted indirect control over the Fund's general partner.
The action alleged that 1) the Fund violated Section 36b-16 of the Connecticut Uniform Securities Act by offering and selling unregistered limited partnership interests; 2) the Fund employed Esposito and Hicks as unregistered agents of issuer in contravention of Section 36b-6(b) of the Act; 3) Esposito and Hicks transacted business as unregistered agents of issuer in violation of Section 36b-6(a) of the Act; 4) the Fund's general partner transacted business as an unregistered investment adviser in violation of Section 36b-6(c)(1) of the Act and engaged Esposito and Hicks as unregistered investment adviser agents; and 5) Esposito and Hicks, in turn, violated Section 36b-6(c)(2) of the Act by transacting business as unregistered investment adviser agents.
Each of the respondents was afforded an opportunity to request a hearing on the allegations in the Order to Cease and Desist and Notice of Intent to Fine.
Jorge L. Perez
Banking Commissioner