Bulletin # 2693 - Week Ending October 2, 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.

Community Reinvestment Plan

PB Bancorp, Inc., a newly formed Maryland Corporation, filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.  The filing was made in connection with an acquisition statement filed on September 14, 2015, by PB Bancorp, Inc., pursuant to Section 36a-184 of the Connecticut General Statutes.  The acquisition statement was filed in connection with Putnam Bank’s reorganization from the mutual holding company form of organization into the holding company form of organization with PB Bancorp, Inc., a federal bank holding company, as Putnam Bank’s sole holding company.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On September 28, 2015 the Commissioner entered into a Consent Order with Northland Group, Inc. ("Northland Group"), Edina, Minnesota.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Northland Group acted as a consumer collection agency in Connecticut from offices in New Jersey and Kentucky without the requisite consumer collection agency licenses, in violation of Section 36a-801(a) of the Connecticut General Statutes.  As part of the Consent Order, Northland Group paid $7,500 as a civil penalty.

On September 28, 2015 the Commissioner entered into a Consent Order with Reliant Account Management, LLC and Reliant Account Management Systems, LLC (together, “Reliant”), both of Newport Beach, California.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Reliant engaged in the business of money transmission in Connecticut without a license, in violation of Section 36a-597(a) of the Connecticut General Statutes.  As part of the Consent Order, Reliant paid $5,000 as a civil penalty and refunded to Connecticut residents fees it collected for money transmission.