Bulletin # 2705 - Week Ending December 25, 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

Acquisition

On December 24, 2015, the Commissioner issued a notice of intent not to disapprove the acquisition by PB Bancorp, Inc., a newly formed Maryland corporation, of 100 percent of the voting securities of Putnam Bank, a Connecticut bank and wholly-owned subsidiary of PSB Holdings, Inc., a federal stock corporation and majority-owned subsidiary of Putnam Bancorp, MHC, a federal mutual holding company.  The acquisition will be made in connection with Putnam Bank’s reorganization from the mutual holding company form of organization into the holding company form of organization.  The notice was issued pursuant to Section 36a-185 of the Connecticut General Statutes, as amended by Public Act 15-235.

CONSUMER CREDIT DIVISION ACTIVITY

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On December 17, 2015, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“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 (collectively “Notice”) in the Matter of:  Universal Consumer Law Group (“Respondent”), Santa Ana, California.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent engaged 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 Order to Make Restitution, Respondent was ordered to repay $26,893.99 to identified Connecticut debtors plus interest, and to repay any other Connecticut debtor who entered into an agreement for debt negotiation services with Respondent on or after October 1, 2009, any fees paid by such Connecticut debtor to Respondent plus interest.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.