State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2801 - Week Ending October 27, 2017

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 361-145 of the Connecticut General Statutes requires certain applications for a branch, of for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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:  October 25, 2017
BANK:  Savings Bank of Danbury, Danbury
LOCATION:  2586 Summer Street, Stamford, CT  06905
ACTIVITY-BRANCH TYPE:  Approved - Full Service Branch

Change of Name

On October 25, 2017, Darien Rowayton Bank, Darien, Connecticut, filed an application to change its name to Laurel Road Bank pursuant to Section 36a-82 of the Connecticut General Statutes. 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.

CREDIT UNION ACTIVITY

Branch Activity

DATE: October 25, 2017
CREDIT UNION: Sikorsky Financial Credit Union, Inc., Stratford
LOCATION: 945 White Plains Road, Trumbull, CT 06611
ACTIVITY - BRANCH TYPE: Notice of Intent Not to Disapprove - Full Service Branch

CONSUMER CREDIT DIVISION ACTIVITY

Order to Cease and Desist and Order Imposing Civil Penalty

On October 16, 2017, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: Vanguard Funding LLC (NMLS # 2675) (“Respondent”), Garden City, New Jersey. The basis of the Order was that Respondent failed to file a required mortgage call report on the date it was due, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was ordered to cease and desist from violating Section 36a-534b(c)(3) of the Connecticut General Statutes and to pay a civil penalty in the amount of $1,500.

SECURITIES AND  BUSINESS INVESTMENTS DIVISION ACTIVITY

Stipulation and Agreement

On October 24, 2017, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-17-8276-S) with Columbia Funds Series Trust and Columbia Funds Series Trust I, both of 225 Franklin Street, Boston, Massachusetts 02110. Each trust is an open-end management investment company under the Investment Company Act of 1940. The Stipulation and Agreement alleged that the trusts were delinquent in making notice filings under Section 36b-21(c) of the Connecticut Uniform Securities Act for various securities portfolios. After self-reporting the deficiencies through a third party service provider upon whom the trusts had relied to make the required filings, the deficiencies were cured. The affected Columbia Funds Series Trust portfolios were: 1) Columbia AMT-Free North Carolina Intermediate Muni Bond Fund; 2) Columbia AMT-Free South Carolina Intermediate Muni Bond Fund; 3) Columbia AMT-Free California Intermediate Muni Bond Fund; 4) Columbia AMT-Free Virginia Intermediate Muni Bond Fund; and 5) Columbia AMT-Free Maryland Intermediate Muni Bond Fund. The affected Columbia Funds Series Trust I portfolios were: 1) Columbia AMT-Free Oregon Intermediate Muni Bond Fund; and 2) Columbia California Tax-Exempt Fund.

Pursuant to the Stipulation and Agreement, Columbia Funds Series Trust and Columbia Funds Series Trust I agreed to jointly and severally remit $8,500 to the department. Of that amount, $5,000 represented reimbursement for past due notice filing fees and $3,500 constituted an administrative fine. In addition, the trusts agreed to refrain from offering or selling securities absent compliance with Connecticut securities filing requirements.

Dated:  Wednesday, November 1, 2017


Jorge L. Perez
Banking Commissioner