The Department of Banking News Bulletin 

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 business days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

Reorganization as a Mutual Holding Company

On December 13, 2018, pursuant to Sections 36a-192 and 36a-193 of the Connecticut General Statutes, the Commissioner issued notice of his intent not to disapprove the formation by Union Savings Bank (“Mutual Bank”) of a mutual holding company to be known as USB Bancorp, Inc., approved the application for the Mutual Bank to form a reorganized capital stock savings bank to be known as Union Savings Bank II (“Stock Bank”) and approved the merger of the Mutual Bank with and into the Stock Bank with the resulting bank operating under the name Union Savings Bank.

FOREIGN BANK ACTIVITY

Branch Activity

DATE: December 11, 2018
BANK: Abbey National Treasury Services plc, London, England, United Kingdom
LOCATION: 400 Atlantic Street, Stamford, CT 06901
ACTIVITY-BRANCH TYPE: Closing State Branch

CONSUMER CREDIT DIVISION ACTIVITY

Order to Cease and Desist and Order Imposing Civil Penalty

On December 5, 2018, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: Homestead Financial Services, LLC, Los Angeles, California, and Dana Fabian (collectively, “Respondents”). The basis of the Order was that Respondents engaged or offered to engage in debt negotiation in this state without obtaining the required licenses, in violation of Section 36a-671(b) of the Connecticut General Statutes. The Commissioner ordered that Respondents cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes and imposed a civil penalty in the amount of $100,000 upon each Respondent. In addition, the Order to Make Restitution issued against Respondents on June 25, 2018, remains in effect and became permanent on July 18, 2018.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Romano Brothers and Company (CRD No. 3215) Assessed $5,040 for Prior Unregistered Activity

On December 11, 2018, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-18-8476-S) with Romano Brothers and Company, an applicant for broker-dealer registration located at 1560 Sherman Avenue, Suite 1300, Evanston, Illinois. The Stipulation and Agreement alleged that the firm self-reported that it had previously transacted business as a broker-dealer in Connecticut while unregistered in contravention of Section 36b-6(a) of the Connecticut Uniform Securities Act. Three Connecticut clients were involved, the first two beginning their relationship with the firm after inheriting assets from a deceased customer who did not reside in Connecticut.

In resolution of the matter, the firm agreed to refrain from violative conduct, implement procedures designed to improve regulatory compliance and pay $5,040 to the agency. Of that amount, $2,500 constituted an administrative fine and $2,540 represented reimbursement for past due registration fees.

The firm became registered in Connecticut on December 11, 2018.