The Department of Banking News Bulletin 

Bulletin # 2892 - Week Ending July 26, 2019


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.



Merger and Acquisition
On July 29, 2019, People’s United Financial, Inc., a Delaware corporation and bank holding company, and its wholly-owned subsidiary, People’s United Bank, N.A., a national bank headquartered in Bridgeport, Connecticut, filed an acquisition statement pursuant to Sections 36a-184 and 36a-185 of the Connecticut General Statutes for the acquisition of United Financial Bancorp, Inc., a Connecticut corporation and bank holding company, and, indirectly, United Bank, a Connecticut-chartered bank and wholly-owned subsidiary of United Financial Bancorp, Inc. The acquisition of United Bank will take place through the merger of United Bank with and into People’s United Bank, N.A. On July 22, 2019, United Bank filed notice of this proposed merger pursuant to Section 36a-126(b) of the Connecticut General Statutes.   

On July 26, 2019, the Commissioner approved the acquisition by Liberty Bank, a Connecticut-chartered, mutual savings bank headquartered in Middletown, Connecticut, of SBT Bancorp, Inc., a bank holding company headquartered in Simsbury, Connecticut, and issued a notice of intent not to disapprove the acquisition pursuant to Section 36a-185 of the Connecticut General Statutes. Also on July 26, 2019, the Commissioner approved the merger of Simsbury Bank & Trust Company, a Connecticut stock bank headquartered in Simsbury, Connecticut and wholly-owned subsidiary of SBT Bancorp, Inc., with and into Liberty Bank, pursuant to Section 36a-125 of the Connecticut General Statutes.




On July 26, 2019, the Commissioner approved the merger of Danbury Cyanamid Employees Credit Union, Inc., Danbury, Connecticut, a Connecticut credit union with and into Cornerstone Community Credit Union, Stamford, Connecticut, a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes.


Consent Order
On July 16, 2019, the Commissioner entered into a Consent Order with Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage (NMLS # 141868) (“Ruoff Mortgage”), Fort Wayne, Indiana. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Ruoff Mortgage failed to file with the Nationwide Multistate Licensing System and Registry a change of its legal name or a fictitious name, namely the removal of its fictitious name “Expedite Home Loans”, at least thirty (30) calendar days prior to such change, and, in connection with such change, failed to provide, directly to the commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a 490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, Ruoff Mortgage paid $500 as a civil penalty.


      Dated:  Tuesday, July 30, 2019


      Jorge L. Perez
      Banking Commissioner