On August 15, 2019, The Guilford Savings Bank, a Connecticut-chartered mutual savings bank, filed a notice and application to reorganize as a mutual holding company to be known as GSB Mutual Holding Company pursuant to Section 36a-192 of the Connecticut General Statutes, an application to form a reorganized savings institution to be known as The Guilford Savings Bank pursuant to Section 36a-193 of the Connecticut General Statutes and a proposal to establish a subsidiary holding company to be known as GSB Bancorp, Inc. pursuant to Section 36a-198 of the Connecticut General Statutes. 

On August 5, 2019, the Commissioner entered into a Consent Order with Sortis Financial, Inc. (NMLS # 3761) (“Sortis”), Plano, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Sortis failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least 30 calendar days prior to such change and, in connection with such change, failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Sections 36a-490(b)(2) and 36a-801(i) of the Connecticut General Statutes. As part of the Consent Order, Sortis paid $500 as a civil penalty.