The Department of Banking News Bulletin 

Bulletin # 2902 - Week Ending October 4, 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 October 3, 2019, the Commissioner issued a notice of intent not to disapprove the acquisition by People’s United Financial, Inc., a Delaware corporation and bank holding company, of United Financial Bancorp, Inc., a Connecticut corporation and bank holding company, pursuant to Section 36a-185 of the Connecticut General Statutes. In connection with the acquisition, United Bank, a Connecticut-chartered bank and wholly-owned subsidiary of United Financial Bancorp., Inc., will be merged with and into People’s United Bank, N.A., a national bank headquartered in Bridgeport, Connecticut that is a wholly-owned subsidiary of People’s United Financial, Inc. pursuant to Section 36a-126(b) of the Connecticut General Statutes. 

Interstate Loan Production Office

On October 4, 2019, Evolve Bank & Trust, an Arkansas state-chartered bank, filed an application pursuant to Section 36a-412(d) of the Connecticut General Statutes, seeking approval to establish a loan production office at 175 Capital Blvd,4th Floor, Rocky Hill, Connecticut.  



Consent Order

On September 25, 2019, the Commissioner entered into a Consent Order with Uphold HQ Inc. (NMLS # 1269875) (“UHQ”), Larkspur, South Carolina. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that, from at least April 1, 2016, to April 19, 2018, UHQ engaged in the business of money transmission in this state without a license, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, UHQ paid $10,000 as a civil penalty and $2,500 as back licensing fees.



      Dated: Tuesday, October 8, 2019


      Jorge L. Perez
      Banking Commissioner