The Department of Banking News Bulletin 

Bulletin # 2914 - Week Ending December 27, 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.




Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or 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 the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.


DATE:  September 1, 2019
BANK:  Savings Bank of Danbury, Danbury
LOCATION:  133 E. Putnam Avenue, Cos Cob, CT  06807
ACTIVITY-BRANCH TYPE:  Closing Date - Loan Production Office


DATE:  December 23, 2019
BANK:  Savings Bank of Danbury, Danbury
LOCATION:  67 Holly Hill Road, Greenwich, CT  06830
ACTIVITY-BRANCH TYPE:  Filed - Loan Production Office


Merger and Transfer of Assets


On December 23, 2019, Centreville Bank, a Rhode Island-chartered non-member savings bank headquartered in West Warwick, Rhode Island, filed an application pursuant to Sections 36a-184 and 36a-185 of the Connecticut General Statutes to acquire PB Bancorp, Inc., a bank holding company headquartered in Putnam, Connecticut.  Also on December 23, 2019, Centreville Bank filed an application pursuant to Sections 36a-210 and 36a-412 of the Connecticut General Statutes to transfer all assets and liabilities of Putnam Bank, a Connecticut-chartered savings bank headquartered in Putnam, Connecticut and wholly-owned subsidiary of PB Bancorp, Inc., to Centreville Bank.  



Consent Order


On December 20, 2019, the Commissioner entered into a Consent Order with Virgo Municipal Finance Fund Limited Partnership (NMLS # 1934385) (“Virgo”), Greenwich, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that, from October 2013 to the present, Virgo acted within this state as a consumer collection agency without the requisite license by collecting on residential sewer liens, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Virgo paid $5,000 as a civil penalty.


      Dated: Tuesday, December 31, 2019


      Jorge L. Perez
      Banking Commissioner