The Department of Banking News Bulletin
Bulletin # 2980 - Week Ending April 2, 2021
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
On March 31, 2021, M&T Bank Corporation, a New York mutual bank holding company headquartered in Buffalo, NY, filed an acquisition statement and application pursuant to Sections 36a-184 and 36a-411 of the Connecticut General Statutes to acquire People’s United Financial Inc., a bank holding company headquartered in Bridgeport, Connecticut. Also on March 31, 2021, Manufacturers and Traders Trust Company, a New York-chartered savings bank and wholly-owned subsidiary of M&T Bank Corporation, filed an application pursuant to Section 36a-412 of the Connecticut General Statutes for the merger of People’s United Bank, N.A., a national bank headquartered in Bridgeport, Connecticut and wholly-owned subsidiary of People’s United Financial, Inc., with and into Manufacturers and Traders Trust Company.
STATE CREDIT UNION ACTIVITY
Branch ActivityDATE: April 1, 2021
BANK: American Eagle Financial Credit Union, East Hartford
LOCATION: 400 Aircraft Road (Raytheon Technology Company), Middletown, CT 06457
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of April 30, 2021
DATE: April 2, 2021
BANK: American Eagle Financial Credit Union, East Hartford
LOCATION: 4 Springs Road (Raytheon Technology Company), Farmington, CT 06032
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing as of May 1, 2021
CONSUMER CREDIT DIVISION DIVISION ACTIVITY
Consent Order
On March 24, 2021, the Commissioner entered into a Consent Order with E*Trade Financial Corporate Services, Inc. (NMLS # 1959157) (“ETCS”), Alpharetta, Georgia. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that ETCS engaged in the business of money transmission in this state without the required license from December 2019 to the present, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, ETCS paid $10,000 as a civil penalty, and $1,125 for back licensing fees.
Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing
On March 24, 2021, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Order”) in the Matter of: Waterbury Financial LLC, Waterbury, Connecticut, and David Sylvester Watson Sr (NMLS # 278341) (collectively, “Respondents”). The Order was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that: (1) Waterbury Financial LLC’s engaging in the business of making residential mortgage loans in the state without a license constitutes a violation of Section 36a-486(a) of the Connecticut General Statutes, in effect at such time; (2) Waterbury Financial LLC’s acting as a mortgage broker in this state without a license constitutes a violation of Section 36a-486(a) of the Connecticut General Statutes, in effect at such time; and (3) David Sylvester Watson Sr engaged in the business of a mortgage loan originator in this state without a license, in violation of Section 36a-486(b) of the Connecticut General Statutes, in effect at such time. The Commissioner found that the public welfare required the issuance of a Temporary Order to Cease and Desist against Respondents. As part of the Order to Make Restitution, Respondents were ordered to repay $1,268 to an identified Connecticut resident plus interest, and repay to any other Connecticut resident fees collected plus interest for mortgage lending, brokering or origination services in Connecticut. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Order.
Jorge L. Perez
Banking Commissioner