The Department of Banking News Bulletin

Bulletin # 3009 - Week Ending October 22, 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 directed to Jorge L. Perez, Banking Commissioner.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.


Branch Activity

DATE:  October 21, 2021
BANK:  First County Bank, Stamford
LOCATION: 469 Westport Avenue, Norwalk, CT 06851
ACTIVITY-BRANCH TYPE: Filed Notice of Branch Closing

Merger and Acquisition

On October 21, 2021*, the Commissioner approved the acquisition by M&T Bank Corporation, a New York bank holding company, of People’s United Financial Inc., a bank holding company headquartered in Bridgeport, Connecticut, and issued a notice of intent not to disapprove the acquisition pursuant to Sections 36a-411 and 36a-185 of the Connecticut General Statutes. Also on October 21, 2021, the Commissioner approved 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, a New York-chartered savings bank and wholly-owned subsidiary of M&T Bank Corporation, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes.

*The approval was revised on October 26, 2021 to correct a scrivener’s error.

For a copy of the approval letter click here: M&T Bank Corporation


Consent Order

On October 14, 2021, the Commissioner entered into a Consent Order with Laboratory Corporation of America (“LabCorp”), Burlington, North Carolina. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that LabCorp constitutes a “creditor” as defined in Section 36a-645(2) and by using the name “LCA Collections”, LabCorp was in violation of Section 36a-647-6(15) of the Regulations of Connecticut State Agencies (“Regulations”), which prohibits the use of any business, company or organization name other than the true name of the creditor’s organization. As part of the Consent Order, LabCorp agreed that no later than September 1, 2021, LabCorp shall cease and desist from collecting debts in this state under the name “LCA Collections” or any name other than the true name of the business, company or organization in this state, in violation of Section 36a-647-6(15) of the Regulations, and paid $10,000 as a civil penalty.

Dated:  Tuesday, October 26, 2021

Jorge L. Perez
Banking Commissioner