Bulletin # 3117 - Week Ending November 17, 2023

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.

BANK ACTIVITY

Section 36a-145 of the Connecticut General Statutes requires that 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 may be submitted when such applications are filed and any plans that are filed will be made 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 at (860) 240-8180

Interstate Loan Production Office

On November 17, 2023, Evolve Bank & Trust, an Arkansas state-chartered bank, filed notice pursuant to Connecticut General Statutes Section 36a-412(d) of the closing of its loan production office at 175 Capital Boulevard, #404, Rocky Hill, CT 06067. The closing date was as of September 30, 2023. Any comments received by the Commissioner will be forwarded to the Arkansas State Bank Department.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY 

Calm River Capital LLC (IARD No. 326721)

On November 14, 2023, the Banking Commissioner issued an Order (No. COND-202343-S) conditioning the investment adviser registration of Calm River Capital LLC under the Connecticut Uniform Securities Act. The firm has its principal office at 42 Greenlea Lane, Weston, Connecticut 06883.

The Order stated that, since the firm's principals did not fulfill the experience requirements for becoming registered as an investment adviser, a basis would exist for denying the registration absent the imposition of conditions. In response, the firm represented that a qualified individual with prior securities industry experience would be joining the firm post-registration and would be solely responsible for advising clients and exercising trades in client accounts.

The Order imposed the following additional conditions on the firm: 1) for three years, the firm and its principals would not have custody or control of client funds or securities; 2) for three years, the firm would limit its new advisory activity to clients who are “accredited investors” within the meaning of Rule 501(a) of federal Regulation D; 3) within twelve months, the investment adviser agents of the firm would complete twelve credit hours of continuing education focusing on the investment advisory industry; and 4) for two years, the firm would retain an independent third party consultant to evaluate the firm’s compliance with regulatory requirements.

The firm became registered as an investment adviser in Connecticut on November 14, 2023.