Bulletin # 3147 - Week Ending June 14, 2024

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

Interstate Loan Production Office

On June 11, 2024, 1st Financial Bank USA, a South Dakota state-chartered bank, filed notice pursuant to Connecticut General Statutes Section 36a-412(d) of the closing of its loan production office at 47 Sherman Hill Road, Woodbury, CT 06798. The proposed closing date is for July of 2024. Any comments received by the Commissioner will be forwarded to the South Dakota State Bank Department.

On June 11, 2024, 1st Financial Bank USA, a South Dakota 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 464 Heritage Road, Unit A-1, Southbury, CT 06488. The proposed opening date is for July of 2024.

On June 11, 2024, The Milford Bank, a Connecticut state-chartered bank, filed notice pursuant to Connecticut General Statutes Section 36a-412(d) of the closing of its loan production office at 142 Temple Street, Suite 208, New Haven, CT 06510. The proposed closing date is for July of 2024.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY 

Morse Investment Management Company, Inc. (CRD No. 128355)

On June 13, 2024, the Banking Commissioner entered an Order Revoking Registration as an Investment Adviser (No. NRC-24-20245-S) against Morse Investment Management Company, Inc. of 321 Main Street, Farmington, Connecticut 06032. The firm, an inactive corporation, was registered as an investment adviser in Connecticut since June 3, 1991.

The Order had been preceded by a February 28, 2024, Notice of Intent to Revoke Registration as an Investment Adviser and Notice of Right to Hearing (No. NRC-24-20245-S) which alleged that, since at least 2022, the firm violated Section 36b-31-14d(a) of the Regulations under the Connecticut Uniform Securities Act by failing to file a report of its financial condition with the Commissioner. 

Since the Respondent failed to request a hearing on the Notice of Intent to Revoke Registration as an Investment Adviser, the Order Revoking Registration adopted as findings the allegations in the original Notice and revoked the firm’s registration effective June 14, 2024. 

      Dated:  Tuesday, June 18, 2024

      Jorge L. Perez
      Banking Commissioner