Bulletin 3239 - March 20, 2026
The Department of Banking News Bulletin
Bulletin # 3239 - Week Ending March 20, 2026
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.
BANK ACTIVITY
Branch Activity
On March 20, 2026, Ion Bank, headquartered in Naugatuck, submitted notification under Section 36a-82 of the Connecticut General Statutes to change the name of BCI Financial, A Division of Ion Bank to BCion, A Division of Ion Bank. Questions or comments regarding the notification can be sent to the Financial Institutions Division at 860 240-8180.
Loan Production Office
On March 17, 2026, Liberty Bank, headquartered in Middletown, submitted an application to establish a loan production office pursuant to Section 36a-145(0)(1) of the Connecticut General Statutes at 60 State Street, 38th Floor, Boston, Massachusetts, 02109. The proposed opening date is May 1, 2026.
Innovation Bank
On March 17, 2026, under the authority granted under Section 36a-70(i) of the General Statutes of Connecticut, the Commissioner after a hearing and having found cause approved a request for an extension of the period for which the Temporary Certificate of Authority for Moneycorp Bank US for an additional eighteen (18) months until October 25, 2027.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
J. Davenport Advisors, LLC (CRD No. 327796) and John F. Davenport (CRD No. 1448999)
On March 18, 2026, the Banking Commissioner issued a Consent Order (Matter No. CDFR-25-202500-S) resolving issues raised in a January 14, 2026, Order to Cease and Desist, Notice of Intent to Fine, Notice of Intent to Revoke Registration as Investment Adviser and Notice of Intent to Revoke Registration as Investment Adviser Agent (Matter No. CDFR-25-202500-S) against J. Davenport Advisors, LLC, a previously registered investment adviser located at 800 Connecticut Avenue, Suite E401, Norwalk, Connecticut 06854 and John F. Davenport, the firm's Chief Executive Officer and control person. John F. Davenport had been previously registered as an investment adviser agent of the firm in Connecticut and is licensed as an attorney in Connecticut and as a provider of insurance services.
Section 36b-15(e)(2) of the Connecticut Uniform Securities Act authorizes the Commissioner to initiate revocation proceedings within one year against former registrants whose registrations have expired.
The prior action had alleged that the Respondents violated Section 36b-31-14b(a) of the Regulations under the Connecticut Uniform Securities Act by failing to keep and maintain true, accurate and current business records. The prior action also alleged that John F. Davenport made inaccurate disclosures on his Form U-4 concerning the status of various tax liens to which he was subject. Similarly, the prior action alleged that John F. Davenport violated Section 36b-14(c) of the Act and Section 36b-31-14e(a) of the Regulations by failing to disclose on his Form U-4 that his Connecticut license as an attorney had been suspended six times based on his failure to register as an attorney. The prior action also alleged that the firm violated Section 36b-31-6(f) of the Regulations by failing to establish, enforce and maintain adequate supervisory procedures, such as those governing firm reporting and financial obligations, the need to have fully executed investment advisory agreements, and firm hiring practices. In addition, the prior action alleged that the firm engaged in dishonest or unethical business practices within the meaning of Section 36b-31-15c(8) of the Regulations by misrepresenting the fee the firm paid to its sub-advisor.
In executing the Consent Order, the Respondents acknowledged the Commissioner's allegations that 1) the firm violated Section 36b-3 l-l 4b of the Regulations by failing to maintain true, accurate and current books and records; 2) the firm violated Section 36b-3 l-6f of the Regulations by failing to establish, enforce and maintain adequate supervisory procedures; 3) the firm engaged in dishonest or unethical business practices within the meaning of Section 36b-31-15c(8) of the Regulations by misrepresenting to clients the fee JD Advisors paid to its subadvisor for its services; 4) the firm violated Section 36b-5(b)(l) of the Act and engaged in dishonest or unethical business practices within the meaning of 36b-3 l-l 5c(l5) of the Regulations by failing to maintain a written investment advisory agreement/contract with a client; and 5) the firm violated Section 36b-14(d) of the Act and Section 36b-3 l-14f of the Regulations by failing to provide copies of and make required books and records available to the Division during an agency examination. The Respondents also acknowledged the Commissioner's allegations that John F. Davenport 1) violated Section 36b-14(c) of the Act and 36b-31-14e of the Regulations by failing to file correcting amendments to his Form U4; and 2) violated Section 36b-23 of the Act by making a false or misleading statement to the Commissioner.
The Consent Order revoked the investment adviser registration of J. Davenport Advisors, LLC and the investment adviser agent registration of John F. Davenport effective March 18, 2026. The Consent Order also barred John F. Davenport for seven years from transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent, and from acting in any other capacity which would require a license or registration from the Commissioner. The Consent Order also directed the Respondents to cease and desist from regulatory violations.
Dated: Tuesday, March 24, 2026
Jorge L. Perez
Banking Commissioner