The Department of Banking News Bulletin
Bulletin # 2430
Week Ending September 17, 2010
Bulletin # 2430
Week Ending September 17, 2010
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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
Branch Activity
Section 36a-145 of the 2010 Supplement to the General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
| Date | Bank | Location | Activity |
|---|---|---|---|
| 9/15/10 |
Naugatuck Savings Bank
Naugatuck |
3580 East Main Street
Waterbury, CT 06705 |
notice of intent
not to disapprove |
Acquisition Statement
On September 13, 2010, in connection with the second step conversion of SI Bancorp, MHC, a federally chartered mutual holding company, from the mutual holding company to the stock holding company form of organization, an acquisition statement was filed, pursuant to Section 36a-184 of the Connecticut General Statutes, by SI Financial Group, Inc., a newly formed Maryland corporation, to acquire 100% of the issued and outstanding common stock of Savings Institute Bank and Trust Company, a federal savings association headquartered in Willimantic, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Department to Host Securities Forum 2010
The State of Connecticut Department of Banking is hosting Securities Forum 2010: Revolution in Reform, on Tuesday, October 19, 2010 at the New Haven Lawn Club in New Haven, Connecticut. The program runs from 10:00 a.m. to 4:00 p.m. The keynote speaker will be David B. Fein, United States Attorney for the District of Connecticut.
The program will highlight groundbreaking economic reforms enacted and proposed by the U.S. Congress as well as practical compliance tips for broker-dealers, investment advisers and securities law practitioners. The registration fee is $70 per person, and includes a luncheon; 2-4 attendees from the same firm pay a discounted fee of $65 per person; and 5 or more attendees from the same firm pay only $60 each. Don't miss out on this unique opportunity to hear about financial developments from the regulators themselves and to compare notes with other financial services industry professionals. You can download a registration form and read the agenda on the Department's website.
2011 STATE HOLIDAYS
Please contact your financial institution directly to determine whether or not it will open for business on a state holiday. Legal holidays to be observed by the State of Connecticut in the year 2010 are:
|
Legal Holiday |
Day Observed |
Legal Holiday |
Day Observed |
|
New Year’s Day |
Fri., Dec. 31, 2010 |
Independence Day |
Mon., July 4, 2011 |
|
Martin Luther King's Day |
Mon., Jan. 17, 2011 |
Labor Day |
Mon., Sept. 5, 2011 |
| Lincoln's Birthday | Fri., Feb. 11, 2011 | Columbus Day | Mon., Oct. 10 2011 |
| Washington's Birthday | Mon., Feb. 21, 2011 | Veterans' Day | Fri., Nov. 11, 2011 |
| Good Friday * | Fri., April 22, 2011 | Thanksgiving Day ** | Thurs., Nov. 24, 2011 |
| Memorial Day | Mon., May 30, 2011 | Christmas Day | Mon., Dec. 26, 2011 |
The first holiday for 2012, New Year’s Day, will fall on Sunday, January 1, 2012. Therefore, this holiday will be observed on Monday, January 2, 2012.
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
Check Cashing Service License Activity
| Date | Check Casher | Location | Activity |
|---|---|---|---|
| 9/13/10 |
Gran Rodeo, LLC
|
337 Grand Avenue
New Haven, CT 06513 |
approved |
Notice of Automatic Suspension, Temporary Order to Cease and Desist,
Notice of Intent to Revoke Mortgage Correspondent Lender License,
Notice of Intent to Issue Order to Cease and Desist
Notice of Intent to Revoke Mortgage Correspondent Lender License,
Notice of Intent to Issue Order to Cease and Desist
On September 8, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Correspondent Lender License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of: American Mortgage Specialists, Inc. (“Respondent”). The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 16100 N. Greenway Hayden Loop, Suite 108, Scottsdale, Arizona, which constitutes sufficient grounds for the Commissioner to deny an application for such license under Section 36a-489(a)(1)(D) of the 2010 Supplement to the General Statutes and constitutes a violation of Section 36a 492 of the 2010 Supplement to the General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice. A copy of the Notice can be obtained from the Department’s website.
Notice of Automatic Suspension, Temporary Order to Cease and Desist,
Notice of Intent to Revoke Mortgage Broker License,
Notice of Intent to Issue Order to Cease and Desist
On September 8, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of: Candor Mortgage Corporation (“Respondent”). The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 58 River Street, Milford, Connecticut, which constitutes sufficient grounds for the Commissioner to deny an application for such license under Section 36a-489(a)(1)(D) of the 2010 Supplement to the General Statutes and constitutes a violation of Section 36a 492 of the 2010 Supplement to the General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice. A copy of the Notice can be obtained from the Department’s website.
Notice of Automatic Suspension, Temporary Order to Cease and Desist,
Notice of Intent to Revoke and Refuse to Renew Mortgage Correspondent
Lender License, Notice of Intent to Issue Order to Cease and Desist
On September 8, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Correspondent Lender License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of: NAMOREX, LLC (“Respondent”). The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for One Chalet Drive, Wilton, New Hampshire, which constitutes sufficient grounds for the Commissioner to deny an application for such license under Section 36a-489(a)(1)(D) of the 2010 Supplement to the General Statutes and constitutes a violation of Section 36a 492 of the 2010 Supplement to the General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice. A copy of the Notice can be obtained from the Department’s website.
Notice of Automatic Suspension, Temporary Order to Cease and Desist,
Notice of Intent to Revoke and Refuse to Renew Consumer Collection
Notice of Intent to Revoke and Refuse to Renew Consumer Collection
Agency License, Notice of Intent to Issue Order to Cease and Desist
On September 8, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of: LAP Enterprises, Inc. d/b/c Checkcare (“Respondent”). The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 4102 Cadillac Court, Louisville, Kentucky, which constitutes sufficient grounds for the Commissioner to deny an application for such license and constitutes a violation of Section 36a-802(a) of the 2010 Supplement to the General Statutes. The Commissioner also found that public welfare required the issuance of Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice. A copy of the Notice can be obtained from the Department’s website.
Temporary Order to Cease and Desist, Notice of Intent to Issue Order
to Cease and Desist and Notice of Intent to Impose Civil Penalty
On September 8, 2010, the Commissioner issued a Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) In the Matter of: New England Modifications LLC and James J. D’Amato (collectively “Respondents”). The Notice alleged that Respondents offered to engage in debt negotiation in Connecticut without either of them obtaining the required license, in violation of Section 36a-671(b) of the 2010 Supplement to the General Statutes. Such violation forms the basis to issue an order to cease and desist against each Respondent pursuant to Section 36a-671a(b) of the 2010 Supplement to the General Statutes and Section 36a-52(a) of the General Statutes, and to impose a civil penalty upon each Respondent pursuant to Section 36a-671a(b) of the 2010 Supplement to the General Statutes and Section 36a-50(a) of the General Statutes. The Commissioner also found that public welfare required the issuance of Temporary Order to Cease and Desist. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice. A copy of the Notice can be obtained from the Department’s website.
Order Revoking and Refusing to Renew
Mortgage Broker License and Order to Cease and Desist
On September 8, 2010, the Commissioner issued an Order Revoking and Refusing to Renew Mortgage Broker License and Order to Cease and Desist (“Order”) in the Matter of: Embassy Investment Mortgage Corp. (“Respondent”). The Order revokes and refuses to renew Respondent’s license to act as a mortgage broker license in Connecticut from 614 Halstead Avenue, Mamaroneck, New York, which refusal to renew also causes Respondent’s mortgage broker license in Connecticut to be deemed expired. The Order was based on Respondent’s failure to maintain a surety bond in violation of Section 36a-492 of the 2010 Supplement to the General Statutes. A copy of the Order can be obtained from the Department’s website.
Settlement Agreement
On September 8, 2010, the Commissioner entered into a Settlement Agreement with M & W Financial Services, Inc. (“M & W Financial’’). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of such investigation, on May 13, 2010, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Correspondent License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing against M & W Financial (“Notice”). In the Notice, the Commissioner alleged that M & W Financial failed to maintain a surety bond that ran concurrent with the period of its license to engage in the business of a mortgage correspondent lender in Connecticut from 42 West Allendale Avenue, Allendale, New Jersey, in violation of Connecticut law. As part of the Settlement Agreement, M & W Financial agreed to have the Commissioner mark its license as “Ordered Surrendered” on the Nationwide Mortgage Licensing System. A copy of the Settlement Agreement can be obtained from the Department’s website.
Dated: Tuesday, September 21, 2010
Howard F. Pitkin
Banking Commissioner