The Department of Banking News Bulletin
Bulletin # 2576
Bulletin # 2576
Week Ending July 5, 2013
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.
STATE BANK ACTIVITY
Section 36a-145 of the Connecticut 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 |
|---|---|---|---|
|
07/02/13 |
Rockville Bank
Rockville |
2290 Whitney Avenue
Hamden, CT 06418 |
Filed |
Merger Application Amended
On July 1, 2013, the application previously filed by The Bank of New Canaan and The Bank of Fairfield on May 7, 2013 for the merger of The Bank of Fairfield with and into The Bank of New Canaan was amended to indicate that the proposed name of the surviving bank is “Bankwell Bank.” Notification of the merger application was previously published in The Department of Banking News Bulletin #2568.
CREDIT UNION ACTIVITY
Merger
On July 1, 2013, pursuant to Section 36a-468a of the Connecticut General Statutes, Dutch Point Credit Union, Inc., Wethersfield, Connecticut, a Connecticut credit union and Capitol Regional Federal Credit Union, Wethersfield, Connecticut, a federally chartered credit union, were granted approval for the merger of Capitol Region Federal Credit Union, with and into Dutch Point Credit Union, Inc., effective October 26, 2013.Merger
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Stipulated Agreement Conditioning Registration Executed
Stipulated Agreement Conditioning Registration Executed
On June 28, 2013, the Banking Commissioner executed a Stipulated Agreement (No. ST-13-8090-S) conditioning the registration of Sageworks Capital Inc. as a broker-dealer in Connecticut. The firm is located in New York, New York and focuses on selling private placements. Connecticut law requires that the principals of a securities brokerage firm fulfill certain experience requirements, and the firm did not satisfy the experience criteria. The Stipulated Agreement required that, for two years, the firm restrict its Connecticut securities activities to accredited investors and notify the agency of any material disciplinary actions and complaints involving the firm, its principals, employees and representatives. Sageworks Capital Inc. became registered as a broker-dealer under the Connecticut Uniform Securities Act on June 28, 2013.
CONSUMER CREDIT DIVISION ACTIVITY
Notice of Intent to Issue Order to Cease and Desist and
Notice of Intent to Impose Civil Penalty
Notice of Intent to Impose Civil Penalty
On June 24, 2013, the Commissioner issued a 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: Infinity Home Mortgage Company, Inc. (NMLS # 121461) (“Respondent”), Cherry Hill, New Jersey. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
On June 24, 2013, the Commissioner issued a 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: Mortgage World Bankers, Inc. (NMLS # 7116) (“Respondent”), Long Island City, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to timely file certain quarterly information and failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, all in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
On June 24, 2013, the Commissioner issued a 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: Silver Fin Capital Group LLC (NMLS # 12147) (“Respondent”), Great Neck, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
On June 24, 2013, the Commissioner issued a 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: USA Mortgage Network, Inc. (NMLS # 123701) (“Respondent”), Indian Orchard, Massachusetts. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to timely file certain annual information and failed to file certain quarterly information required on the Nationwide Mortgage Licensing System and Registry, all in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
Dated: Tuesday, July 9, 2013
Howard F. Pitkin
Banking Commissioner