The Department of Banking News Bulletin
Bulletin # 2684
Bulletin # 2684
Week Ending July 31, 2015
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 days from the date of this bulletin.
STATE BANK ACTIVITY
Branch 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 |
|
07/27/15 |
Simsbury Bank & Trust
Company, Simsbury |
1232 Farmington Avenue
West Hartford, CT 06107 |
Notice of Intent
Not to Disapprove |
Merger and Acquisition Statement
On July 27, 2015, pursuant to Section 36a-184 of the Connecticut General Statutes, Liberty Bank, a Connecticut-chartered, mutual savings bank headquartered in Middletown, Connecticut, filed an acquisition statement for the acquisition of Naugatuck Valley Financial Corporation, a Maryland corporation, and indirectly Naugatuck Valley Savings and Loan, a federally chartered stock savings bank and wholly-owned subsidiary of Naugatuck Valley Financial Corporation, headquartered in Naugatuck, Connecticut. The acquisition will take place through the merger of an acquisition subsidiary, which will be formed as a Connecticut stock corporation and wholly-owned subsidiary of Liberty Bank, with and into Naugatuck Valley Financial Corporation. Also on July 27, 2015, Liberty Bank and Naugatuck Valley Savings and Loan filed an application pursuant to Sections 36a-125 and 36a-126(a) of the Connecticut General Statutes for the merger of Naugatuck Valley Savings and Loan with and into Liberty Bank. Subsequent to the merger, Naugatuck Valley Financial Corporation will be liquidated, which will result in Liberty Bank being the sole surviving entity.
CONSUMER CREDIT DIVISION ACTIVITY
Order to Cease and Desist and Order Imposing Civil Penalty
On July 23, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of: Angela Elizabeth Mueller d/b/a Law Offices of Angela Mueller, APC (“Respondent”), Tustin and Mission Viejo, California. The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes. Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000. In addition, an Order of Restitution issued against Respondent on April 16, 2015, remains in effect and became permanent against Respondent May 9, 2015.
Notice of Automatic Suspension, Temporary Orders to Cease and Desist,
Notice of Intent to Revoke Consumer Collection Agency License and
Notice of Intent to Issue Order to Cease and Desist
On July 24, 2015, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke 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: Dynamic Recovery Services, Inc. (“Respondent”), Farmers Branch, Texas. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license for its office located at 4101 McEwen Road, #150, Farmers Branch, Texas, in violation of Section 36a 802(a) of the Connecticut 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 allegation set forth in the Notice.
On July 24, 2015, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke 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: Prestige Collection LLC (“Respondent”), East Haddam, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to maintain a surety bond that runs concurrently with the period of its consumer collection agency license for its office located at 188 Injun Hollow Road, Haddam Neck, Connecticut, in violation of Section 36a 802(a) of the Connecticut 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 allegation set forth in the Notice.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Order
Consent Order
On July 31, 2015, the Banking Commissioner entered a Consent Order (No. CO-15-8208-S) with respect to Rafferty Capital Markets, LLC, a Connecticut-registered broker-dealer located in Garden City, New York. The Consent Order alleged that from approximately September 2008 to June 19, 2015, the firm violated Section 36b-6(b) of the Connecticut Uniform Securities Act by employing multiple unregistered agents, and that the firm violated Section 36b-31-6f of the Regulations under the Act by failing to establish, enforce and maintain an adequate supervisory system. The agents in question have since become registered in Connecticut. The Consent Order directed the firm to cease and desist from regulatory violations and to pay $16,050 to the department. Of that amount, $10,700 constituted an administrative fine and $5,350 represented reimbursement for past due agent registration fees.
Dated: Tuesday, August 4, 2015
Jorge L. Perez
Banking Commissioner