DOB: News Bulletin 2318 - July 25, 2008

The Department of Banking News Bulletin 

Bulletin # 2318
Week Ending July 25, 2008

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
State Bank Activity
 
Section 36a-145 of the 2008 Supplement to the General Statutes, requires that each application 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
7/22/08
Essex Savings Bank
Essex
  99 Durham Road
  Madison, CT  06443
approved
7/22/08
 
Connecticut River Community
   Bank, Wethersfield
  970 Farmington Avenue
  West Hartford, CT  06107
approved
 
7/22/08
 
 
Naugatuck Savings Bank
Naugatuck
 
*Nonnewaug High School
  5 Minortown Road
  Woodbury, CT  06798
approved
 
 
*Special Need Limited Branch

CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreement
 
On July 18, 2008, the Commissioner entered into a Settlement Agreement with Mortgage Force, L.L.C. (“Mortgage Force”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Mortgage Force employed or retained at least one originator without registration, in violation of Sections 36a-486(b) and 36a-511(b) of the 2008 Supplement to the General Statutes.  On June 25, 2008, Mortgage Force voluntarily made a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $1,000 to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Order
 
On July 22, 2008, the Banking Commissioner entered a Consent Order with respect to Excel Securities & Associates, an applicant for broker-dealer registration under the Connecticut Uniform Securities Act.  The firm is located at 200 Canal View Boulevard, Suite 204, Rochester, New York.  The Consent Order alleged that from February 2004 forward, the form effected securities transactions for at least three Connecticut customers at a time when the firm was not registered as a broker-dealer under the Act, and that the firm employed one or more unregistered agents in contravention of Section 36b-6(b) of the Act.  The Consent Order directed the firm to refrain from violative conduct and to implement revised supervisory procedures designed to improve regulatory compliance.  In addition, the Consent Order required that the firm remit $3,600 to the department.  Of that amount, $2,500 constituted an administrative fine, $600 represented reimbursement for past due broker-dealer and agent registration fees and $500 would be applied to defray agency investigative costs.
 
Excel Securities & Associates, Inc. became registered as a broker-dealer in Connecticut on July 22, 2008.
 
 
       Dated:  Tuesday, July 29, 2008
 
       Howard F. Pitkin
       Banking Commissioner