DOB: News Bulletin 2347 - February 13, 2009

 
The Department of Banking News Bulletin 

Bulletin # 2347
Week Ending February 13, 2009

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
2/09/09
Newtown Savings Bank
Newtown
FROM: 3 Pomeraug Office Park
          Southbury, CT  06488
TO: *  685 Main Street South
          Southbury, CT  06488
relocation
effective
date
* Filed as 33 Brown Rd. at Main St. South. Address corrected
   by local postal office.
 
MERGER AND NAME CHANGE
 
On February 9, 2009, pursuant to Sections 36a-125 and 36a-126 of the Connecticut General Statutes, Valley Bank, a Connecticut bank, and Enfield Federal Savings and Loan Association, a federal bank, both wholly-owned subsidiaries of New England Bancshares Inc., filed an application for the merger of Enfield Federal Savings and Loan Association with and into Valley Bank.  In addition, pursuant to Section 36a-82 of the Connecticut General Statutes, Valley Bank filed an application to change its name to New England Bank concurrent with the consummation of the merger.
 
MAIN OFFICE RELOCATION
 
On February 10, 2009, The Bank of Greenwich, Greenwich, notified the Department of Banking that it intends to relocate its main office from 165 Mason Street, Greenwich, to 444-450 East Putnam Avenue, Greenwich, on February 23, 2009.
 
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing License Activity
Date Check Casher Location Activity
2/09/09
American Convience Services
d/b/a Mony Tith
1355 South Main Street
Waterbury, CT  06706
filed
 
CONSUMER CREDIT DIVISION ACTIVITY
Mortgage Correspondent Lenders and Mortgage Brokers
 
Pursuant to Section36a-488 of the Connecticut General Statutes, on and after March 2, 2009, the minimum tangible net worth requirement for Mortgage Correspondent Lenders and Mortgage Brokers will increase from $25,000 to $50,000.  The $50,000 minimum net worth applies to both new and existing licensees and is required to be maintained throughout the term of the license. 
 
Order to Cease and Desist and Order Imposing Civil Penalty Issued
 
On February 4, 2009, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of: Bruce D. Simmons (“Respondent”).  The basis of the Order was that Respondent acted as a mortgage loan originator absent being licensed as such, in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended by Public Act 08-176.  Respondent was ordered to cease and desist from violating Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended, and to pay a civil penalty in the amount of $10,000.  Respondent was given an opportunity to request a hearing and failed to request a hearing in this matter.  A copy of the Order can be obtained from the Department's website.
 
Order Revoking Mortgage Broker License and Order Imposing Civil Penalty
 
On February 4, 2009 the Commissioner issued an Order Revoking Mortgage Broker License and Order Imposing Civil Penalty (“Order”), In the Matter of: Michael Schulman d/b/a New England Financial (“Respondent”).  The basis of the Order was that Respondent employed or retained a loan originator absent registration or licensure in violation of Section 36a-486(b) of the 2008 Supplement to the General Statutes, as amended by Public Act 08-176, and failed to respond to complaints and provide the Commissioner with the information requested on 5 loan files in violation of Section 36a-17(d) of the Connecticut General Statutes.  The license of Respondent to act as a mortgage broker in Connecticut was revoked and Respondent was ordered to pay a civil penalty in the amount of $30,000. Respondent was given an opportunity to request a hearing and failed to request a hearing in this matter.  A copy of the Order can be obtained from the department's website.
 
EFFECTIVE REGULATIONS
 
Attached to this issue of the Bulletin is a copy of regulations amended by the Commissioner concerning protection from mortgage foreclosure.  The new regulations were effective February 9, 2009, and are also available here.
 
 
       Dated:  Wednesday, February 18, 2009
 
       Howard F. Pitkin
       Banking Commissioner