DOB: News Bulletin 2378 - September 18, 2009

The Department of Banking News Bulletin 

Bulletin # 2378
Week Ending September 18, 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 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
9/02/09
Rockville Bank
Rockville
* South Windsor High School
   161 Nevers Road
   South Windsor, CT  06074
opening
date
9/15/09
Salisbury Bank and Trust
  Company, Lakeville
FROM: 73 Main Street
         Sheffield, MA  01257
TO:    640 Main Street
         Sheffield, MA  01257
approved
to relocate
*Special need limited branch

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Department to Host Securities Forum 2009:  Financial Services Reform –
What It Means to You
 
The State of Connecticut Department of Banking is hosting Securities Forum 2009:  Financial Services Reform – What It Means to You on Tuesday, October 20, 2009 at the New Haven Lawn Club in New Haven, Connecticut. The abbreviated program (based upon cost considerations) runs from 12:00 p.m. to 4:00 p.m.  The keynote speaker will be Dr. Gary B. Gorton, Frederick Frank Class of 1954 Professor of Management and Finance at the Yale University School of Management.
 
The program will highlight the Obama Administration’s reform plan and what it affects – risk management, traditional regulators, hedge funds, advisers, mandatory arbitration, derivatives – and more.  In addition, the program will include special segments on regulatory updates of interest to investment advisers and broker-dealers.  The registration fee (which includes luncheon) is $70 per person, discounted to $60 per person for multiple attendees from the same firm.  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 preliminary agenda on the Department's website.
 
NAME CHANGE
 
On September 15, 2009, pursuant to Section 36a-82 of the Connecticut General Statutes, Farmington Savings Bank, Farmington, received approval to change its name to Farmington Bank.
 
ACQUISITION STATEMENT
 
On September 14, 2009, the acquisition statement filed on August 7, 2009, by Alcar LLC, pursuant to Section 36a-184 of the Connecticut General Statutes, and amended on August 14, 2009, to add Gary Lieberman, Robert Hirt, Sean McGould and Nicholas Lewin as indirect acquirers of more than 10% of the beneficial ownership of the voting securities of Darien Rowayton Bank was amended.  The amendment indicates that Messrs. McGould and Lewin no longer propose to indirectly acquire more than 10% of the ownership of such securities; Messrs. Lieberman and Hirt each propose to increase their membership interests in Alcar LLC to 24.3%; and that Mr. Hirt’s acquisition would be made through The Robert Hirt and Tracey Najarian Hirt Revocable Living Trust.  On August 26, 2009, a community reinvestment plan was filed in connection with this transaction.  Notice of submission of the plan and its availability for public inspection and comment was published in Connecticut Post on September 9, 2009.  The plan is available for public inspection and comment for a period of 30 days from such publication date.
 
CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreement
 
On August 24, 2009, the Commissioner entered into a Settlement Agreement with Ronald Anthony Gagliardi (“Gagliardi”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged in a Notice of Intent to Refuse to Renew Mortgage Loan Originator License and Notice of Right to Hearing issued against Gagliardi on April 9, 2009, that Gagliardi made material misstatements in his current application for renewal of his mortgage loan originator license and in a prior application for renewal of his loan originator registration with respect to his criminal history.  As part of the Settlement Agreement, Gagliardi is barred for a period of two (2) years from acting, among other things, as a mortgage loan originator in Connecticut, with an ability to reapply for a license after 18 months from the date of the Settlement Agreement.  A copy of the Settlement Agreement can be obtained from the Department’s website.
 
Temporary Order to Cease and Desist, Order of Summary Suspension,
Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License,
Notice of Intent to Issue Order to Cease and Desist
 
On August 25, 2009, the Commissioner issued a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending (“Respondent”).  The Notice alleged that Respondent failed to maintain a surety bond that ran concurrent with its license for 800 Summer Street, Suite 210, Stamford, Connecticut, in violation of Section 36a-492(a) of the Connecticut General Statutes.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist and that public safety and welfare required the issuance of an Order of Summary Suspension of Respondent’s mortgage broker license in Connecticut.  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.
 
Order Revoking Consumer Collection Agency License
and Order to Cease and Desist
 
On September 8, 2009, the Commissioner issued an Order Revoking Consumer Collection Agency License and Order to Cease and Desist (“Order”) in the Matter of:  ARGYLE Solutions, Inc. (“Respondent”).  The Order revokes Respondent’s license to act as a consumer collection agency in Connecticut from 7880 Bent Branch, Suite 150, Irving, Texas, and was based on Respondent’s failure to maintain a surety bond in violation of Section 36a-802(a) of the Connecticut General Statutes.  A copy of the Order can be obtained from the Department’s website.

Notice of Intent to Issue Order to Cease and Desist and
Notice of Intent to Impose Civil Penalty
 
On September 14, 2009, 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:  Worldwide Financial Resources, Inc. (“Respondent”).  The Notice alleged that during the period of January 1, 2009 to August 3, 2009, Respondent closed eleven (11) mortgage loans or residential mortgage loans without the required licensure in violation of Section 36a-486(a) of the Connecticut General Statutes (“General Statutes”), which violation forms the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the General Statutes, and to impose a civil penalty against Respondent pursuant to Sections 36a-494(b) and 36a-50(a) of the General Statutes.  The Notice further alleged that Respondent failed to timely pay the loan proceeds for at least nine (9) first mortgage loans from January 1, 2009 to present in violation of Section 36a-758 of the General Statutes, which violation forms the basis to issue an order to cease and desist against Respondent pursuant to Section 36a-52(a) of the General Statutes, and to impose a civil penalty pursuant to Section 36a-50(a) of the General Statutes.  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.
 
 
       Dated:  Tuesday, September 22, 2009
 
       Howard F. Pitkin
       Banking Commissioner