DOB: News Bulletin 2431 - September 24, 2010

The Department of Banking News Bulletin 

Bulletin # 2431
Week Ending September 24, 2010

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
Branch Activity
 
Section 36a-145 of the 2010 Supplement to the 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
9/20/10
 
Naugatuck Savings Bank
Naugatuck
2989 Whitney Avenue
Hamden, CT 06518
filed
9/21/10
Union Savings Bank
Danbury
411 Monroe Turnpike
Monroe, CT 06468
notice of intent
not to disapprove 
9/24/10
Liberty Bank
Middletown
852 East Main Street
Meriden, CT 06450
filed

Conversion
 
On September 21, 2010, Rockville Financial MHC, Inc. filed an application to convert from a mutual holding company to a capital stock holding company pursuant to Sections 36a-197 and 36a-136 of the Connecticut General Statutes.  Also on September 21, 2010, in connection with the conversion, an acquisition statement was filed, pursuant to Section 36a-184 of the Connecticut General Statutes, by Rockville Financial New, Inc., a newly-formed Connecticut stock corporation, to acquire 100% of the issued and outstanding common stock of Rockville Bank, a Connecticut bank headquartered in Rockville, Connecticut.
 
Community Reinvestment Act Plan
 
On September 7, 2010, a community reinvestment plan was filed in connection with the acquisition statements filed on July 21, 2010, by Naugatuck Valley Financial Corporation, a newly formed Maryland corporation, pursuant to Section 36a-184 of the Connecticut General Statutes, for the acquisition of the issued and outstanding stock of Naugatuck Valley Savings and Loan, a federal savings association, and of 100% of the issued and outstanding stock of Southern Connecticut Bancorp, Inc., a Connecticut holding company, and indirectly, its wholly-owned subsidiary, The Bank of Southern Connecticut, a Connecticut bank.  The plan is available for public inspection and comment at the Department of Banking for a period of 30 days.
 

2011 STATE HOLIDAYS
 
Please contact your financial institution directly to determine whether or not it will open for business on a state holiday.  Legal holidays to be observed by the State of Connecticut in the year 2011 are:
 
Legal Holiday  
 Day Observed 
 Legal Holiday 
 Day Observed
New Year’s Day 
Fri., Dec. 31, 2010  
Independence Day  
Mon., July 4, 2011
Martin Luther King's Day 
Mon., Jan. 17, 2011
Labor Day
Mon., Sept. 5, 2011
Lincoln's Birthday  Fri., Feb. 11, 2011  Columbus Day  Mon., Oct. 10 2011
Washington's Birthday  Mon., Feb. 21, 2011  Veterans' Day  Fri., Nov. 11, 2011
Good Friday * Fri., April 22, 2011 Thanksgiving Day **  Thurs., Nov. 24, 2011
Memorial Day  Mon., May 30, 2011 Christmas Day Mon., Dec. 26, 2011
       
The first holiday for 2012, New Year’s Day, will fall on Sunday, January 1, 2012.  Therefore, this holiday will be observed on Monday, January 2, 2012.
 

CONSUMER CREDIT DIVISION ACTIVITY
Petition for Declaratory Ruling
 
On September 9, 2010, a petition for a declaratory ruling was filed pursuant to Section 4-176 of the Connecticut General Statutes and Section 36a-1-84 of the Regulations of Connecticut State Agencies on behalf of David Bradbury.  The petition seeks a declaratory ruling to challenge the applicability to specified circumstances of a provision of the general statutes on a matter within the jurisdiction of the agency in connection with the Commissioner’s August 30, 2010, denial of a mortgage loan originator license to David Bradbury.
 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Securities Forum Registration Deadline is October 12th
 
This year’s Securities Forum on October 19, 2010 at the New Haven Lawn Club in New Haven, Connecticut promises to be an exciting and memorable event.  The program runs from 10 a.m. to 4 p.m.  Lunch and materials are included.
 
Speakers from FINRA, the SEC, the Connecticut Financial Planning Association and the Connecticut Department of Banking will guide you through the maze of regulatory changes in the Dodd-Frank Wall Street Reform and Consumer Protection Act in a practical, no-nonsense way.  Connecticut U.S. Attorney David Fein will offer insights on key law enforcement initiatives undertaken by his office.  Best of all, you will have the opportunity to network with your colleagues and ask hard questions of securities regulators.
There’s still time to sign up for Securities Forum 2010:  Revolution in Reform.
 
The registration deadline is October 12, 2010.  The department is sensitive to cost issues, and has kept the registration fee modest to encourage as many people to attend as possible.  The registration fee is $70 per person (compare with other course offerings in the industry) and includes a luncheon as well as a CD of written materials.  Two to four attendees from the same firm pay even less per person ($65), and five or more attendees from the same firm pay only $60 each.
 
We sincerely hope that your schedule will permit you to attend this year.  You can download a registration form and read the agenda on the Department's website.  Thank you, and we hope to see you there!
 

Greenwich Firm Fined $3,990 for Unregistered Investment Adviser Activity
 
On September 20, 2010, the Banking Commissioner entered a Consent Order with respect to Rockhouse Capital, LLC, an applicant for investment adviser registration located at 500 West Putnam Avenue, Greenwich, Connecticut.  The Consent Order alleged that, from August 2009 forward, the firm transacted business as an investment adviser and engaged unregistered investment adviser agents in contravention of Section 36b-6(c) of the Connecticut Uniform Securities Act.  The Consent Order acknowledged that the firm had provided the Division with documentation indicating that, during the period of unregistered activity, the firm’s investment advisory clients were domiciled outside the State of Connecticut.
 
In resolution of the matter, Rockhouse Capital, LLC agreed to implement revised supervisory and compliance procedures and to retain an experienced securities compliance consultant to assist it in fulfilling its compliance obligations under state law.  In addition, the firm agreed to pay $3,990 to the Department.  Of that amount, $3,000 constituted an administrative fine; $490 represented past due investment adviser and investment adviser agent registration fees; and $500 would be applied to defray the agency’s investigative costs.  Rockhouse Capital, LLC became registered as an investment adviser in Connecticut on September 20, 2010.
 
 
 

 
       Dated:  Tuesday, September 28, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner