DOB: Bulletin 2453 - Feb. 25, 2011

The Department of Banking News Bulletin 

Bulletin # 2453
Week Ending February 25, 2011

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 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
2/16/11
Thomaston Savings Bank
Thomaston
22 Pine Street, Suite 218 
Bristol, CT  06787
approved
2/22/11
Union Savings Bank
Danbury
169 Danbury Road
New Milford, CT  06776
opening
date
5/31/11
Liberty Bank
Middletown
*681 Main Street
  Southington, CT  06479
closing
date
*Limited Branch
 
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Stipulation and Agreement
On February 24, 2011, the Commissioner entered into a Stipulation and Agreement with Paydici, Inc., an issuer of convertible promissory notes located at 117 NW Fifth Avenue, Portland, Oregon.  The Stipulation and Agreement stated that newly retained legal counsel to Paydici, Inc. had notified the Division that the issuer was delinquent in making a Rule 506 notice filing under Section 36b-21(e) of the Connecticut Uniform Securities Act.  The notification included a curative filing and required fee.  Pursuant to the Stipulation and Agreement, Paydici, Inc. agreed to pay a $250 fine to the department and to refrain from selling securities in Connecticut absent compliance with Section 36b-16 of the Act.
 
 
CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreement
 
On February 14, 2011, the Commissioner entered into a Settlement Agreement with Precision Funding Group, LLC (“Precision Funding”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Precision Funding employed or retained, during the period of December 16, 2008 through December 16, 2010, fifteen (15) individuals as mortgage loan originators without licensing them, in violation of Section 36a 486(b) of the then applicable Connecticut General Statutes.  As part of the Settlement Agreement, Precision Funding agreed to pay $15,000 as a civil penalty.
 

 
       Dated:  Tuesday, March 1, 2011
 
       Howard F. Pitkin
       Banking Commissioner