DOB: Bulletin 2478 - August 19, 2011

The Department of Banking News Bulletin 

Bulletin # 2478
Week Ending August 19,  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.

Consent Order

On August 17, 2011, the Banking Commissioner issued a Consent Order with respect to Paul G. Holland.  The Consent Order alleged that Paul G. Holland, while an employee of Essex Savings Bank, engaged in unsafe and unsound practices and used his position in a manner contrary to the interest of Essex Savings Bank and its depositors, and that such practices and use of his position caused financial loss to Essex Savings Bank.  The Consent Order:  (1) prohibited Paul G. Holland from holding any position with any bank, Connecticut credit union or federal credit union, as defined in Section 36a-2 of the Connecticut General Statues, or with a holding company that holds a subsidiary that is a bank, as defined in Section 36a-2; or as licensee or registrant under Titles 36a or 36b of the Connecticut General Statutes, while the Consent Order is in effect, without the consent of the Commissioner; and (2) imposed a civil penalty of $5,000 on him.
       Dated:  Tuesday, August 23, 2011
       Howard F. Pitkin
       Banking Commissioner