DOB: Bulletin 2590 - October 11, 2013

The Department of Banking News Bulletin 

Bulletin # 2590
Week Ending October 11, 2013

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
10/07/13
The Washington Trust Company
Westerly, RI
*Soundview Plaza, Suite 700R
  1266 East Main Street
  Stamford, CT  06902
Approved
10/10/13
The Washington Trust Company
Westerly, RI
*Soundview Plaza, Suite 700R
  1266 East Main Street
  Stamford, CT  06902
Opening
Date
10/11/13
Bankwell Bank
New Canaan
FROM:  2150 Post Road
           Fairfield, CT  06824
TO:      One Sasco Hill Road
           Fairfield, CT  06824
Non-
Objection
10/11/13
Bankwell Bank
New Canaan
FROM:  2248 Black Rock Tnpk
           Fairfield, CT  06824
TO:      2220 Black Rock Tnpk
           Fairfield, CT  06824
Non-
Objection
10/11/13
Manufactuers and Traders
   Trust Company
Buffalo, NY
*501 Merritt 7
  Norwalk, CT  06851
Filed
*Loan Production Office

 
 CONSUMER CREDIT DIVISION ACTIVITY
Notice of Intent to Issue Order to Cease and Desist and
Notice of Intent to Impose Civil Penalty
 
On September 23, 2013, 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:  Western Sky Financial, L.L.C. (“Western Sky”) and Martin A. Webb (“Webb”) (collectively, “Respondents”), South Dakota.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that:  (1) Western Sky engaged in the business of making loans without obtaining the required license, in violation of Section 36a-555(1) of the Connecticut General Statutes; (2) Western Sky made or offered consumer loans to borrowers in Connecticut, in violation of Section 36a-555(2) of the Connecticut General Statutes; (3) Western Sky acted as an agent for a third party without obtaining the required license, in violation of Section 36a-555(3) of the Connecticut General Statutes; (4) Western Sky contracted for interest at a rate greater than 12% on at least 3,800 consumer loans to Connecticut residents in amounts less than $15,000, in violation of Section 36a-573(a) of the Connecticut General Statutes; and (5) as the sole owner and member of Western Sky, Webb indirectly contracted for interest at a rate greater than 12% on at least 3,800 consumer loans made by Western Sky to Connecticut residents in amounts less than $15,000, in violation of Section 36a-573(a) of the Connecticut General Statutes.  Respondents were afforded an opportunity to request a hearing on the Notice.
 
 

        Dated:  Wednesday, October 16, 2013

 
 
       Howard F. Pitkin
       Banking Commissioner