DOB: Bulletin 2759 - January 6, 2017

The Department of Banking News Bulletin 

Bulletin # 2759
Week Ending January 6, 2017

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.


 
STATE BANK ACTIVITY
Reorganization into a Mutual Holding Company
 
On January 4, 2017, the Commissioner issued notice of his intent not to disapprove the formation by Newtown Savings Bank (the “Mutual Bank”) of a mutual holding company to be known as NSB Mutual Holding Company (the “MHC”) pursuant to § 36a-192(h) of the Connecticut General Statutes (“C.G.S.”), approved an application for the Mutual Bank to form a reorganized capital stock savings institution to be known as Newtown Savings Bank (the “Stock Bank”) pursuant to C.G.S. § 36a-193, approved the MHC’s application to establish a subsidiary holding company to be known as NSB Holdings, Inc. pursuant to C.G.S. § 36a-198, and approved the merger of the Mutual Bank with and into the Stock Bank pursuant to C.G.S. § 36a-192(b).

NEW BANK ACTIVITY

On January 3, 2017,  James McAndrews, Eugene Park and James Calcagno filed an application to organize TNB, with a main office at 25 Marshall Street, Suite 2D, in Norwalk, Connecticut, as an uninsured bank pursuant to Section 36a-70 of the Connecticut General Statutes.  TNB’s spokesperson is Gene Park, who can be reached by email to gpark@tnbusa.com or by phone at (203) 939-9335. The public portion of this application is available for inspection at the Department of Banking.


CONSUMER CREDIT DIVISION ACTIVITY
Order Refusing to Renew Mortgage Lender License, Order to Cease and Desist and Order Imposing Civil Penalty
 

On December 28, 2016, the Commissioner issued an Order Refusing to Renew Mortgage Lender License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of:  Approved Funding Corp. (NMLS # 5411) (“Respondent”), River Edge, New Jersey.  The Order was based on Respondent’s failure to timely file certain annual information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of previous orders of the Commissioner, and which rendered the Commissioner unable to find that Respondent demonstrated certain minimum standards for renewal of its license and formed the basis to revive prior allegations admitted by Respondent.  Pursuant to the Order, the mortgage lender license of Respondent was ordered not renewed and deemed expired.  Respondent was also ordered to cease and desist from violating Section 36a-534b(c)(3) of the Connecticut General Statutes and to pay a civil penalty in the amount of $7,500.


SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Cantor Fitzgerald & Co. (CRD No. 134) Assessed $2,100 for Employing Unregistered Agents

On January 5, 2017, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-16-8340-S) with Cantor Fitzgerald & Co., a registered broker-dealer having its principal office at 110 East 59th Street, 4th Floor, New York, New York 10022.  The Stipulation and Agreement alleged that the firm had employed three unregistered agents in contravention of Section 36b-6(b) of the Connecticut Uniform Securities Act.  All three agents have since become registered in Connecticut.  In resolution of the matter, the firm agreed to refrain from violative conduct and to pay $2,100 to the agency.  Of that amount, $1,500 constituted an administrative fine and $600 represented reimbursement for past due broker-dealer agent registration fees.

Dated: Wednesday, January 11, 2017


Jorge L. Perez
Banking Commissioner