Bulletin 2453 - Feb. 25, 2011

State of Connecticut Department of Banking

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