Bulletin 2600 - December 20, 2013

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2600 - Week Ending December 20, 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

12/20/13

Rockville Bank

Rockville

*114A State Road

Sagamore Beach, MA  02562

Filed

12/20/13

Rockville Bank

Rockville

*1720 Post Road

Fairfield, CT  06824

Filed

03/28/14

Union Savings Bank

Danbury

272 South Main Street

Newtown, CT  06470

Closing

Date

*LPO (Loan Production Office)

Merger

On December 19, 2013, Rockville Bank , a Connecticut-chartered stock savings bank and wholly owned subsidiary of Rockville Financial, Inc ., a Connecticut corporation, and United Bank , a federal savings association and wholly owned subsidiary of United Financial Bancorp, Inc ., a Maryland corporation, filed an application pursuant to Sections 36a-412(b), 36a-126(a) and 36a-125 of the Connecticut General Statutes seeking approval for the merger of United Bank, with its main office located at 95 Elm Street, West Springfield, Massachusetts, with and into Rockville Bank , with its main office located at 25 Park Street, Rockville, Connecticut.  In connection with the merger, Rockville Bank shall change its name to “ United Bank .”

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Order to Cease and Desist from Regulatory Violations; Notice of Intent to Fine Issued

On December 17, 2013, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-13-8064-S) against 1) Gregory Richard Imbruce of New Canaan, Connecticut; 2) investment fund Hunton Oil Partners LP and its general partner, Hunton Oil Genpar LLC ; 3) investment fund Giddings Oil & Gas LP and its general partner Giddings Genpar LLC ; and 4) investment fund Asym Energy Fund III LP and its general partner, Asym Capital III LLC .  Each partnership and its respective general partner maintained a business address in Stamford, Connecticut.  According to the action, respondent Imbruce occupied a control position and exercised critical decision making for the entities.

The action alleged that at designated times between 2009 and 2012, the partnerships offered and sold unregistered securities absent compliance with Section 36b-16 of the Connecticut Uniform Securities Act.  The action also alleged that the general partners transacted business as unregistered investment advisers in contravention of Section 36b-6(c)(1) of the Act; and that, in violation of Section 36b-6(c)(2) of the Act, respondent Imbruce transacted business as an unregistered investment adviser agent.  In addition, the action alleged that respondents violated the antifraud provisions of the Act by failing to disclose material facts to prospective limited partners, including disciplinary proceedings initiated by FINRA against respondent Imbruce relating to Imbruce’s activities while he was associated with Bernard l. Madoff Investment Securities LLC.  The action also claimed that, to induce several prospective limited partners to invest, respondent Imbruce represented to them that he personally invested in the affected limited partnership when that was not the case.  The action also alleged that the subscription agreements for two of the partnerships falsely represented that all applicable blue sky registration requirements had been fulfilled.

The Order to Cease and Desist and Notice of Intent to Fine also alleged that 1) respondent Imbruce violated Section 36b-23 of the Act by making a materially misleading statement to the Division; and 2) respondent Asym Energy Fund III LP employed an unregistered agent of issuer in violation of Section 36b-6(b) of the Act.

Each of the respondents was afforded an opportunity to request a hearing on the Order to Cease and Desist and Notice of Intent to Fine.

Dated:  Tuesday, December 24, 2013

Howard F. Pitkin

Banking Commissioner