Bulletin 2627 - June 27, 2014

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2627 - Week Ending June 27, 2014

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

06/25/14

United Bank

Rockville

268 Hazard Avenue

Enfield, CT  06082

Into

231 Hazard Avene

Enfield, CT  06082

Filed to

Consolidate

Effective

10/10/14

06/25/14

United Bank

Rockville

112 Mountain Road

Suffield, CT  06078

Into

275 Mountain Road

Suffield, CT  06078

Filed to

Consolidate

Effective

10/10/14

10/10/14

United Bank

Rockville

12 Main Street

Ellington, CT  06029

Closing

Date

10/10/14

United Bank

Rockville

23 Main Street

Manchester, CT  06042

Closing

Date

Interstate De Novo Branch

On August 29, 2014, Manufacturers and Traders Trust Company , Buffalo, New York, plans to close its de novo branch at 4 High Ridge Park, Stamford, Connecticut.

Change of Name

On June 24, 2014, pursuant to Section 36a-82 of the Connecticut General Statutes, Darien Rowayton Bank , Darien, Connecticut, filed an application with the Commissioner to change its name to DRB Bank .  Written objections to such application may be made, for a period of 30 days from the date of publication of this Bulletin, on the grounds that the name selected will tend to confuse the public.

CONSUMER CREDIT DIVISION ACTIVITY

Withdrawal of Notice of Intent to Issue Order to Cease and Desist, Withdrawal of Notice of Intent to Impose Civil Penalty and Withdrawal of Notice of Right to Hearing

On June 17, 2014, the Commissioner issued a Withdrawal of Notice of Intent to Issue Order to Cease and Desist, Withdrawal of Notice of Intent to Impose Civil Penalty and Withdrawal of Notice of Right to Hearing (“Withdrawal”) in the Matter of: CUSTOMIZED MORTGAGE SOLUTIONS, LLC (NMLS # 214882), Old Tappan, New Jersey.

Consent Order

On June 18, 2014, the Commissioner entered into a Consent Order with New Milford Mortgage Company, LLC (NMLS # 110092) (“New Milford Mortgage Company”), New Milford, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on April 22, 2014, 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.  The Commissioner alleged that New Milford Mortgage Company failed to timely file certain annual  information required by mortgage call reports in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner.  As part of the Consent Order, New Milford Mortgage Company paid $4,500 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Connecticut registered broker-dealer f ined $53,800 for Unregistered Sales Assistant Activity

On June 25, 2014, the Banking Commissioner entered a Consent Order (No. CO-14-8151-S) with respect to J.P. Morgan Securities, LLC , a Connecticut-registered broker-dealer.  The settlement arose from a multi-state investigation into the firm's supervisory system as it related to the state registration of sales assistants. The investigation covered the period from January 1, 2004 through December 31, 2011.  In this case, certain sales assistants accepted unsolicited securities orders at a time when the sales assistants were not appropriately registered under the Connecticut Uniform Securities Act.  The Consent Order noted that the firm had since implemented a new trading system with the ability to confirm the registration status of order acceptors.

In resolution of the matter, the firm agreed to pay a fine of $53,800 to the department.

Dated:  Tuesday, July 1, 2014

Howard F. Pitkin

Banking Commissioner