Regulatory Alerts2015-01-30
Added · Updated
Bulletin 2658 - January 30, 2015
The Connecticut Department of Banking announces branch activities for Fairfield County Bank, United Bank, and Torrington Savings Bank, including the opening of a new branch by Fairfield County Bank and the filing of applications by United Bank and Torrington Savings Bank. United Bank is scheduled to close multiple branches in Connecticut and Massachusetts effective May 15, 2015. Additionally, the Acting Commissioner entered into a Consent Order with Southwestern Investors Group, LLC, requiring the payment of a $2,500 civil penalty and a $500 back licensing fee for operating as an unlicensed consumer collection agency in Connecticut.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2658 - Week Ending January 30, 2015
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 Bruce H. Adams, Acting 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
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
01/26/15
Fairfield County Bank
Ridgefield
**215 Post Road West
Westport, CT 06880
Opening
Date
01/30/15
United Bank
Rockville
12 Main Street
Ellington, CT 06029
Filed
01/30/15
United Bank
Rockville
**287 Somers Road
Ellington, CT 06029
Filed
02/02/15
Torrington Savings Bank
Torrington
*30 Mason Street
Torrington, CT 06790
Opening
Date
05/15/15
United Bank
Rockville
**12 Main Street
Ellington, CT 06029
Closing
Date
05/15/15
United Bank
Rockville
287 Somers Road
Ellington, CT 06029
Closing
Date
05/15/15
United Bank
Rockville
124 Main Street
Broad Brook, CT 06016
Closing
Date
05/15/15
United Bank
Rockville
6 Church Street
Northborough, MA 01532
Closing
Date
05/15/15
United Bank
Rockville
701 Church Street
Whitinsbille, MA 01588
Closing
Date
05/15/15
United Bank
Rockville
180 Main Street
Northampton, MA 01060
Closing
Date
05/15/15
United Bank
Rockville
491 Pleasant Street
Northampton, MA 01060
Closing
Date
*Limited Branch
**Loan Production Office
CONSUMER CREDIT DIVISION ACTIVITY
Consent Order
On January 20, 2015, the Acting Commissioner entered into a Consent Order with Southwestern Investors Group, LLC (“Southwestern Investors”), Hamburg, New York. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Acting Commissioner alleged that Southwestern Investors acted as a consumer collection agency in Connecticut without the required license, in violation of Section 36a-801(a) of the 2014 Supplement to the General Statutes. As part of the Consent Order, Southwestern Investors paid $2,500 as a civil penalty and $500 as a back licensing fee.
Dated: Tuesday, February 3, 2015
Bruce H. Adams Acting Banking Commissioner