Bulletin 2799 - October 13, 2017

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2799 -
Week Ending October 13, 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

Branch Activity

Section 361-145 of the Connecticut General Statutes requires certain applications for a branch, of for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. 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:
October 11, 2017

BANK:
United Bank, Rockville

LOCATION:
225 Asylum Street, Hartford, CT 06103

ACTIVITY-BRANCH TYPE:
Approved - Loan Production Office

DATE:
October 11, 2017

BANK:
Savings Bank of Danbury, Danbury

LOCATION:
133 E. Putnam Avenue, Cos Cob, CT 06807

ACTIVITY-BRANCH TYPE:
Approved - Loan Production Office

DATE:
October 11, 2017

BANK:
Savings Bank of Danbury, Danbury

LOCATION:
2777 Summer Street, Suite 700, Stamford, CT 06905

ACTIVITY-BRANCH TYPE:
Approved - Loan Production Office

DATE:
October 12, 2017

BANK:
Darien Rowayton Bank, Darien

LOCATION:
1995 Broadway, 14th Floor, New York, NY 10023

ACTIVITY-BRANCH TYPE:
Filed - Limited Branch

Acquisition and Merger

On October 10, 2017,
Atlantic Community Bancshares, Inc.
(“ACBI”), a Pennsylvania corporation and registered bank holding company, filed an acquisition statement and application pursuant to Sections 36a-411 and 36a-184 of the Connecticut General Statutes for the acquisition of BBN Financial Corporation , a Connecticut corporation and registered bank holding company, and its wholly-owned subsidiary, Bankers’ Bank Northeast (“BBN”), a Connecticut-chartered bankers’ bank. In connection with this acquisition and also on October 10, 2017, Atlantic Community Bankers Bank (“ACBB”), a Pennsylvania-chartered bankers’ bank and wholly-owned subsidiary of ACBI , filed an application for the merger of BBN with and into ACB pursuant to Sections 36a-412(a)(1) and 36a-125 of the Connecticut General Statutes.

CREDIT UNION ACTIVITY

Branch Activity

(Correction from Bulletin 2797)

DATE:
August 8, 2017

CREDIT UNION:
Nutmeg Financial Credit Union Inc., Rocky Hill

LOCATION:
FROM: 2900 Main Street, Suite D, Stratford, CT 06614 TO: 250 Barnum Avenue Cutoff, Stratford, CT 06614

ACTIVITY-BRANCH TYPE:
Filed to Relocate - Full Service Branch

DATE:
October 11, 2017

CREDIT UNION:
Sikorsky Financial Credit Union, Inc., Stratford

LOCATION:
3 Federal Road, Brookfield, CT 06804

ACTIVITY-BRANCH TYPE:
Filed to Open Full Service Branch

Merger

On October 11, 2017, the Commissioner approved the merger of East Haven Municipal Employees Credit Union, Inc. ("East Haven"), a Connecticut credit union, with and into America's First Network Credit Union ("AFNCU"), a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. In conjunction with the merger, AFNCU's field of membership will expand to include employees: Town of East Haven; Fire Department and Police Department of the Town of East Haven; Board of Education of the Town of East Haven.

CONSUMER CREDIT DIVISION ACTIVITY

Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Correspondent Lender Licenses and Notice of Intent to Issue Order to Cease and Desist

On September 29, 2017, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Correspondent Licenses, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice and Temporary Order”) In the Matter of:
Vanguard Funding LLC
(NMLS # 2675)(“Respondent”), Garden City and West Babylon, New York. The Notice and Temporary Order were the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to maintain a surety bond that runs concurrently with the period of its mortgage correspondent lender licenses for its main office located at 300 Garden City Plaza, Suite 170, Garden City, New York, and its branch office located at 155 Route 109, West Babylon, New York, in violation of Section 36a-492 of the Connecticut General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice and Order.

Dated: Tuesday, October 17, 2017

Jorge L. Perez
Banking Commissioner