Regulatory Alerts2017-11-17
Added · Updated
Bulletin 2804 - November 17, 2017
Patriot National Bancorp, Inc. filed an application to acquire Prime Bank through a merger with its subsidiary Patriot Bank, N.A., subject to public comment within ten days. The Department approved the relocation of a full-service branch for Nutmeg State Financial Credit Union Inc. from Stratford to a new address. Additionally, the Commissioner revoked the mortgage correspondent lender licenses of Vanguard Funding LLC and issued a cease and desist order due to the company's failure to maintain a required surety bond.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2804 - Week Ending November 17, 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
Acquisition
On November 15, 2017, Patriot National Bancorp, Inc. , a Connecticut corporation and registered bank holding company, filed an acquisition statement and application for the acquisition of Prime Bank , a Connecticut-chartered bank and trust company, pursuant to section 36a-184 of the Connecticut General Statutes. The acquisition will be accomplished through a two-step merger process, culminating in the merger of Prime Bank with and into Patriot Bank, N.A. , a national bank headquartered in Stamford, Connecticut and wholly-owned subsidiary of Patriot National Bancorp, Inc. Notice of the merger was filed on November 7, 2017 (see Bulletin #2803).
CREDIT UNION DIVISION
Branch Activity
DATE: November 14, 2017
CREDIT UNION: Nutmeg State 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: Approved to Relocate - Full Service Branch
CONSUMER CREDIT DIVISION
Order Revoking Mortgage Correspondent Lender Licenses and Order to Cease and Desist
On November 8, 2017, the Commissioner issued an Order Revoking Mortgage Correspondent Lender Licenses and Order to Cease and Desist (“Order”) In the Matter of: Vanguard Funding LLC (NMLS # 2675) (“Respondent”) . The Order was based on Respondent’s failure to maintain a surety bond that runs concurrently with the period of its mortgage correspondent lender licenses, in violation of Section 36a-492 of the Connecticut General Statutes. The Order revokes Respondent’s licenses to engage in the business of a mortgage correspondent lender in Connecticut from 300 Garden City Plaza, Suite 170, Garden City, New York, and from 155 Route 109, West Babylon, New York, and orders Respondent to cease and desist from violating Sections 36a-492 of the Connecticut General Statutes.
Dated: Tuesday, November 21, 2017
Jorge L. Perez Banking Commissioner