Bulletin 2844 - August 24, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2844 - Week Ending August 24, 2018

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 business days from the date of this bulletin.

STATE BANK ACTIVITY

Reorganization as a Mutual Holding Company and Acquisition

On August 20, 2018, pursuant to Sections 36a-192 and 36a-193 of the Connecticut General Statutes, Union Savings Bank , a Connecticut-chartered mutual savings bank, filed an application to reorganize into a mutual holding company structure by organizing USB Bancorp, Inc. as a Connecticut mutual holding company and forming Union Savings Bank II as a reorganized capital stock savings bank. Also on August 20, 2018, pursuant to Section 36a-184 of the Connecticut General Statutes, an acquisition statement was filed on behalf of USB Bancorp, Inc. to acquire 100% of the issued and outstanding shares of common stock of Union Savings Bank II . Upon completion of the reorganization and acquisition, Union Savings Bank will merge with and into Union Savings Bank II , with the resulting bank operating under the name Union Savings Bank .

CREDIT UNION ACTIVITY

Merger

On August 21, 2018, the Commissioner approved the merger of Rogers Employees Federal Credit Union ("Rogers"), a federal 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 the following groups: employees of Rogers Corporation who work in Killingly, Rogers, or Woodstock, Connecticut; employees of Rogers Corporation who work in Carol Stream, Illinois or Chandler, Arizona; salesmen or employees of sales offices of Rogers Corporation who are paid from Killingly, Connecticut; spouses of persons who died while within the Rogers field of membership; employees of Rogers; and persons retired as pensioners or annuitants from the above employment.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Adele Millicent Polakoff (CRD No. 865402) Fined $2,500 for Failing to Timely Amend Form U-4 On August 20, 2018, the Banking Commissioner entered a Consent Order (No. CO-18-8413-S) with respect to Adele Millicent Polakoff , a Connecticut-registered broker-dealer agent of Morgan Stanley. The Consent Order alleged that Adele Polakoff violated Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act by failing to update her Form U-4 in a timely manner. The Consent Order required that Adele Polakoff cease and desist from regulatory violations and pay a $2,500 fine to the department.

Dated: Tuesday, August 28, 2018

Jorge L. Perez
Banking Commissioner