Regulatory Alerts2018-09-21
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Bulletin 2848 - September 21, 2018
USB Bancorp, Inc. withdrew its acquisition statement for Union Savings Bank II, though the bank's reorganization application remains open. Magnolia Bank, Inc. filed an application to establish a loan production office in Norwalk, Connecticut. The Banking Commissioner barred John A. Pinheiro from transacting securities business in Connecticut for seven years and imposed a $10,000 fine for providing false testimony. Christopher Sakelarakis was fined $100,000 for violating securities registration and antifraud provisions by misappropriating investor funds.
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