Bulletin 2858 - November 30, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2858 - Week Ending November 30, 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.

DEPOSIT INDEX AND INTEREST RATES

Pursuant to Section 36a-26 of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2019 to be 0.15%. The following rates are for the period commencing January 1, 2019 and ending December 31, 2019. The type of account and statutory reference are listed along with the rate.

• Rental security deposits - 47a-21(i) - 0.15%

• Claims for property, funds, or money delivered to the State Treasurer - 3-70a(e) - 0.15%

• Mortgage escrow accounts - 49-2a (section requires that the interest rate be not less than the deposit index, rounded to the nearest one-tenth of one percentage point) - 0.20%

• Public service company, certified telecommunications provider and electric supplier customer security deposits - 16-262j(c) (section requires that the interest rate be not less than the higher of the deposit index, rounded to the nearest one-tenth of one percentage point, or 1.5%) - 1.5%

PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s).

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or 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 the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE:
November 30, 2018

BANK:
Thomaston Savings Bank, Thomaston

LOCATION:
155 Scott Swamp Road, Farmington, CT 06032

ACTIVITY-BRANCH TYPE:
Filed to Establish Full Service Branch

Acquisition and Merger

On November 28, 2018, the Commissioner approved the acquisition by PeoplesBancorp, MHC , a Massachusetts mutual holding company, of First Suffield Financial Inc. , a bank holding company headquartered in Suffield, Connecticut, and issued a notice of intent not to disapprove the acquisition pursuant to Sections 36a-411 and 36a-185 of the Connecticut General Statutes. Also on November 28, 2018, the Commissioner approved the merger of The First National Bank of Suffield , a national association headquartered in Suffield, Connecticut and wholly-owned subsidiary of First Suffield Financial Inc. , with and into PeoplesBank , a Massachusetts-chartered savings bank and wholly-owned subsidiary of PeoplesBancorp, MHC pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes.

CREDIT UNION ACTIVITY

Out-of-State Branch Activity

On November 30, 2018,
New Horizons Credit Union, Inc.
, Cincinnati, Ohio, requested approval pursuant to Section 36a-462b of the Connecticut General Statutes to establish a branch at 475 Knotter Lane in Cheshire, Connecticut.

Dated: Wednesday, December 5, 2018

Jorge L. Perez
Banking Commissioner