Bulletin 2864 - January 11, 2019

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2864 - Week Ending January 11, 2019

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

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: January 7, 2019

BANK: Thomaston Savings Bank, Thomaston

LOCATION: 155 Scott Swamp Road, Farmington, CT  06032

ACTIVITY-BRANCH TYPE: Approved to Establish Full Service Branch

DATE: January 9, 2019

BANK: United Bank, Hartford

LOCATION: 6958 Aviation Blvd., Suite 1A, Glen Burnie, MD  21061

ACTIVITY-BRANCH TYPE: Application for Limited Branch Withdrawn

Main Office Relocation

On January 11, 2019, pursuant to Section 36a-81 of the Connecticut General Statutes, the Commissioner approved the application by Chelsea Groton Bank to relocate its main office from One Franklin Square, Norwich, Connecticut to 904 Poquonnock Road, Groton, Connecticut.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On January 2, 2019, the Commissioner entered into a Consent Order with PERL MORTGAGE, INC. (NMLS # 19186) (“PERL MORTGAGE”), Chicago, Illinois. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that PERL MORTGAGE failed to file with the Nationwide Multistate Licensing System and Registry a change of address of a branch office at least 30 calendar days prior to such change and, in connection with such address change, failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b)(2) of the 2018 Supplement to the General Statutes, as amended by Public Act 18-173. As part of the Consent Order, PERL MORTGAGE paid $500 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Quarve Associates, LLC (CRD No. 112160) Fined $7,500 for Financial Reporting Violations

On January 11, 2019, the Banking Commissioner entered a Consent Order (No. CO-19-8470-S) with respect to Quarve Associates, LLC , a Connecticut-registered investment adviser located One Atlantic Street, Stamford, Connecticut 06901. The Consent Order alleged that the firm violated Section 36b-31-14d(a) of the Regulations under the Connecticut Uniform Securities Act by failing to timely file audited reports of its financial condition on more than one occasion. Such reports are required of investment advisers having custody of client funds and securities. The Consent Order fined the firm $7,500 and directed it to cease and desist from regulatory violations .

Dated: Tuesday, January 15, 2019

Jorge L. Perez Banking Commissioner