Regulatory Alerts2019-04-19
Added · Updated
Bulletin 2878 - April 19, 2019
The Connecticut Department of Banking approved Essex Savings Bank to establish a limited branch at 176 Westbrook Road in Essex. The Commissioner also authorized Magnolia Bank, Inc. to open a loan production office in Norwalk while closing its existing location at 94 East Avenue. Additionally, American Eagle Financial Credit Union, Inc. received approval to amend its bylaws to expand its field of membership to include Hampden County, Massachusetts. Public comments on these applications are accepted in writing within ten business days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2878 - Week Ending April 19, 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: April 18, 2019
BANK: Essex Savings Bank, Essex
LOCATION: 176 Westbrook Road, Suite 1, Essex, CT 06426
ACTIVITY-BRANCH TYPE: Approved to Establish - Limited Branch
Interstate Loan Production Office
On April 18, 2019, the Commissioner approved the application of Magnolia Bank, Inc. , a Kentucky-chartered community bank, to establish a loan production office in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. The office will be located at 53 East Avenue, Suite 2 in Norwalk, Connecticut. In connection with opening this office, Magnolia Bank, Inc. plans to close its loan production office at 94 East Avenue in Norwalk, Connecticut.
STATE CREDIT UNION ACTIVITY
Field of Membership Amendment
On April 18, 2019, the Commissioner approved the application of American Eagle Financial Credit Union, Inc. to amend its bylaws pursuant to Section 36a-437a(h)(3) of the Connecticut General Statutes to expand its field of membership to include Hampden County, Massachusetts.
Dated: Tuesday, April 23, 2019
Jorge L. Perez Banking Commissioner