Bulletin 2930 - April 17, 2020

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2930 - Week Ending April 17, 2020

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

Acquisition and Transfer of Assets

On April 14, 2020, the Commissioner issued a notice of intent not to disapprove the acquisition by Centreville Bank , a Rhode Island-chartered non-member savings bank, of PB Bancorp, Inc. , a bank holding company headquartered in Putnam, CT, pursuant to Section 36a-185 of the Connecticut General Statutes.  Also on April 14, 2020, the Commissioner approved the transfer of all assets and liabilities from Putnam Bank , a Connecticut-chartered savings bank and wholly-owned subsidiary of PB Bancorp, Inc. , to Centreville Bank , pursuant to sections 36a-210 and 36a-412 of the Connecticut General Statutes.

COMMISSIONER EXTENDS NO ACTION POSITION

No Action Position Extended

In response to the outbreak of the coronavirus, Banking Commissioner Jorge Perez issued a memo on March 10, 2020, advising the mortgage industry, and other financial service sectors licensed by the Department, that it would take a no action position with regard to employees working from home who otherwise would be required to work from a licensed branch location.  On April 16, 2020, the Banking Commissioner issued A revised memorandum which reiterates the original no action position and extends the no action position through May 31, 2020 .  It can be found on our website at ct.gov/dob .

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On April 7, 2020, the Commissioner entered into a Consent Order with Aargon Agency, Inc. (NMLS # 1615010) (“Aargon”), Las Vegas, Nevada. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Aargon acted as a consumer collection agency in Connecticut, directly or indirectly, between October 2007 and June 2018, without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Aargon paid $1,000 as a civil penalty.

On April 7, 2020, the Commissioner entered into a Consent Order with Ceteris Portfolio Services, LLC d/b/a North Shore Agency d/b/a SRA Associates (NMLS # 1805652) (“Ceteris”), Mount Laurel, New Jersey. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Ceteris acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Ceteris paid $10,000 as a civil penalty.

Dated: Tuesday, April 21, 2020

Jorge L. Perez Banking Commissioner