Regulatory Alerts2022-06-17
Added · Updated
Bulletin 3043 - June 17, 2022
The Connecticut Department of Banking approved the merger of Lincoln 1st Bank into Ion Bank, with the transaction expected to close in the third quarter of 2022. The department also authorized Achieve Financial Credit Union to relocate its branch from Meriden to a new address on East Main Street. Additionally, Cornerstone Community Credit Union withdrew its application to merge with Merritt Federal Credit Union. Written comments regarding these actions are accepted within ten business days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 3043 - Week Ending June 17, 2022
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.
BANK ACTIVITY
Merger
On June 16, 2022, the Commissioner approved the merger of Lincoln 1st Bank , a New Jersey-chartered savings bank, with and into Ion Bank , a Connecticut-chartered bank, pursuant to Section 36a-412(b) of the Connecticut General Statutes. The parties intend to close the transaction at the beginning of the third quarter of 2022.
CREDIT UNION ACTIVITY
Branch Activity
DATE: June 14, 2022
CREDIT UNION: Achieve Financial Credit Union, Berlin, CT
LOCATION: FROM: 1064 East Main Street, Meriden, CT TO: 752 East Main Street, Meriden, CT
ACTIVITY-BRANCH TYPE: Approved to Relocate Branch
Merger (Withdrawal)
On June 15, 2022, Cornerstone Community Credit Union , a Connecticut credit union, withdrew its application for approval to merge with Merritt Federal Credit Union, a federal credit union.
Dated: Tuesday, June 21, 2022
Jorge L. Perez Banking Commissioner