Bulletin 3194 - May 9, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3194 - Week Ending May 9, 2025

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CREDIT UNION ACTIVITY

Merger

On May 6, 2025,
Nutmeg State Financial Credit Union
, a Connecticut credit union, and
Crosspoint Federal Credit Union
, a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of Crosspoint Federal Credit Union with and into Nutmeg State Financial Credit Union . The proposed target date for this merger is October 1, 2025.

New Branch

On May 7, 2025, the Commissioner approved an application submitted under Section 36a-462a of the Connecticut General Statutes by Sikorsky Financial Credit Union (Stratford, CT) for a new branch located at 1643 Post Road Fairfield, CT 06824. The projected date for the branch opening is September 1, 2025.

BANK ACTIVITY

Merger

On May 7, 2025, the Commissioner approved the merger of Eastern Connecticut Savings Bank , a Connecticut Bank, with and into The Guilford Savings Bank , a Connecticut Bank, pursuant to sections 36a-125 of the Connecticut General Statutes. Also on May 7, 2025, the Commissioner approved the acquisition statement filed under Sections 36a-184 and 36a-185 of the Connecticut General Statutes by GSB Mutual Holding Company , a Connecticut Bank holding company of The Guilford Savings Bank , to acquire ECSB Financial Corporation , a Connecticut mutual holding company being formed for Eastern Connecticut Savings Bank, and indirectly the acquisition of Eastern Connecticut Savings Bank . The proposed target date for the merger is on or around June 1, 2025.

Name Change

On May 9, 2025, the Commissioner approved an application submitted pursuant to Section 36a-82 of the Connecticut General Statutes by The Guilford Savings Bank (Guilford, CT) to change its name to Ascend Bank . The proposed target date for the name change is on or around June 1, 2025.

CONSUMER CREDIT DIVISION ACTIVITY

Tower Capital Management, LLC

On May 6, 2025, the Commissioner entered into a Consent Order with Tower Capital Management, LLC (NMLS # 1390603), (“Tower Capital”), Florham Park, New Jersey. The Consent Order was based on an investigation by the Consumer Credit Division. As result of such investigation, the Commissioner alleged that Tower Capital acted as a consumer collection agency in this state without the required license since January 2024, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Tower Capital paid $10,000 as a civil penalty and $400 as back licensing fees.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Radius Securities, LLC (CRD No. 286256)

On May 7, 2025 the Banking Commissioner entered an Order Revoking Registration as a Broker-dealer (No. NRC-24-202411-S) with respect to Radius Securities, LLC , a Connecticut-registered broker-dealer located at 42 Broadway, Suite 12-129, New York, New York.

The firm had been the subject of an April 24, 2024 Notice of Intent to Revoke Registration as a Broker-dealer and Notice of Right to Hearing (No. NRC-24-202411-S) alleging that the firm violated Section 36b-31-6a(a) of the Regulations under the Connecticut Uniform Securities Act by failing to maintain any Connecticut-registered agents. The action further alleged that the Respondent failed on several occasions to address the issue once notified by the Division.

The firm did not request a hearing on the Notice of Intent to Revoke Registration as a Broker-dealer. Consequently, the allegations in the original Notice were deemed admitted and the Order Revoking Registration as a Broker-dealer was entered by default.

Dated: Tuesday, May 13, 2025

Jorge L. Perez
Banking Commissioner