RegAlert2017-12-22
Added · Updated
Bulletin 2809 - December 22, 2017
The Connecticut Banking Commissioner issued a notice of intent not to disapprove the acquisition of BBN Financial Corporation and its subsidiary Bankers’ Bank Northeast by Atlantic Community Bancshares, Inc. Concurrently, the Commissioner approved the merger of Atlantic Community Bankers Bank into BBN. Written comments regarding these actions must be submitted to the Banking Commissioner within ten days of the bulletin's date.
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State of Connecticut
Department of Banking
The Department of Banking News Bulletin
Bulletin # 2809 - Week Ending December 22, 2017
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 days from the date of this bulletin.
STATE BANK ACTIVITY
Acquisition and Merger
On December 22, 2017, the Commissioner issued a notice of intent not to disapprove the acquisition by Atlantic Community Bancshares, Inc. (“ACBI”), a Pennsylvania corporation and registered bank holding company, of BBN Financial Corporation , a Connecticut corporation and registered bank holding company, and its wholly-owned subsidiary, Bankers’ Bank Northeast (“BBN”), a Connecticut-chartered bankers’ bank. The notice was issued pursuant to Section 36a-185 of the Connecticut General Statutes. Also on December 22, 2017, the Commissioner approved the merger of Atlantic Community Bankers Bank (“ACBB”), a Pennsylvania-chartered bankers’ bank and wholly-owned subsidiary of ACBI , and BBN with and into ACBB pursuant to Sections 36a-412(a)(1) of the Connecticut General Statutes.
Dated: Wednesday, December 27, 2017
Jorge L. Perez
Banking Commissioner
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Source: Connecticut Department of Banking — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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