Regulatory Alerts2007-06-22
Added · Updated
News Bulletin 2261 - June 22, 2007
The Connecticut Department of Banking solicits public comments within ten days on the proposed merger of Citizens Bank of Connecticut and RBS National Bank into Citizens Bank, National Association, alongside a 30-day public inspection period for the associated community reinvestment plan. A temporary certificate of authority was issued to the organizers of Harbor Bank & Trust in Fairfield for the establishment of a new Connecticut bank and trust company. The Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Bayou Technologies, Inc. and Steven O. Canady for selling unregistered securities, with a hearing scheduled for August 8, 2007. Additionally, a Consent Order required Southern Connecticut Financial Services, Inc. and its officers to offer approximately $10.5 million in rescission to investors, restrict future sales to accredited investors, and pay a $30,000 fine and cost reimbursement.