RegAlertNews · CTDOB · 14 Sep 2007
News Bulletin 2273 - September 14, 2007
The Department of Banking adopted new regulations on September 7, 2007, governing the conversion of mutual Connecticut banks to capital stock banks. Additionally, Prime Mortgage Financial, Inc. entered into a settlement agreement requiring a $13,000 civil penalty for employing unregistered loan originators in violation of Connecticut General Statutes. Rockville Bank is authorized to open a branch at 43 Prospect Hill Road in East Windsor, CT, effective September 13, 2007. Public comments on these matters must be submitted in writing within ten days of the bulletin's date.
State of Connecticut
Department of Banking
The Department of Banking News Bulletin
Bulletin # 2273
Week Ending September 14, 2007
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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
BRANCH ACTIVITY
State Bank Activity
Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
Date
Bank
Location
Activity
9/13/07
Rockville Bank
Rockville
43 Prospect Hill Road
East Windsor, CT 06088
opening
date
CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreement
On August 31, 2007, the Commissioner entered into a Settlement Agreement with Prime Mortgage Financial, Inc. D/B/A Prime Mortgage Company (“Prime Mortgage”). The Settlement Agreement was based on an examination by the Consumer Credit Division. As a result of such examination, the Commissioner alleged that Prime Mortgage employed or retained at least thirteen originators without first registering them, in violation of Sections 36a-486(b) and 36a-511(b) of the Connecticut General Statutes. Pursuant to the Settlement Agreement, Prime Mortgage agreed to remit to the Department $13,000 as a civil penalty.
EFFECTIVE REGULATIONS
Effective September 7, 2007, the Department adopted new regulations concerning the conversion of mutual Connecticut banks to capital stock Connecticut banks. A copy of the final regulations can be obtained on the Department's website or by contacting the Legal Division at (860) 240 8142.
Dated: Tuesday, September 18, 2007
Howard F. Pitkin
Banking Commissioner
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