Bulletin 3155 - August 9, 2024

The Department of Banking News Bulletin

Bulletin # 3155 - Week Ending August 9, 2024

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.

BANK ACTIVITY

Change of Name

On August 7, 2024, the Commissioner approved the application of Savings Bank of Danbury, Danbury, Connecticut, to change its name to Ives Bank pursuant to Section 36a-82 of the Connecticut General Statutes.

Reorganization into a Mutual Holding Company

On August 9, 2024, Liberty Bank, a Connecticut-chartered mutual savings bank, filed a notice and application to reorganize as a mutual holding company to be known as Liberty Financial Corporation pursuant to Section 36a-192 of the Connecticut General Statutes, an application to form a reorganized savings institution to be known as Liberty Bank pursuant to Section 36a-193 of the Connecticut General Statutes, and an application to merge the current mutual saving bank into the reorganized savings institution pursuant to Section 36a-125 of the Connecticut General Statutes.

CREDIT UNION ACTIVITY

Merger

On August 5, 2024, America's First Network Credit Union (America's First), a Connecticut credit union, and Arnold Bakers Employee Federal Credit Union (Arnold Bakers), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval for the merger of Arnold Bakers with and into America's First, with the resulting credit union to operate as a Connecticut credit union. The proposed effective date of the merger is October 1, 2024.

CONSUMER CREDIT DIVISION ACTIVITY

Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License and Notice of Intent to Issue Order to Cease and Desist

On August 2, 2024, the Commissioner issued an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing ("Order and Notice") in the matter of: Kason Credit Corporation d/b/a K.C.C, NMLS # 1414138 ("Respondent"). The Order and Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges in the Order and Notice that: (1) Respondent's failure to submit the required financial statements for the retention of its license to act as a consumer collection agency renders the Commissioner unable to determine that the financial responsibility of Respondent is such to warrant the belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-800 to 36a-814, inclusive; and (2) Respondent's failure to provide the information requested during the investigation, in violation of Section 36a-17(e) of the Connecticut General Statutes. The Commissioner found that the public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.

Dated: Tuesday, August 13, 2024

Jorge L. Perez
Banking Commissioner

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