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 days from the date of this bulletin.

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. 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: August 9, 2017 

BANK:  The Milford Bank, Milford

LOCATION:  96B Broad Street, Guilford, CT 06437

ACTIVITY-BRANCH TYPE:  Filed to Open Branch - Limited Branch

DATE: August 11, 2017 

BANK:  Salisbury Bank and Trust Company, Lakeville

LOCATION:  FROM: 52 Route 17K, Suite 201, Newburgh, NY 12550

           TO: 801 Auto Park Place, Newburgh, NY 12550

ACTIVITY-BRANCH TYPE:  Approved to Relocate - Full Service Branch

Interstate Loan Production Office

On August 11, 2017, the Commissioner approved the application of Magnolia Bank, Inc., a Kentucky-chartered community bank, to establish a loan production office in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. The office will be located at 1 Morgan Avenue, Third Floor, Norwalk, Connecticut.

Notice of Intent to Issue Order to Cease and Desist

and notice of Intent to Impose Civil Penalty

On August 4, 2017, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Vanguard Funding LLC (NMLS # 2675) (“Respondent”), Garden City, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to timely file certain quarterly information required on the Nationwide Multistate Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing on the allegation set forth in the Notice.

Dated: Tuesday, August 15, 2017

Jorge L. Perez

Banking Commissioner 

jeanne.charbonneau@ct.gov | 860-240-8299 | www.ct.gov/dob