Bulletin 3252 - June 19, 2026

The Department of Banking News Bulletin

Bulletin # 3252 - Week Ending June 19, 2026

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

Merger

On June 15, 2026, Ion Bank, a Connecticut chartered stock savings bank and wholly owned subsidiary of Ion Financial, MHC, Inc., a Maryland chartered mutual bank holding company, filed an application pursuant to Sections 36a-412(b) and 36a-125 of the Connecticut General Statutes for the merger of The Cooperative Bank, a Massachusetts chartered mutual co-operative bank, with and into Ion Bank. The proposed target date for the merger is October 2026.

Acquisition and Merger

On June 17, 2026, pursuant to Section 36a-411 of the Connecticut General Statutes, the Banking Commissioner approved the application and acquisition statement of Banco Santander, S.A., and Santander Holdings USA, Inc., to acquire Webster Financial Corporation and, pursuant to Section 36-185 of the Connecticut General Statutes, issued a notice of intent not to disapprove such acquisition. The Commissioner also approved the merger of Webster Bank, with and into Santander Bank, National Association, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes.

CREDIT UNION ACTIVITY

Conversion

On June 17, 2026, the Commissioner approved an application from Nutmeg State Financial Credit Union, a Connecticut credit union headquartered in Rocky Hill, Connecticut, to convert to a Federal Charter pursuant to Connecticut General Statutes section 36a-468b. Upon conversion to a Federal Charter, Nutmeg's name will be changed to Nutmeg State Federal Credit Union. The conversion is anticipated in the fourth quarter 2026.

Merger

On June 15, 2026, Nutmeg State Financial Credit Union, a Connecticut credit union headquartered in Rocky Hill, Connecticut, submitted an application for New Haven Teachers Federal Credit Union, a federally chartered credit union to merge with and into Nutmeg State Financial Credit Union pursuant to Connecticut General Statues section 36a-468a. The anticipated date of the merger is December 1, 2026.

CONSUMER CREDIT ACTIVITY

I.Q. DATA INTERNATIONAL, INC.

On June 15, 2026, the Commissioner entered into a Consent Order with I.Q. DATA INTERNATIONAL, INC. (NMLS # 971181), ("I.Q. Data"), Bothell, Washington. The Consent Order was based on an examination of I.Q. Data by the Consumer Credit Division. As result of such examination, the Commissioner alleged that I.Q. Data (1) since May 2025 charged and collected interest from 72 consumer debtors that was not expressly authorized by the agreement creating the debt or permitted by law in violation of Section 36a-809-12(1) of the Regulations of Connecticut State Agencies; and (2) failed to timely respond to the Report of Examination or otherwise cooperate with the Commissioner during the examination in violation of Section 36a-17(e) of the Connecticut General Statutes. As part of the Consent Order, I.Q. Data agreed to pay $10,000 as a civil penalty and refund identified Connecticut debtors that paid interest that was not expressly authorized by the agreement creating the debt or permitted by law.

Dated: Tuesday, June 23, 2026

Jorge L. Perez
Banking Commissioner