The Bank of Southern Connecticut in New Haven, operating on a short leash from bank regulators, has gotten approval for President Sunil Pallan to take on extra, unpaid duties as a senior loan officer, a regulatory filing shows.
Parent Southern Connecticut Bancorp Inc. said in an 8-K filing with the Securities and Exchange Commission that the Connecticut Banking Department and the Federal Deposoit Insurance approved the move.
The bank needed FDIC approval because the federal overseer placed it under a consent order as the agency scrutinizes the community lender’s banking practices relating to management, capital, earnings, and asset quality.
A consent order is basically an agreement that requires banks to comply with certain changes in order to
Pallan will no longer serve as the lender’s chief credit officer, but will continue to supervise the bank’s credit department, the filing said.
Pallan, 50, took over as permanent president of the bank and its parent in July 2011, shortly before Joseph Greco arrived as CEO in October that year.
