| Patriot Bank, N.A. | |
| Type: | Public |
| Traded As: | NASDAQ: |
| Industry: | Financial services |
| Foundation: | [1] [2] |
| Location: | Stamford, Connecticut, U.S. |
| Key People: | Michael Carrazza (chairman) Robert G. Russell, Jr. (president & CEO) |
| Operating Income: | US $25.408 million (2016)[3] |
| Assets: | US $756.654 million (2016) |
| Equity: | US $62.570 million (2016) |
| Num Employees: | 115 (2017) |
Patriot Bank, N.A. (PNBK) is the bank holding company for Stamford, Connecticut-based Patriot Bank NA, and is traded on NASDAQ as PNBK.[4]
The bank provides retail and commercial banking services and operates seven locations in Fairfield County, Connecticut, one in New Haven County, Connecticut, and one in Westchester County, New York.[5]
On August 31, 1994, Patriot National Bank obtained its charter and opened for business as a community bank. In 1999, Patriot National Bancorp, Incorporated was organized as a Bank Holding Company headquartered in Stamford, Connecticut.
As the bank continued its evolution, Patriot National Statutory Trust I was founded on March 11, 2003, to issue trust preferred securities and invest the proceeds in subordinated debentures issued by the company.[5]
Patriot National Bank expanded its geographical footprint in 2006, when it purchased a branch office and opened two new branch offices in New York, helping it to expand into New York State.[6]
On February 26, 2013, the company announced the appointment of Kenneth T. Neilson as president and CEO owing to the resignation of Christopher Maher, the former president and CEO of the company.[7]
Under Neilson's leadership, the bank announced its new name “Patriot Bank” on September 28, 2015.[8]
On August 25, 2016, Patriot National Bancorp named bank chairman Michael Carrazza to assume the additional role as interim CEO.
In January 2017, Patriot Bank named Richard Muskus, Jr. as president, promoting him from within.[9] Mr. Muskus has served as executive vice president and chief lending officer of Patriot since February 2014. On July 24, 2017, Mr. Muskus was appointed to the company's board of directors.[10]
The restructured leadership team developed and implemented strategic initiatives focused on improving operational efficiencies, product diversification, and asset growth, which has continuously led to improved performance and strong earnings growth.[11]
On March 30, 2017, Patriot announced a $2.8 million loan recovery.[12]
On July 17, 2017, Patriot announced its first quarterly dividend for shareholders for the first time since 2008.[13]
On August 2, 2017, Patriot announced the signing of a definitive merger agreement pursuant to which Patriot will acquire Prime Bank in Orange, CT, expanding its community banking presence in Connecticut.[14]
On July 7, 2020, Robert G. Russell, Junior was appointed as president and chief executive officer of Patriot National Bancorp, Inc. (the “Company”) and Patriot Bank, N.A. (“Patriot Bank”), a wholly owned subsidiary of the Company.
Prior to joining the Company and Patriot Bank, Mister Russell (age 54) served as executive vice president and chief operating officer of Millington Bank of Morris and Somerset Counties of New Jersey. Mr. Russell has more than 30 years of community banking experience. Previously, he served as president and chief executive officer of NJM Bank, and before that, as its chief financial and investment officer. Mister Russell has led both institutions to achieve significant growth and increases in profitability.
On 21 July 2020, Patriot National Bancorp, Inc., Patriot Bank's parent company, confirmed it has completed a deal to purchase prepaid debit card deposits from a popular regional lender and prepaid debit card processor for business, retailer, and government customers. Balances associated with this transaction are projected to reach approximately Fifty-two Million United States dollars in the coming week and rise over time from that initial point.[15]