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Patriot National once suffered seven straight years of losses. Again profitable, the company is looking to use capital to buy back leased branches, improve technology and make the first acquisition in its 21-year history.
December 9 -
The number of locally owned banks in Westchester County has shrunk from 25 institutions in the 1970s to just four today. PCSB, which moved its headquarters to the county after buying a local bank, hopes to settle in quickly.
January 5 -
Bankwell Financial Group in New Canaan, Conn., said chief operating officer Gail E. D. Brathwaite will resign from the company on Dec. 11. She has agreed to continue working with the bank as a consultant through June 30.
November 16
Patriot National Bancorp in Stamford, Conn., said that its chief financial officer resigned this week and that it has hired a former Connecticut community bank executive to replace her.
The $641 million-asset company named Neil McDonnell its CFO, effective immediately, according to a regulatory filing. McDonnell will succeed Christina Maier.
McDonnell, 52, for the past year was an independent consultant to the financial industry. Previously he was CFO of the $701 million-asset Darien Rowayton Bank in Darien, Conn., and CFO of the $786 million-asset Fieldpoint Private Bank & Trust in Greenwich, Conn. McDonnell will receive a base salary of $225,000; other elements of his compensation were not disclosed.
Maier resigned on Tuesday as CFO of both Patriot National Bancorp and Patriot Bank. She will resign as an executive vice president of the bank on April 30. Patriot said Maier resigned for personal reasons.
Maier had been Patriot's CFO since October 2013. Previously she was director of U.S. accounting and reporting at Brown Brothers Harriman and had worked for Provident New York Bancorp.
Patriot has been in turnaround mode in recent years. It earned $16 million last year, largely by recapturing its deferred-tax asset, after suffering six straight years of losses. Patriot's 2015 net income through Sept. 30 was $1.6 million.
Patriot in August gained a new private-equity investor in Castle Creek Capital; the size of its investment was not disclosed.
There had been rumors the bank might be put up for sale, but Chief Executive Kenneth Neilson recently said that he was on the lookout for a
Patriot also plans to make renovations and add public meeting rooms to all its branches, at a cost of about $40,000 per branch. The renovations are intended to help Patriot distinguish itself from competitors.
