Patriot National Bancorp (PNBK) in Stamford, Conn., has appointed one of its director to become its chief executive.
Kenneth Neilson will also become president on March 18, pending regulatory approval, the company said Tuesday. He will succeed Christopher Maher, who is resigning for personal reasons, Patriot National said.
Neilson has been a director of the $618 million-asset company since 2010. He is a former president, CEO and chairman of Hudson United Bancorp in Mahwah, N.J., which was acquired in 2006 by Toronto-Dominion Bank's TD Banknorth.
"Neilson's experience and success in building and developing a premiere community bank franchise will be a major asset to our company," Michael Carrazza, Patriot National's chairman, said in a press release. "The board and management are excited about the entrepreneurial spirit, expertise, energy and professionalism that [Neilson] brings to this organization."
Patriot National has 14 branches in Connecticut and New York. It entered a written agreement with the Federal Reserve Board in August that bars it from paying dividends or taking on debt without approval and requiring it to submit periodic reports.