Patriot National hires outsider as next leader

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Patriot National Bancorp in Stamford, Conn., has a new CEO.

The $1 billion-asset company said in a press release Monday that Robert Russell Jr. has also become its president. He will also serve as president and CEO of Patriot Bank.

Russell succeeded Michael Carrazza, Patriot’s chairman, as CEO. Richard Muskus Jr. resigned as the company’s president in mid-April.

Russell “has a strong community banking track record that overlaps with the leadership Patriot needs to continue its growth,” Carrazza, who remains chairman, said in the release. “His skillset and the community banking experience he brings will allow us to continue building our franchise and enhance the banking services and experiences for our clients.”

Russell previously served as chief operating officer at the $600 million-asset Millington Bank in New Jersey. At one point in his career, he was president and CEO of the $460 million-asset NJM Bank in New Jersey.

“Patriot has cultivated very strong ties to the communities that it serves, with assets, loans and deposits all growing 25% or better over the last three years,” Russell said in the release.

“The institution has invested significantly to build new platforms in customer-focused technologies, deposit gathering strategies and” Small Business Administration lending, Russell added. “It’s a great opportunity to leverage these investments and lead Patriot to its next level.”

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