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 possible acquisition.
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.