Patriot National Bancorp (PNBK) in Stamford, Conn., is in the market for a new president and chief executive.
The $536 million-asset company disclosed in a regulatory filing Monday that it will not renew the contract for Kenneth Neilson when his current one-year term expires in March.
Neilson "has successfully completed the series of earnings and operating initiatives set forth by the board," the filing said. Neilsen's successor "will focus on asset growth and community lending."
Neilson, a retired chairman, president and CEO of Hudson United Bancorp who joined Patriot National's board in 2010, became the company's leader last March.
At the time of Neilson's appointment, Michael Carrazza, Patriot National's biggest investor, touted the move as marking the "second phase" of his strategy for the company. "We had an aggressive plan to cure asset quality issues, bring [the company] back to compliance health and bring it back to profitability," Carrazza said at the time.
Patriot National lost $8.2 million in the first three quarters of last year, compared to a $909,000 profit a year earlier. Roughly half of the loss was tied to prepayment penalties on certain borrowings. The company hired a chief financial officer last fall.
Patriot National did not identify a successor in the latest filing, though it noted that Neilson will remain on its board.
Separately, the company said it had received a delisting notice from the Nasdaq because its shares have failed to maintain a minimum market value of $5 million. The company said it has 180 days to regain compliance with the listing rule, adding that it should be able to do so.