Patriot Bank Names New President & CEO
July 13 2020 - 4:00PM
Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the
“Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.
(the “Bank”), today announced that Robert G. Russell, Jr. has been
named President and CEO of both the Bank and its parent company,
Patriot.
Mr. Russell joins Patriot from Millington Bank of Morris and
Somerset Counties of New Jersey, where he served as Executive Vice
President and Chief Operating Officer. Mr. Russell has more
than 30 years of community banking experience. Previously, he
served as President and Chief Executive Officer of NJM Bank, and
before that, as its Chief Financial and Investment Officer. Mr.
Russell has led both institutions to achieve significant growth and
increases in profitability.
Michael Carrazza, Chairman of Patriot said,
“We’re pleased to welcome Robert Russell to lead the Patriot team.
Mr. Russell has a strong community banking track record that
overlaps with the leadership Patriot needs to continue its growth
and unlock the intrinsic value of Patriot’s banking franchise. 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.”
In June Patriot reported that the institution’s total assets, as
of the first quarter 2020, increased 2% to $999.6 million, its net
loan portfolio increased to $808 million, deposits grew a strong
4.4 percent, or $33.7 million, to $803.2 million, and net interest
income was up 1.9%. Previous investments in technology to support
online and mobile banking, as well as Patriot’s network of Live
Banker ATM’s with video tellers, have served its customers
seamlessly during the current pandemic.
“I am excited to be joining the Patriot Bank team, having
watched its consistent growth and performance over recent years and
its current positioning in asset classes and technology,” said Mr.
Russell. “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. The institution
has invested significantly to build new platforms in
customer-focused technologies, deposit gathering strategies and SBA
lending. It’s a great opportunity to leverage these investments and
lead Patriot to its next level.”
Patriot Bank is headquartered in Stamford and operates 9 branch
locations: in Scarsdale, NY; and Darien, Fairfield, Greenwich,
Milford, Norwalk, Orange, Stamford, Westport, Ct. with Express
Banking locations at Bridgeport/Housatonic Community College,
downtown New Haven and Trumbull at Westfield Mall. The Bank also
maintains SBA lending offices in Jacksonville, and Stamford, along
with a Rhode Island operations center.
About the Company:
Founded in 1994, and now celebrating its 26th year, Patriot
National Bancorp, Inc. (“Patriot” or “Bancorp”) is the parent
holding company of Patriot Bank N.A. (“Bank”), a nationally
chartered bank headquartered in Stamford, CT. Patriot operates with
full-service branches in Connecticut and New York and provides
lending products and services nationally. Patriot’s mission is to
serve its local community and nationwide customer base by providing
a growing array of banking solutions to meet the needs of
individuals and small business owners. Patriot places great value
in the integrity of its people and how it conducts business. An
emphasis on building strong client relationships and community
involvement are cornerstones of our philosophy as we seek to
maximize shareholder value.
Forward Looking Statements:Statements contained
in this news release that are not historical facts are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently
anticipated due to a number of factors, which include, but are not
limited to, factors discussed in documents filed by the Company
with the Securities and Exchange Commission from time to time. The
Company does not undertake and specifically disclaims any
obligation to update any forward-looking statement, whether written
or oral, that may be made from time to time by or on behalf of the
Company.
Contracts: |
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Patriot Bank, N.A. |
Fred Staudmyer |
Michael Carrazza |
900 Bedford Street |
EVP & Chief Administrative Officer |
Chairman |
Stamford, CT 06901 |
203-252-5921 |
203-251-8230 |
www.BankPatriot.com |
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