Patriot Bank Now Offering Faster, Streamlined Small Business Loans
September 05 2018 - 9:00AM
Patriot National Bancorp, Inc. (PNBK), the parent company of
Patriot Bank, N.A. headquartered in Stamford, CT, announces the
bank has been designated a “Preferred Lender” by the U.S. Small
Business Administration (SBA), allowing it to process, close, and
service most SBA-guaranteed loans without prior SBA review. This
offers entrepreneurs and small community businesses the ability to
obtain their loans more quickly and efficiently.
Under the Preferred Lenders Program (PLP), SBA
lenders such as Patriot Bank are delegated loan approval as well as
closing, and servicing authority, enabling them to make loan
decisions more rapidly.
To earn the PLP designation, Patriot Bank had to
demonstrate a successful track record with SBA-guaranteed small
business loans and a detailed understanding of SBA lending
policies. Patriot Bank became an SBA-approved lender in 2017.
“When we started facilitating SBA-guaranteed
small business loans, we always intended to offer our customers the
absolute best quality of service available, from the start of the
application to the ultimate success of the company,” said
Richard Muskus, Jr., President of Patriot
Bank. “As a Preferred Lender, we will continue to provide
support for many more small businesses that want to build
themselves and contribute mightily to our economy.”
SBA, under its 7(a) Loan Guaranty Program, can
guarantee loans up to $5 million. Loans are available for
most business purposes, such as to purchase commercial real estate,
equipment, and inventory as well as for short-term working
capital. Maturities are up to 25 years for commercial
mortgages and up to 10 years for all other purposes.
“Patriot Bank is focused on supporting
entrepreneurs with their diverse banking needs necessary to operate
and grow their businesses,” said Kevin Ferryman,
Director of SBA Lending at Patriot Bank. “As a
Preferred Lender, Patriot Bank is now offering a more streamlined
experience that allows business owners to access critical financial
resources more rapidly, so they can remain focused on running their
companies. The PLP designation adds enormous benefit to Patriot
Bank’s current and future small business customers.”
Patriot Bank is a full-service, FDIC-insured,
federally-chartered financial institution. The bank offers a
comprehensive array of innovative financial solutions including
commercial and consumer loans as well as deposit, savings, and
retirement accounts. These services are available through the
bank’s 9 convenient offices located in Connecticut and New
York. As of August 30, 2018, Patriot Bank had nearly $1
billion in assets. For more information, visit
www.bankpatriot.com.
“Safe Harbor” Statement Under Private
Securities Litigation Reform Act of 1995 Certain
statements contained in Bancorp’s public statements, including this
one, may be forward looking and subject to a variety of risks and
uncertainties. These factors include, but are not limited to, (1)
changes in prevailing interest rates which would affect the
interest earned on Bancorp’s interest earning assets and the
interest paid on its interest bearing liabilities, (2) the timing
of repricing of Bancorp’s interest earning assets and interest
bearing liabilities, (3) the effect of changes in governmental
monetary policy, (4) the components of Bancorp’s periodic earnings
and assets, (5) the fact that certain of the income recognized by
Bancorp in any quarter may not be repeated in future periods, (6)
the effect of changes in regulations applicable to Bancorp and the
Bank and the conduct of its business, (7) changes in competition
among financial service companies, including possible further
encroachment of non-banks on services traditionally provided by
banks, (8) the ability of competitors that are larger than Bancorp
to provide products and services which it is impracticable for
Bancorp to provide, (9) the state of the economy and real estate
values in Bancorp’s market areas, and the consequent effect on the
quality of Bancorp’s loans, (10) recent governmental initiatives
that are expected to have a profound effect on the financial
services industry and could dramatically change the competitive
environment of the Bancorp, (11) other legislative or regulatory
changes, including those related to residential mortgages, changes
in accounting standards, and Federal Deposit Insurance Corporation
(“FDIC”) premiums that may adversely affect Bancorp, (12) the
application of generally accepted accounting principles,
consistently applied, (13) the fact that one period of
reported results may not be indicative of future periods,
(14) the state of the economy in the greater New York
metropolitan area and its particular effect on Bancorp customers,
vendors and communities and other such factors, including risk
factors, as may be described in Bancorp’s other filings with the
SEC.
Contacts: |
|
|
|
|
|
|
|
Patriot Bank, N.A. |
Richard Muskus |
Joseph Perillo |
Michael Carrazza |
900 Bedford Street |
President |
Chief Financial
Officer |
CEO and Chairman |
Stamford, CT 06901 |
203-252-5939 |
203-252-5954 |
203-251-8230 |
www.BankPatriot.com |
|
|
|
Patriot National Bancorp (NASDAQ:PNBK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Patriot National Bancorp (NASDAQ:PNBK)
Historical Stock Chart
From Jul 2023 to Jul 2024