Home Banking & Finance Patriot Bank completes Prime Bank acquisition

Patriot Bank completes Prime Bank acquisition

patriot national bancorp earningsPatriot National Bancorp Inc. has completed its acquisition of Prime Bank, adding a second branch in New Haven County and bringing its total branch and ITM kiosk count to 11 and total assets to $928 million, on a pro forma basis as of March 31.

As of that date, Prime had approximately $65 million in total assets. Stamford-based Patriot said it remains on track to surpass its $1 billion milestone in total assets in the second half of this year.

In February, Patriot announced its now- pending acquisition of Los Angeles- based Hana Small Business Lending. In 2017, Hana SBL was the third most active non-bank SBA lender in the nation by origination volume. Upon the closing of that acquisition, Patriot said it will become one of the nation’s leading SBA 7(a) lenders.

That same month, In February, Patriot National Bancorp announced record performance of $7.02 million in pre-tax earnings and $4.47 million in net income for the year ending Dec. 31, a 115 percent increase over the prior year. In Fairfield County, Patriot Bank operates branches in Darien, Fairfield, Greenwich, Norwalk, Stamford, Trumbull and Westport. In Westchester County, Patriot has branches in Bedford and Scarsdale.

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