Patriot Bank is acquiring Prime Bank, which operates a single office in the town of Orange in New Haven County.
As of June 30, Prime had approximately $73 million in total assets, $55.8 million in deposits and $27.8 million in total loans. Under the terms of the agreement, Prime shareholders will receive aggregate cash consideration equal to 115 percent of Prime’s tangible book value as of the closing date, expected to take place in the fourth quarter, subject to customary regulatory approvals and Prime shareholder approval.
Patriot anticipates that Prime’s branch staff will remain with the combined company and said a new Patriot branch will at Prime’s location in Orange.
Michael Carrazza, chairman and CEO of Stamford-based Patriot Bank, said that the acquisition “will support our operating goals of extending Patriot Bank’s footprint, building scale, and improving key operating metrics, all of which ultimately adds value for our shareholders and customers.”
In the second fiscal quarter of 2017, Patriot reported pre-tax income of $1.4 million and net income of $804,000. For the six months ended June 30, net income was $2.5 million. In July, Patriot announced the reinstatement of its dividend policy and declared its first quarterly dividend for shareholders since 2008.
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.