Last month, Robert G. Russell Jr. became president and CEO of Stamford-headquartered Patriot Bank N.A. and its parent company, Patriot National Bancorp Inc. Russell arrived at Patriot after previously serving as executive vice president and chief operating officer at Millington Bank and president and CEO of NJM Bank, a pair of community banking institutions in New Jersey.
In this edition of Suite Talk, Business Journal Senior Enterprise Editor Phil Hall speaks with Russell about his arrival in the Fairfield County and Westchester market and his plans for Patriot.
Congratulations on your new job. Why did you decide to pursue this opportunity?
“Patriot was attractive from a franchise perspective and from its great community. It has a very strong branch network and that was mostly what attracted me.
“Community banking in New Jersey is getting to be a smaller and smaller community. So, when I had the opportunity to look at what Patriot had to offer, it was very exciting to me.”
How would you categorize the state of banking in Connecticut?
“It is relatively new to me and it does seem to be competitive. Each of the banks that I”™ve seen in our local market area are very focused and mindful to be a strong part of the community they serve. It is a little bit different in New Jersey, where we have much bigger organizations. And although they do make significant contributions to their communities, I don”™t think they”™re quite as involved as the community banks that I see here, especially in the Stamford area.”
Now that you”™re here in Connecticut and at the helm of Patriot, what are your immediate priorities for the bank?
“Well, really just working and building on some of the strong foundations that they”™ve already put in place. Our Chief Compliance and Risk Officer Judith Corprew has a very strong relationship with a number of organizations within the Stamford community, and we certainly want to maintain those.
“We also want to re-establish ourselves as a business leader. And as we all navigate through the difficult times of the pandemic, we want to be mindful of our customers”™ needs, as well as the needs of our employees. The bank is working with customers who might be facing economic turmoil based on the coronavirus pandemic, and our loan department has tried to find a solution that suits their needs.”
Speaking of the pandemic, are Patriot”™s branches now open or are some of them still closed because of the ongoing public health crisis?
“In all of our branches, the lobbies have remained closed at this point in time. But the branches are opening and functioning with drive-up and can arrange for banking by appointment. If a customer does need to come into the lobby, we just ask that they call ahead so we can be prepared with what their needs are.
“We”™re continuing to evaluate the appropriate time to reopen the lobbies. We are trying to keep in step with the local school districts and municipalities. The last thing we want to do is reopen and then close the lobbies again.”
What do you see as the future of branch banking? A lot of people in the financial services world have been predicting that we”™re going to be seeing fewer and fewer branches as more people do their banking online.
“It”™s funny, I”™ve heard about the demise of brick and mortar probably for close to 30 years and yet people still seem to use the branches. I think there always will be a need for human interaction from a customer standpoint. There are just certain things that can”™t be done online conveniently and our business is built on trust.
“I think there”™s always going to be an element of that relationship that requires an in-person interaction, although I think branches will continue to get smaller in size. I don”™t think we need the grand buildings of the past, but we need a presence to interact with our customers on a personal level.”
Patriot Bank is primarily in Fairfield County, as well as in the towns of Milford and Orange cross the border in New Haven County and in Scarsdale, New York. Do you have plans to open additional branches either in Fairfield County or elsewhere in Connecticut or Westchester?
“Being relatively new to the organization, it”™s not something that I”™ve discussed with the board at this point. But I think it would be fair to say if there is an opportunity for us to expand our network in something that fits both the bank and the community, we would certainly be in favor of it.”
If we were to pick up this conversation one year from now, where do you see yourself and Patriot Bank at that time?
“One year from now, I would hope that Patriot has grown as an organization. We want to invest in our people, as well as our customers and show that we are an efficient and profitable organization.”
