On the eve of hiring the former CEO of a New Haven bank, BNC Financial Inc. was already arranging an outpost on the county border ”“ and in the shadow no less of the bank synonymous with Bridgeport.
BNC hired Peyton Patterson to be its new CEO, with Patterson having sold New Haven-based NewAlliance bank last year to First Niagara Financial Group Inc.
Patterson will replace Jay Forgotson, who becomes president of subsidiary Bank of Fairfield.
Through its dominant Bank of New Canaan subsidiary, BNC filed for permission to open a limited branch at 855 Main St. in Bridgeport, subject to the approval of the Connecticut Department of Banking. The Banking Department allows limited branches to make loans while banks work out how to meet the full banking needs of the larger community.
The new office is across the street from the headquarters of People”™s United Financial Inc., the largest bank in both Bridgeport and Fairfield County.
Last fall, Bank of New Canaan hired Milford resident Michael Sulkis as vice president of commercial lending, with an eye on New Haven County as a new loan territory for BNC. Sulkis previously was a commercial loan officer for the Bank of Southern Connecticut in New Haven. Earlier, he worked for Patriot National Bank and NewAlliance Bank.
Now in Patterson, BNC gets an executive who is far better known in New Haven County and statewide. Contacted prior to the company issuing a release announcing Patterson”™s hire, a BNC spokeswoman declined comment on the bank”™s plans for Bridgeport and New Haven County.
It was not immediately clear whether BNC would run the office under the banner of Bank of New Canaan, Bank of Fairfield, or a new subsidiary. Last year, the company opened Stamford First Bank, its fifth branch in Fairfield County, which for now it has kept consolidated under Bank of New Canaan.
BNC has been the runaway leader in small business lending in Fairfield County during the recovery, as ranked by percentage loan increases the past few years.
Across its five branches at the close of 2011, BNC loans totaled $363 million, up 27 percent from the year before ”“ with nearly $47 million earmarked to small businesses, a 79 percent gain that was easily tops among Fairfield County banks.
BNC did not immediately publish details on Patterson”™s pay, including any signing bonus or stock compensation. In her final full year in 2010 with NewAlliance, Patterson received $3.8 million in total compensation and her stock holdings in the company totaled $2.4 million shares. Forgotson, by comparison, received just more than $400,000 in compensation and held about 38,000 shares, with the company”™s stock trading at $14 this year.
As of 2011, BNC”™s largest outside shareholder was Carl Kuehner III, CEO of Building and Land Technology, the company leading Stamford”™s Harbor Point development that is among Fairfield County”™s largest commercial landlords. Kuehner”™s stake totaled just short of 10 percent of BNC”™s shares, with the company”™s market capitalization totaling close to $39 million at last report.
BNC has been emboldened by growth at Stamford First Bank, which accumulated $65 million in profits in its first full year of business, with BNC expecting it to turn an operating profit this year.
In previous interviews, Forgotson and BNC President Heidi DeWyngaert have mentioned Norwalk as a potential avenue for a new branch, as well as Greenwich and a few other locales, but not Bridgeport.
Just eight banks currently have a presence in Bridgeport, with People”™s United Financial Inc. holding a commanding 69 percent market share on its home turf with $1.1 billion in total deposits, more than half that amount listed at its main office at 850 Main St.
