Patriot National Bancorp Inc., the parent company of Patriot Bank, and Prime Bank have received all requisite regulatory approvals to complete their proposed merger transaction.
The merger is scheduled for closing by the end of this month. The transaction promotes scale, liquidity, earnings and efficiency to Stamford-based Patriot”™s operations and is expected to result in Patriot reaching total assets of $1 billion, organically, in the second half of this year, bank officials said.
As of Dec. 31, 2017, Prime had approximately $68 million in total assets. Closing of the deal will also result in Patriot”™s second branch in New Haven County, located in the Town of Orange, where Prime is headquartered.
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.
