Patriot National outlines recovery steps
Stamford-based Patriot National Bancorp Inc. said it completed a six-month recovery plan under its new chairman Michael Carrazza, including bringing in a new auditor in KPMG.
As of the close of May, Patriot National said it had reduced nonperforming assets 76 percent from their levels at the end of 2010, to $26 million.
“While nonperforming assets remain elevated they are much closer to normalized levels,” Christopher Maher, CEO of Patriot National, said in a statement. “Improving interest margins and sharply decreased operating expenses have fundamentally improved the bank”™s capability to produce operating earnings.”
Patriot National reduced its small business loans outstanding by $2 million in the first quarter, according to information filed with the Federal Deposit Insurance Corp., with small-business loans totaling $60 million as of March 31.
Law firm relocates
Dickstein Shapiro L.L.P. took a 10-year lease on nearly 15,000 square feet of space at One Stamford Plaza, a 16-floor office building at 263 Tresser Boulevard owned by RFR Realty.
The law firm established a Stamford presence last November at Canterbury Green, which is also owned by RFR Realty. Dickstein Shapiro also has a New York City office among six nationally, having brought in multiple attorneys from Edwards Angell Palmer & Dodge.
CB Richard Ellis gets office complex listing
George Comfort & Sons hired CB Richard Ellis as leasing agent for High Ridge Office Park, a six building office complex in north Stamford that is also owned by the RREEF affiliate of Deutsche Bank.
Last year Affinion Group relocated its corporate headquarters to 6 High Ridge Park, which previously had been home to UST Inc.; the former headquarters of MeadWestvaco Inc. remains empty, however. High Ridge Office Park is also the headquarters of Frontier Communications Corp. and Walker Digital, among others.
