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Patriot Bank Chairman Michael Carrazza, who will remain as vice chairman of the new entity, called the deal an “industry-disrupting merger."
Change is the byword at People’s United Bank. With the dust still settling on its $544 million acquisition of Farmington Bank, People’s is still wrestling with the technological and cybersecurity issues facing most industries today — particularly in the financial services sector.
The 82-year-old exec is a longtime mentor to Patriot President Richard Muskus Jr.
"This will allow us to go from zero to 100" in the SBA space, said Patriot President Richard Muskus Jr.
Patriot President Richard Muskus Jr. said the bank’s primary areas of focus moving forward would be adding to its product lines and enhancing its service offerings.
“No bank has ever had the kind of bad metrics we did, and survived on its own,” said bank chairman and CEO Michael Carrazza.
The move comes in the wake of significant financial growth over the past year-plus.
First-quarter earnings also increased by 66 percent.
The Stamford-based bank's net income nearly doubled from the fourth quarter of 2015.
Patriot credited the results in part to its chairman, Michael Carrazza, who took over as CEO in August.
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