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Paving the way for third parties to access banks' customer data as a way to improve efficiencies in the customer experience are Open Banking initiatives in the U.K., the E.U. and Asia.
Still looming: the effect of the Small Business Administration's closure. “We’ve got loans that have been approved or are in the process of being approved that are waiting for the SBA,” says Patriot Bank President Richard Muskus Jr. “The SBA had better be ready for a tidal wave of backlog.”
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.
“As a Preferred Lender, we will continue to provide support for many more small businesses that want to build themselves and contribute mightily to our economy," said Patriot President Richard Muskus Jr.
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.
Begun in 1989 as a nonprofit lender to multifamily housing developers, the Stamford nonprofit expanded into counseling and lending for new homebuyers.
Patriot Bank is opening its newest Fairfield County branch today at 415 East Post Road in Westport’s Compo Shopping Center.
A Patriot Bank survey found that 41 percent of college students who have a credit card are having a difficult time paying off their debt.