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But it's anyone's guess what Q3 might bring.
"It's funny, I've heard about the demise of brick and mortar probably for close to 30 years," said Russell.
In June Patriot reported that its total assets, as of the first quarter, increased 2% to $999.6 million; its net loan portfolio increased to $808 million; deposits grew 4.4%, or $33.7 million, to $803.2 million; and net interest income was up 1.9%.
“We’re constantly discussing options for our customers in the face of hardship,” says Patriot Bank President Richard Muskus Jr. “We will do what we can as an organization to help them – the bank is not going to abandon them.”
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.