Tag: Patriot National Bancorp

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%.

The Stamford bank also announced its entry into the 2018 Russell Microcap Index, which was reconstituted last month.

Stamford-based Patriot said it remains on track to surpass its $1 billion milestone in total assets in the second half of this year.

"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.

“While pleased in reaching these milestones, content we are not," said CEO Michael Carrazza.

Second-quarter net income was $804,000, compared with a $582,000 loss in the year-ago quarter.

Prime shareholders will receive aggregate cash consideration equal to 115 percent of Prime’s tangible book value as of the closing date.

The move comes in the wake of significant financial growth over the past year-plus.

Before joining the Stamford bank, Joseph D. Perillo was chief accounting officer and CFO for iQor Inc., a $1.5 billion global leader in business process outsourcing.

First-quarter earnings also increased by 66 percent.

The payment stems from a $3 million bridge loan for the construction of a Marriott Residence Inn on Atlantic Street in Stamford.

The Stamford-based bank's net income nearly doubled from the fourth quarter of 2015.

The Greenwich resident had been the Stamford-based bank’s executive vice president and chief lending officer since February 2014.

Patriot credited the results in part to its chairman, Michael Carrazza, who took over as CEO in August.