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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%.
"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.
The move comes in the wake of significant financial growth over the past year-plus.
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.
Patriot credited the results in part to its chairman, Michael Carrazza, who took over as CEO in August.
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