Patriot National Bancorp

Patriot Bank, N.A.

Type	Public
Traded as	NASDAQ: PNBK[1]
Industry	Financial services
Founded	1999[2][3]
Headquarters	Stamford, CT
Key people	Michael Carrazza (Chairman) Kenneth T. Neilson (President & CEO)
Operating income	US $23.741 million (2015)[4]
Total assets	US $653.531 million (2015)[4]
Total equity	US $61.454 million (2015)[4]
Number of employees	95 (2015) [5]
Website	bankpatriot.com

Patriot Bank, N.A. (PNBK) is the bank holding company for Stamford, Connecticut-based Patriot Bank NA, which has 10 locations in Connecticut and New York State.^[6] Patriot Bank provides retail and commercial banking services to local businesses, nonprofits, municipalities, families, and individuals throughout southern Connecticut and Westchester County, New York. The company is traded on NASDAQ as PNBK.^[7]

The bank operates 10 full-service branches, 7 in Fairfield County, 2 in Westchester County and 1 in New Haven County.^[8]

History

On August 31, 1994, Patriot National Bank obtained its charter and opened for business as a community bank. In 1999, Patriot National Bancorp, Inc. was organized as a Bank Holding Company headquartered in Stamford, Connecticut.

As the bank continued its evolution, Patriot National Statutory Trust I was founded On March 11, 2003 to issue trust preferred securities and invest the proceeds in subordinated debentures issued by the company.^[9]

Patriot National Bank expanded its geographical footprint in 2006, when it purchased a branch office and opened two new branch offices in New York, helping it to expand into New York State.^[10]

On February 26, 2013, the company announced the appointment of Kenneth T. Neilson as President and CEO owing to the resignation of Christopher Maher, the former President and CEO of the company.^[11]

Under Neilson’s leadership, the bank reshaped its community focus, presence and commitment to provide commercial and consumer banking services in the areas it serves. As part of that effort, Patriot announced its new name “Patriot Bank” on September 28, 2015.^[12]

Branches

Patriot operates 10 full-service branches in Connecticut and New York:^[8]

• Darien, Connecticut – 233 Post Rd., Darien, CT 06820
• Fairfield, Connecticut – 1755 Black Rock Turnpike, Fairfield, CT 06825
• Greenwich, Connecticut – 100 Mason Street, Greenwich, CT 06830
• Milford, Connecticut – 771 Boston Post Rd., Milford, CT 06460
• Norwalk, Connecticut – 16 River St., Norwalk, CT 06850
• Stamford, Connecticut – 900 Bedford St., Stamford, CT 06901
• Trumbull, Connecticut – 945 White Plains Rd., Trumbull, CT 06611
• Westport, Connecticut – 370 Post Rd. East, Westport, CT 06880
• Bedford, New York – 432 Old Post Rd., Bedford, NY 10506
• Scarsdale, New York – 495 Central Park Ave., Scarsdale, NY 10583

Community involvement

As part of its mission to ‘show by doing,’ Patriot Bank, N.A. regularly participates in and supports community-centric events in the areas it serves. This has included events and programs focused on small business, children needs, the homeless, arts and culture, professional development, human services, public and societal benefit and more.

One example is Patriot Bank’s funding for the restoration of Norwalk, Connecticut’s century-old Wall Street Theater.^[13] Listed in the National Register of Historical Places, the former Globe Theater opened in 1915 as a vaudeville theater hosting some of the largest names in American entertainment at the time, including: Mary Pickford, John Barrymore, Lillian and Dorothy Gish, John Philip Sousa and more. The Wall Street Theater is the linchpin of a major inner-city redevelopment in Norwalk’s Wall Street Historic District and is expected to attract tens of thousands of visitors when it opens in late 2016.

Recognition

On September 28, 2015, Patriot National Bancorp, Inc. was named a Sandler O’Neill Small Bank Sm-All-Star by investment and advisory firm Sandler O'Neill and Partners. Patriot was the only bank in New England to earn this distinction among the 435 publicly traded banks and thrifts evaluated.^[14]

On January 9, 2012, M&A Advisory named Patriot National Bancorp, Inc. and Solaia Capital Advisors LLC as Finalists for the 6th Annual 2012 Middle Market Turnaround of the Year Award.^[15]

In June 2004, Patriot National Bancorp, Inc. was named one of the 25 Best Public Companies in Connecticut by the Hartford Courant newspaper. The ranking was based on profits, growth, shareholders return, revenue increase and change in employment level.^[16]

Media

On August 25, 2015, the company announced Castle Creek Capital joined its circle of institutional investors in PNBK Holdings.^[17]

Connecticut-based Norwalk Hour chronicled Patriot Bank’s financing of the $7.5 million Wall Street Theater restoration project on September 25, 2015. Listed in the National Register of Historic Places, the 100-year old former vaudeville theater is being restored as a next-generation performance space that, in early 2016, will open debt free as a result of Patriot’s efforts.^[13]

On September 4, 2015, the Fairfield County Business Journal, Westchester County Business Journal and Hearst Connecticut newspapers spotlighted Patriot’s growth under President & CEO Kenneth Neilson. In the article, Neilson discussed the strategy behind the bank’s turnaround and local community focus, which has resulted in eight quarters of increased earnings under his leadership.^[18]

On September 28, 2015, the Hearst Connecticut newspapers and Greenwich Sentinel reported that Patriot National Bank has dropped its middle name to reflect the company’s focus on local banking services.^[19]

On October 7, 2015, Patriot Bank celebrated the dedication of a new branch in Darien, CT, which includes a community event center with teleconferencing capabilities and a private bank atmosphere.^[20]

On December 9, 2015, the American Banker featured Patriot Bank, N.A.’s leadership and interest in growth through possible small-bank acquisitions. CEO Kenneth Neilson told the magazine, “We’re looking for a good fit to jump-start our growth…It needs to geographically make sense.”^[21]

On February 7, 2016, Patriot National Bancorp, Inc. expanded its stock ownership family by granting each of its employees, as of December 31, 2015, 100 shares of stock, ensuring that they have an even greater incentive in the success of the bank and exceeding its customer expectations.^[22]

References

External links

Wikimedia Commons has media related to Patriot National Bancorp.

• Official website