CT bank CEO resigns as struggling lender seeks to raise $50M
CoStar
Patriot Bank's Stamford headquarters at 900 Bedford St.
A struggling Stamford-based bank that has been exploring a potential merger and other capital-raising options announced that its top executive will resign effective April 15.
Patriot National Bancorp Inc.’s CEO David Lowery decided to leave the company to “pursue other opportunities,” according to the bank.
Lowery joined Patriot Bank in April 2021, and was appointed president and CEO on April 21, 2023. He previously worked for Iberiabank, Metropolitan Commercial Bank and M&T Bank.
Also, the announcement states that the bank plans to raise more than $50 million in a private placement offering to accredited investors.
Proceeds will be used to “increase the equity capital and strengthen the balance sheet” of Patriot Bank, according to the announcement.
“The new capital will enable Patriot to meet the bespoke needs of its clients, safely and soundly,” said Steven Sugarman, president of Patriot Bank’s parent company, Patriot National Bancorp. “The future is bright for Patriot.”
Sugarman was named president of the $974.1 million-asset bank in December.
That same month, Patriot Bank entered into an agreement with the Office of the Comptroller of the Currency to take actions to improve its financial position, including agreeing to submit a strategic plan within 45 days.
Patriot Bank has branch locations in Scarsdale, New York, and in Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford and Westport.
The bank has express banking locations at Housatonic Community College in Bridgeport, in downtown New Haven and at Westfield Mall in Trumbull, along with SBA lending offices in Stamford and in Florida, Georgia and Mississippi, with an operations center in Rhode Island.
Patriot Bank’s parent company recorded a net loss of $30.3 million through the third quarter of 2024, financial documents show.
Shares of its stock were trading at $1.30 Monday morning, down from $1.40 on Friday.
Most Recent
Most Recent
0 Comments