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Wednesday, August 12 Business

Patriot Bank names new CEO-president

STAMFORD — Patriot National Bancorp, the parent company of Patriot Bank, has appointed a banking industry veteran as its new CEO and president.

Robert Russell Jr. joins Stamford-based Patriot from Millington Bank of Morris and Somerset counties in New Jersey, where he served as executive vice president and chief operating officer. In a career spanning more than 30 years in community banking, Russell previously served as CEO and president of NJM Bank, and before that post, as its chief financial and investment officer.

“We’re pleased to welcome Robert Russell to lead the Patriot team. Mr. Russell has a strong community banking track record that overlaps with the leadership Patriot needs to continue its growth and unlock the intrinsic value of Patriot’s banking franchise,” Michael Carrazza, Patriot’s chairman and former interim CEO, said in a statement. “His skillset and the community banking experience he brings will allow us to continue building our franchise and enhance the banking services and experiences for our clients.”

Carrazza had served as chief executive since the 2016 resignation of former CEO Kenneth Neilson.

The bank reported a loss of $1.1 million for the first quarter of this year, as it dealt with the disruption of the coronavirus crisis. The bottom line reflected a pandemic-related jump in its loan-loss provision: It totaled $804,000 in the first quarter, compared with $165,000 in the same period last year.

Among other indicators, Patriot’s total assets increased 2 percent to about $1 billion. Its net loan portfolio increased 1 percent to $808 million. Deposits grew 4 percent to $803 million.

All of Patriot’s branches have remained open, with customers redirected to “non-contact” ATMs and remotely staffed live-banker ATMs.

Patriot operates branches in Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Milford and Orange as well as in Scarsdale, N.Y.

Related to the federal CARES Act, the bank said it had seen requests for payment relief on loan balances totaling approximately $218 million — mainly for commercial real estate loans and industrial loans.

So far this year, Patriot’s staffing levels in Connecticut have remained consistent, and all its branch staff have been retained, according to a company spokesman.

pschott@stamfordadvocate.com; twitter: @paulschott

Paul Schott|Staff reporter

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