Patriot Bank Adds Banking Industry Veteran as Executive Vice President & Chief Lending Officer as Bank Staff Growth Continues
Patriot’s Banking Staff Up 42% in City of Stamford
Patriot Bancorp, N.A. (PNBK) announces that Scott Laughinghouse, a 30 year community banking veteran, has joined to serve in the senior capacity of Executive Vice President and Chief Lending Officer.
As Chief Lending Officer, he will manage the bank’s loan portfolio, supervise the lending teams and work to ensure the community bank’s long term profit growth. Mr. Laughinghouse will report to and work directly with the bank’s President, Richard A. Muskus Jr.
He previously served as Chief Lending Officer and Senior Vice President of the First American International Bank in Brooklyn, NY. Before that, he was
Chief Commercial Credit and Lending officer at Lake Sunapee Bank in Newport, NH as well as Senior Lender and Chief Credit Officer at the Saving Bank of Walpole in Keene, NH.
“Scott’s depth and range of experience in lending will bring incredible value to Patriot Bank and our banking teams. His addition will support the continued expansion of Patriot’s market and footprint,” said Mr. Muskus. “Patriot is committed to attracting the best, brightest and most talented financial industry professionals to serve our customers, the communities where we are centered and our shareholders alike. His experience adds even more value to an already strong banking team.”
In the City of Stamford where Patriot is headquartered, the bank has been significantly increasing the number of bankers it employs. That headcount has continued to grow by 42% in the last 18 months from 50 at its 900 Bedford Street headquarters to 71 at the end of 2017.
So far in 2017 Patriot Bank has achieved and surpassed many financial and banking milestones. As of September 30, 2016, total assets increased $144 million (up 21%) to $826 million. Deposits continued to rise and are now up 28% year-over-year at $605 million (up $134 million) with loans totaling $710 million, an increase of 27% from the $560 million reported one year earlier. The Bank’s capital ratios continue to be strong, as the Bank maintained its “well capitalized” regulatory status.
In August, Patriot announced its pending acquisition of Prime Bank of Orange, Connecticut. It was announced last week that Prime Bank shareholders voted in favor of its merger with Patriot. As of June 30, 2017, Prime had approximately $73 million in total assets, $56 million in deposits and $28 million in total loans. Closing is pending receipt of regulatory approvals, which is targeted before year-end.
Mr. Laughinghouse earned a Bachelor in Economics from Middlebury College and has served on the board of the West Central Behavioral Health Center in Lebanon, NH, and on the board of YMCA’s Camp Takodah in Richmond, NH, as well as serving as a youth baseball, soccer and basketball coach.