Patriot Bank Names New President & CEO
Patriot National Bancorp, Inc. the parent company of Patriot Bank, N.A. announced that Robert G. Russell, Jr. has been named president and CEO of both the bank and its parent company, Patriot.
Russell joins Patriot from Millington Bank of Morris and Somerset counties of New Jersey, where he served as executive vice president and chief operating officer. Russell has more than 30 years of community banking experience. Previously, he served as president and CEO of NJM Bank, and before that, as its chief financial and investment officer. Russell has led both institutions to achieve significant growth and increases in profitability.
Michael Carrazza, chairman of Patriot said, “Robert 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. His skill set 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.”
In June Patriot reported that the institution’s total assets, as of the first quarter 2020, increased 2% to $999.6 million, its net loan portfolio increased to $808 million, deposits grew a strong 4.4 percent, or $33.7 million, to $803.2 million, and net interest income was up 1.9%.
Russell said, “Patriot has cultivated very strong ties to the communities that it serves, with assets, loans and deposits all growing 25% or better over the last three years. The institution has invested significantly to build new platforms in customer-focused technologies, deposit gathering strategies and SBA lending. It’s a great opportunity to leverage these investments and lead Patriot to its next level.”
Patriot Bank is headquartered in Stamford and operates nine branch locations: in Scarsdale, N.Y.; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport, Connecticut, with Express Banking locations at Bridgeport/Housatonic Community College, downtown New Haven and Trumbull at Westfield Mall. The Bank also maintains SBA lending offices in Jacksonville, and Stamford, along with a Rhode Island operations center.