Patriot Bank Now Offering Faster, Streamlined Small Business Loans
U.S. Small Business Administration Designates Patriot as “Preferred Lender,” Giving its Clients Faster & More Efficient Loans
Company Release – 9/5/2018 9:00 AM ET
STAMFORD, Conn., Sept. 05, 2018 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc. (PNBK), the parent company of Patriot Bank, N.A. headquartered in Stamford, CT, announces the bank has been designated a “Preferred Lender” by the U.S. Small Business Administration (SBA), allowing it to process, close, and service most SBA-guaranteed loans without prior SBA review. This offers entrepreneurs and small community businesses the ability to obtain their loans more quickly and efficiently.
Under the Preferred Lenders Program (PLP), SBA lenders such as Patriot Bank are delegated loan approval as well as closing, and servicing authority, enabling them to make loan decisions more rapidly.
To earn the PLP designation, Patriot Bank had to demonstrate a successful track record with SBA-guaranteed small business loans and a detailed understanding of SBA lending policies. Patriot Bank became an SBA-approved lender in 2017.
“When we started facilitating SBA-guaranteed small business loans, we always intended to offer our customers the absolute best quality of service available, from the start of the application to the ultimate success of the company,” said Richard Muskus, Jr., President of Patriot Bank. “As a Preferred Lender, we will continue to provide support for many more small businesses that want to build themselves and contribute mightily to our economy.”
SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $5 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. Maturities are up to 25 years for commercial mortgages and up to 10 years for all other purposes.
“Patriot Bank is focused on supporting entrepreneurs with their diverse banking needs necessary to operate and grow their businesses,” said Kevin Ferryman, Director of SBA Lending at Patriot Bank. “As a Preferred Lender, Patriot Bank is now offering a more streamlined experience that allows business owners to access critical financial resources more rapidly, so they can remain focused on running their companies. The PLP designation adds enormous benefit to Patriot Bank’s current and future small business customers.”
Patriot Bank is a full-service, FDIC-insured, federally-chartered financial institution. The bank offers a comprehensive array of innovative financial solutions including commercial and consumer loans as well as deposit, savings, and retirement accounts. These services are available through the bank’s 9 convenient offices located in Connecticut and New York. As of August 30, 2018, Patriot Bank had nearly $1 billion in assets.
“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995
Certain statements contained in Bancorp’s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to, (1) changes in prevailing interest rates which would affect the interest earned on Bancorp’s interest earning assets and the interest paid on its interest bearing liabilities, (2) the timing of repricing of Bancorp’s interest earning assets and interest bearing liabilities, (3) the effect of changes in governmental monetary policy, (4) the components of Bancorp’s periodic earnings and assets, (5) the fact that certain of the income recognized by Bancorp in any quarter may not be repeated in future periods, (6) the effect of changes in regulations applicable to Bancorp and the Bank and the conduct of its business, (7) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks, (8) the ability of competitors that are larger than Bancorp to provide products and services which it is impracticable for Bancorp to provide, (9) the state of the economy and real estate values in Bancorp’s market areas, and the consequent effect on the quality of Bancorp’s loans, (10) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Bancorp, (11) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect Bancorp, (12) the application of generally accepted accounting principles, consistently applied, (13) the fact that one period of reported results may not be indicative of future periods, (14) the state of the economy in the greater New York metropolitan area and its particular effect on Bancorp customers, vendors and communities and other such factors, including risk factors, as may be described in Bancorp’s other filings with the SEC.