Reinvigorated Patriot National Bank posts healthy revenues
By Kevin Zimmerman
For an institution that was once near the brink of collapse, Patriot National Bank has made an impressive comeback — and it’s not done yet, according to chairman and CEO Michael Carrazza.
“The bank has never been as profitable as it is today,” Carrazza said at his office in Patriot’s headquarters at 900 Bedford St. in Stamford. “We took an aggressive approach to turning it around and we will continue with that approach.”
Dividends have been coming fast and furious for Patriot over the past several months.
In August, it posted second-quarter pretax income of $1.4 million and net income of $804,000. Those are significant increases over the year-ago quarter’s pretax loss of $948,000 and net loss of $582,000. For the six months ended June 30, net income was $2.5 million, compared with $71,000 for the first half of 2016.
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