Patriot National Bancorp is making significant changes as it seeks to overhaul its board and management team. This comes two months after the institution was valued at a private property worth $58 million. CEO Stephen Sugarman, who joined in January and became CEO on April 30, has announced several new appointments aimed at reshaping the bank’s direction.
Among the new faces is Richard Smith, a founder from California, and Nicole Wells, who previously worked as a Senior Vice President and Operations Manager at Santander Bank. Many of the recent appointees have experience from Sugarman’s previous roles in both Banc and The Change Company, and they are expected to assist in implementing a new strategy focused on high-net-worth clients, particularly in Stamford.
Sugarman expressed optimism about this new team, stating that their combined expertise aligns with the bank’s mission of empowering clients and delivering strong value to shareholders.
The bank has faced challenges, reporting significant losses in recent years. For instance, it recorded a loss of $4.5 million in 2023 and aims for slightly better figures in subsequent years. Yet, a private capital placement in March has improved its Common Equity Tier 1 capital ratio to 13.62%.
Patriot National Bancorp operates branches primarily in the affluent Fairfield, Connecticut, and nearby Westchester County, New York, where median household incomes exceed $115,000. This area is known for its wealth, with deposits totaling around $321 billion and a market share of only 0.19% for Patriot.
On the appointments front, Paul Simmons has been named Chief Credit Officer, while Rebecca Mais takes on the presidency of Net-Worth and Specialty Deposits. Raquel Gillett also joins as Vice President of Digital Automation and Risk Analysis. Simmons has a rich background, having served in leadership roles at significant banks like Sun West Bank and Silvergate Bank.
Smith, who leads another bank in La Jolla, is committed to serving Patriot Bank’s high-end clients, reflecting a broader desire within the organization to enhance client relationships and experienced service.
The team also includes Jeff Seabold and Tedra Nickel from the Change Company, which Sugarman founded in 2017 in Anaheim. Despite the changes, the bank had not provided further comments by the time of this report.
