Patriot National Bancorp Announces Management Changes
Two months post a substantial $58 million investment, CEO Stephen Sugarman is reworking the board and management of Patriot National Bancorp in Connecticut.
On Monday, the bank, which holds assets worth $957 million, revealed new appointments, including founder Richard Smith from California and Nicole Wells, formerly head of strategic retail, now a Senior Vice President and Operations Manager at Santander Bank.
Some new leaders are familiar faces from Sugarman’s past roles at Banc and The Change Company in California. They will assist Patriot in implementing a revised strategy focusing on Stamford, particularly targeting the high-net-worth demographic.
“Their experience and vision align perfectly with our mission to empower clients while delivering outstanding value to shareholders,” Sugarman expressed in a statement.
At 50, Sugarman joined Patriot as president in January and became CEO on April 30. His role involves transforming a bank that’s been struggling, expecting to record $4.5 million in losses in 2023, followed by adjustments of $39.9 million in 2024 and $2.8 million in 2025.
Despite financial difficulties, a recent private placement has strengthened the bank’s capital position, boosting its Common Equity Tier 1 capital ratio to 13.62% from 7.58% as of March 31.
Focusing on affluent clients, Patriot operates in the Fairfield, Connecticut area, and in Westchester County, New York, both regions having median household incomes exceeding $115,000. These are among the wealthiest communities in the U.S., bordering each other with a combined total of $321 billion in deposits, although Patriot holds a market share of just 0.19%.
During the same announcements, Paul Simmons was named Chief Credit Officer, Rebecca Mais is now president of Net-Worth and Specialty Deposits, while Raquel Gillett joins as Vice President of Digital Automation and Risk Analysis.
Simmons previously served as chief credit officer at Sun West Bank, a $3.5 billion institution in Sandy, Utah, after holding a similar position at Silvergate Bank in California. Gillett comes from Change Home Mortgage.
“I’m excited to join this high-performing executive team and help Patriot Bank on its path to recovery,” Simmons mentioned in a statement. Smith, meanwhile, is currently a director at La Jolla’s $2.4 billion Carpribate Bank and has a history of founding successful banks in California.
“My dedication to serving the elite clients of Patriot Bank aligns with my enthusiasm for fostering strong client relationships,” Smith added.
Additionally, executives Jeff Seabold and Tedra Nickel from The Change Company have been brought on board as managers.
Sugarman established The Change Company, a Community Development Financial Institution, in 2017, having previously been CEO of Banc in California from 2013 to 2017.
As of the latest update, Patriot did not provide a comment when reached for feedback.
