Patriot National Bank branch to close on Post Road
Stamford-based Patriot National Bancorp and its subsidiary, Patriot National Bank, plan to close a branch at 1127 Post Road as part of its plan to shutter four area branches by the end of June. The company's other Fairfield branch at 1755 Black Rock Turnpike will remain open.
The company plans to close the Fairfield branch on Post Road and other outlets in Wilton, Stratford and Greenwich as part of its restructuring plan after incurring losses in 2008, 2009 and 2010, resulting in a change in management last year. Christopher Maher, president and chief executive officer, came to the bank after Michael Carrazza, a New York City private equity veteran, gained leadership of the institution in October 2010 after pumping $50 million into its operations and acquiring 33.6 million shares in the publicly traded bank. The bank had $646.8 million in deposits as of Dec. 31, 2010.
The bank will transfer customers' accounts to nearby Patriot branches and seek subtenants for the spaces leased for the four branches and try to find positions within its system for about 20 affected employees.