Patriot Bank to close Wilton branch Sept. 23
Patriot National Bank plans to close its branch at 5 River Road on Thursday, Sept. 27. In a recent statement to customers, Wendy Macedo, vice president and branch manager, acknowledged the closing, and said that "We will be moving your accounts to another full service facility ... located at 16 River Street in Norwalk."
Ms. Macedo said customer accounts will "transfer automatically at the close of business on Sept. 27," and customers may begin banking at their new, Norwalk branch on Sept. 28, or bank online at pnbk.com.
"Patriot remains a healthy, well-capitalized full service bank," Ms. Macedo said, in the statement.
However, Patriot National Bank issued a corporate press release on Wednesday, Aug. 22, saying layoffs and branch closings are needed, although the company had a positive second quarter. In the release, Christopher Maher, president and CEO, said three branches have been "designated for closure in the second quarter, which will be effective by Sept. 30." The branches were not identified.
The Stamford-based bank reported positive net income in the press release, despite the imminence of closings. The report said Patriot earned $345,000 in the second quarter, compared to a net loss of $7.2 million the second quarter a year ago.
Michael Carrazza, chairman of the board, attributed the news to "the success of our turnaround plan and management's effectiveness in executing," in the release.
"With health and stability restored, our mandate is to significantly increase core earnings in the face of a challenging and low-rate market environment," Mr. Carrazza said. "We've set in motion a series of tailored restructuring initiatives in the third quarter aimed at elevating core earnings to our target run rate level by year end."
In May 2011, four Patriot National Bank branches in the state were closed, including another one in Wilton, at 1 Danbury Road.
Patriot National Bank currently has 14 full-service branches, 12 in Connecticut and two in New York.
James Passeri contributed to this story.