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Patriot Bank Announces Promotion of Chief Lending Officer to President & CEO

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Rhea-AI Summary

Patriot National Bancorp (NASDAQ: PNBK) has announced the promotion of David Lowery to President and CEO of Patriot Bank, effective late April 2023, succeeding Robert Russell. Russell is leaving to pursue another career opportunity after enhancing earnings and operations during his tenure. Lowery, who served as Chief Lending Officer for two years, has significantly contributed to the bank's growth in commercial and consumer sectors. The Board of Directors has expressed unanimous support for Lowery's promotion and is committed to providing resources for continued growth.

Positive
  • David Lowery's promotion may enhance leadership continuity and strategic direction in lending.
  • Lowery has a proven track record of growth in commercial and consumer businesses, potentially improving operational performance.
Negative
  • Transitioning leadership may introduce uncertainty during the overlap period.

STAMFORD, Conn., March 29, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced the promotion of David Lowery to become President and CEO of the Bank, succeeding Robert Russell.

Effective after a transitionary period through late April 2023, Mr. Russell will be leaving Patriot to pursue another career opportunity. A positive builder of the Patriot Brank brand, Mr. Russell worked to enhance earnings, operations, and growth during his tenure. He and Mr. Lowery continue to work closely together during this overlap period.

Since joining Patriot two years ago, Mr. Lowery has served as the Bank’s Chief Lending Officer. In this role, he has led the robust growth of Patriot’s commercial and consumer businesses and has been instrumental in institutionalizing the bank’s lending platform and operations to position it for greater scale. He has expanded the bank’s loan origination capabilities and overseen the steady increase in portfolio loan growth. He has also been a leader in implementing numerous portfolio management and quality control initiatives. He is committed to continuing the growth and enhancement of the bank’s lending and operating platform in his role as President and CEO.

Patriot Chairman Michael Carrazza said, “Patriot’s Board of Directors unanimously support promoting talented employees from within the organization and are committed to provide David with the resources and expertise to continue the Bank’s strong trajectory. We thank Rob for his years of dedicated service to Patriot Bank and for managing a seamless transition.”

Lowery previously served in senior capacities with several institutions including IBERIABANK, Metropolitan Commercial Bank, and M&T Bank and at each institution, built highly successful lending businesses serving the New York metropolitan area. He holds an MBA and has an undergraduate degree in Economics from Loyola University.

Contacts:
Patriot Bank, N.A.
900 Bedford Street
Stamford, CT. 06901
Michael Carrazza
Chairman
203-251-8230
Robert Russell
President & CEO
203-252-5939

FAQ

Who has been appointed as the new CEO of Patriot National Bancorp?

David Lowery has been appointed as the new President and CEO of Patriot National Bancorp, effective late April 2023.

What position did David Lowery hold before becoming CEO?

Before becoming CEO, David Lowery served as the Chief Lending Officer at Patriot Bank.

Why did Robert Russell leave Patriot National Bancorp?

Robert Russell left to pursue another career opportunity after successfully enhancing the bank's earnings and operations.

What is the expected impact of David Lowery's promotion on Patriot Bank?

David Lowery's promotion is expected to maintain leadership continuity and further drive growth in the bank’s lending and operating platform.

Patriot National Bancorp Inc

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United States of America
STAMFORD