April 13, 2018

Patriot merger with Prime Bank nearly complete

Photo | Contributed
Photo | Contributed
Michael Carrazza, Chairman and CEO of Patriot National Bancorp, Inc. rings the closing bell at the Nasdaq Stock Market last May.

Patriot Bank has cleared the final hurdle in its acquisition of Orange-based Prime Bank, allowing it to open its second New Haven County branch in Orange this month, officials said.

Patriot National Bancorp Inc., based in Stamford, said Thursday it has received all regulatory approvals to complete the merger, which will close by the end of April. First announced in August, the merger was approved by shareholders last October.

Full terms were not disclosed, but Patriot has said that shareholders would receive 115 percent of Prime's tangible book value as of the closing date.

Patriot CEO Michael A. Carrazza said the bank expects its total assets to reach $1 billion by the second half of this year as a result of the the merger, which he said will bring efficiency and other benefits to Patriot's operations.

"Both the Prime and Patriot teams are excited to complete the merger and begin realizing the operational and economic benefits of the business combination," Carrazza said.

Prime Bank CEO Jay Jaser said the merger "will provide Prime's employees with future opportunity, while providing enhanced services and product offerings to Prime's loyal customers."

Patriot said it had a record $7.02 million in pre-tax earnings and $4.47 million in net income in 2017, a 115 percent increase over the previous year. The bank has branches in New York and Connecticut, including one in Milford.

Natalie Missakian can be reached at news@newhavenbiz.com

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