May 15, 2018

Patriot completes Prime Bank takeover

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.

Prime Bank in Orange is now officially a Patriot Bank branch.

Patriot National Bancorp. Inc., the bank's Stamford-based parent company, said it completed its deal to acquire Prime last Thursday after getting regulatory approval in April.

"Patriot welcomes Prime Bank employees and customers to our family and to the expanded array of banking products and services we offer," Patriot CEO Michael Carrazza said in a statement.

Jay Jaser, Prime's former CEO, said customers will benefit from "a larger and more entrepreneurial banking platform."

The two banks first announced the merger last August, and shareholders approved the deal in October.

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

The Orange branch is Patriot's second in New Haven County; the first is in Milford.

The Prime acquisition is one of two announced by Patriot since late last year. In February, the bank said it would acquire Los Angeles-based Hana Small Business Lending (Hana SBL), a Small Business Association (SBA) lender. That transaction is pending, the bank said.

Natalie Missakian can be reached at news@newhavenbiz.com

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