STAMFORD, Conn., Feb. 26, 2013 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (Nasdaq:PNBK) ("Patriot"), the parent of Patriot National Bank (the "Bank"), today announced the appointment of Kenneth T. Neilson as President and Chief Executive Officer of both the Company and the Bank effective March 18, 2013, pending regulatory approval. This is following the departure of Christopher Maher, who is resigning as President, CEO and director for personal reasons.
"Mr. Neilson's experience and success in building and developing a premiere community bank franchise will be a major asset to our company," stated Michael Carrazza, Chairman of the Board. "The Board and management are excited about the entrepreneurial spirit, expertise, energy and professionalism that Ken brings to this organization."
Neilson has served as a director of Patriot since 2010. He is the retired President, Chairman and CEO of Hudson United Bank and Hudson United Bancorp where he served for 23 years. After becoming President and CEO in 1989, Mr. Neilson led Hudson United Bancorp from a one state, 15 branch network with $500 million in assets, to a premiere franchise spanning four states with over 200 branch locations and an asset size of $9 billion by 2006 when it was sold to TD Banknorth. Mr. Neilson currently serves as a Board Member of Quinnipiac University in Hamden, CT.
"We appreciate the many hours of hard work and the substantial efforts Mr. Maher has made over the past two and a half years and are pleased with the results he has achieved," said Carrazza. "Mr. Maher is leaving on good terms and will be missed. Because of his efforts, Patriot has a strong management team that can take this organization forward and continue to implement our strategic plan."
About the Company
Patriot National Bank is headquartered in Stamford, Connecticut and currently has 11 full service branches, 9 in Connecticut and two in New York. It also has a loan production office in Stamford, CT.
Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management's control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011.
CONTACT: Patriot National Bank 900 Bedford Street Stamford, CT 06901 William C. Gray EVP & CFO 203 251-8210 Michael A. Carrazza Chairman 203-251-8230
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