A struggling Stamford-based bank will lose another top executive, following an announcement last month about its CEO’s departure.
Patriot Bank, subsidiary of Patriot National Bancorp Inc., announced in a recent filing with the U.S. Securities and Exchange Commission that its executive vice president and chief credit officer, Thomas Slater, will retire effective May 15.
Slater has worked for the bank since Dec. 15, 2022. He previously worked at Investors Bank, TD Bank and Trust Company Bank, and began his career in the Office of the Comptroller of the Currency as an associate bank examiner.
In March, Patriot Bank announced that CEO David Lowery would resign to “pursue other opportunities.” His last day will be April 15.
Lowery joined Patriot Bank in April 2021, and was appointed president and CEO on April 21, 2023.
Patriot Bank has faced more than its share of trouble in recent months.
In December 2024, the bank entered into an agreement with the Office of the Comptroller of the Currency to take actions to improve its financial position, including agreeing to submit a strategic plan within 45 days. Patriot Bank also said it was exploring a potential merger and other capital-raising options.
In March, the bank said it plans to raise more than $50 million in a private placement offering to accredited investors, which will be used to “increase the equity capital and strengthen the balance sheet” of Patriot Bank.
