Patriot National Bancorp Appoints Kenneth Neilson as President and Chief
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
"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
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.Adiscussion 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
ReportonForm10-K for the year ended December 31, 2011.
CONTACT: Patriot National Bank
900 Bedford Street
Stamford, CT 06901
William C. Gray
EVP & CFO
Michael A. Carrazza
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