Courtesy photo / File
Stamford-based Patriot Bank will no longer have a president or a chief lending officer after eliminating these positions as part of a plan to strengthen the bank’s profitability “ahead of uncertain times,” according to an SEC report made today.
Richard Muskus Jr. resigned as president and director of Patriot Bank and its holding company on March 27, according to an SEC 8-K report filed on April 2. The report said the resignation was effective April 17 and did not result from any disagreements with Patriot Bank regarding their operations, policies or practices.
Patriot Bank then filed another 8-K report on April 3, announcing that the bank had eliminated the role of president and also the chief lending officer position. Scott Laughinghouse, had the role of executive vice president and chief lending officer, was terminated effective April 2, according to the 8-K.
“These decisions, in conjunction with other profit improvement strategies, are being proactively implemented to build regulatory capital buffers and to strengthen Patriot Bank’s profitability ahead of uncertain times,” the bank said in the SEC filing.
Stuart Schulman was promoted to senior managing director and head of commercial lending, roles that are not considered executive officer positions “but created as a part of the Company’s strategic planning,” the filing said. He joined Patriot Bank in 2017 as senior vice president and managing director, according to his LinkedIn profile.
Patriot Bank did not pay a first quarter dividend after receiving a notice of rejection from the Federal Reserve Bank of New York regarding its request to make a quarterly dividend to shareholders in March, according to an 8-K report filed on March 30.
The bank had also announced in that SEC report that it would take a 45-day extension to file the annual 10-K report. Preparation and completion of its consolidated financial statements had been delayed, the bank said in the filing, because staff members were working remotely, resulting in books and records not being easily accessible and challenges with communication among internal financial staff and external auditors.
Patriot Bank also said in the March 30 filing that one of its senior-level financial managers was hospitalized after becoming infected with the coronavirus.
