Patriot Bank President and CEO Robert Russell Jr. plans to resign next month “to pursue another career opportunity,” the bank said in a statement yesterday.

The bank’s executive vice president and chief lending officer, David Lowery, will succeed Russell as Patriot Bank’s president and CEO, the bank said in the statement.

“A positive builder of the Patriot Brank brand, Mr. Russell worked to enhance earnings, operations, and growth during his tenure,” the statement said. “He and Mr. Lowery continue to work closely together during this overlap period.”

The bank’s parent company, Patriot National Bancorp, said in a securities filing yesterday that Russell had submitted his resignation on March 23 and would leave the bank effective April 21. The board of directors appointed Lowery president and CEO on March 26, and he will take over the bank’s leadership on April 21, the filing said.

Lowery joined Patriot Bank two years ago as the chief lending officer. The statement said Lowery has led the growth of Patriot’s commercial and consumer businesses, expanded the bank’s loan origination capabilities, and overseen the increase in portfolio loan growth.

Lowery previously had roles at IBERIABANK, Metropolitan Commercial Bank and M&T Bank.

“Patriot’s Board of Directors unanimously support promoting talented employees from within the organization and are committed to provide David with the resources and expertise to continue the Bank’s strong trajectory,” Patriot Chairman Michael Carrazza said in the statement. “We thank Rob for his years of dedicated service to Patriot Bank and for managing a seamless transition.”

The leadership change comes amid Patriot’s strategic initiative to evaluate options for increasing shareholder value. The bank had expected to merge last year with another Stamford-based company, American Challenger Development Corp., but that deal was called off in July 2022.