Stamford-based Patriot Bank has to file a strategic plan with federal bank regulators and submit to extra oversight after being designated as “troubled” by the Office of the Comptroller of the Currency.

The bank disclosed the designation in a securities filing Tuesday.

The move comes a week after the bank made its interim CFO, David Finn, permanent and a month after it said it was exploring a merger or other options to raise more capital. The bank’s last merger attempt, in 2022, was terminated by Patriot and

Finn came to Patriot Bank from First Citizens Bank subsidiary CIT Group, where he was a senior vice president responsible for all regulatory reporting.

The bank also appointed a new president, Steven Sugarman, Dec. 30.

Patriot Bank hasn’t yet filed its year-end financial statements but reported a net loss of $30.33 million for the first nine months of 2024, up from a $5.08 million net loss in 2023. Much of the 2024 losses appear to come from a downturn in net interest income a jump in deposit interest payments, plus increased tax expenses.

In addition to disclosing it had been classified as in “troubled condition” by the OCC, Patriot Bank said it agreed to make a number of changes that will enhance the regulator’s oversight of the bank.

The bank must create a new strategic plan in 45 days to help it improve its financial condition, and submit a variety of plans over the next three months to improve its credit risk monitoring, liquidity risk management, Bank Secrecy Act and anti-money laundering compliance and better collection and analysis of prepaid debit card customer information.

In addition, by the end of February the bank must have a common equity tier 1 capital ratio of at least 10 percent, a total capital ratio at least equal to 11.5 percent and a leverage ratio at least equal to 9 percent.

Patriot Bank is also being required to appoint a committee of independent directors to oversee its implementation of the OCC agreement.