Patriot Bank, the Stamford-based lender that was labeled as “troubled” by financial regulators late last year, is now losing its CEO.

David Lowrey will leave his post as early as April 15 but could stay longer “to ensure a seamless transition,” the bank said in a press release late last week, without explaining why he’s leaving.

Lowrey came to the CEO position in 2023 after two years as chief lending officer.

The announcement came in the same press release announcing it’s raised $50 million from “a diverse group of accredited investors” in exchange for shares of common and non-voting preferred stock. Proceeds from the fundraising round will be used to increase Patriot Bank’s equity capital and “strengthen the balance sheet.”

The Office of the Comptroller of the Currency had designated Patriot Bank as “troubled” in January, a week after the bank said it was either looking for a merger or other options to raise more capital.

The bank still hasn’t filed an earnings report with the Securities and Exchange Commission for the fourth quarter of 2024, but had reported a net loss of over $30 million for the first three quarters of the year. The loss appears to be driven by a downturn in net interest income and a jump in deposit interest payments, plus increased tax expenses.

“The completion of the capital raise marks a positive inflection point for Patriot and will enable the bank to pursue the compelling market opportunity that exists. We thank David Lowery for his leadership and his ability to navigate Patriot through this critical period. We appreciate David’s willingness to continue to ensure a seamless transition period and wish him great success in all his future endeavors,” board chairman Michael Carrazza said in a statement.

The bank named a new, permanent CFO in January and recently also inked a long-term contract with new President Steven Sugarman to keep him at the bank through at least 2029.

Sugarman is the former president, CEO and chairman of the $33.46 billion-asset Banc of California and the continues to be the CEO of a Los Angeles-area CDFI, The Change Company.

“I am humbled by the strong investor demand to invest in Patriot Bank and our management team. I am excited to have the opportunity to work with Patriot’s existing employees and to add additional Directors, Officers, and bankers to our team. The new capital will enable Patriot to meet the bespoke needs of its clients, safely and soundly. The future is bright for Patriot,” Sugarman said in a statement.