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Patriot Bank touted its achievements in a recent letter to investors and argued is expecting more success in 2026 after a bruising few years.
The bank raised nearly $100 million in equity, hired a new executive team and launched a strategic restructuring. Those new executives include a new president and CEO, a new chief credit officer, a new CFO, a new chief risk officer, a new head of institutional banking and seven new board members.
Patriot also said it retired its legacy loan programs in 2025 and launched three new loan programs focused on commercial real estate, high-net-worth lines of credit and rediscount loans secured against tangible financial assets. The bank also launched a concierge banking platform.
“While bank turn-arounds are never without ups and downs, to date I have been encouraged by the team’s ability to identify and mitigate legacy risks before they manifest into losses,” Patriot Bank President and CEO Steven Sugarman said in a letter to investors. “Patriot’s new management continues to resolve special assets it inherited and, while we have made significant progress, we are eager to resolve those that remain in 2026.”
The bank is also expanding its footprint. Patriot said it is opening a client-facing office in Beverly Hills, California in the first quarter of this year and said it is also evaluating opportunities to establish similar client offices in Florida and Texas.
Profitability will be the next step for the bank in 2026, Sugarman said in his letter. Patriot returned to profitability at the end of 2025, according to the bank, and is targeting achieving profitability on a consolidated basis in 2026.
“Banking is about people,” Sugarman said. “The people you hire, the people you partner with, and the people you serve. Patriot has attracted great, experienced people who have strong reputations and deep banking relationships they have earned over decades. Our clients are centers of influence and pillars of the communities that Patriot serves. We continue to strategically add incredible bankers to our team. Each addition grows our reach, our reputation, and our ability to serve America’s high-net-worth families and the businesses who serve them.”
