The parent company of Patriot Bank has appointed an industry veteran and former top regulatory official with the U.S. Small Business Administration to its board of directors.
The bank announced the hiring of Brent Ciurlino yesterday.
Ciurlino currently leads a specialized risk management and regulatory practice at Ivorhill Financial Advisers in Washington, D.C., where he has handled international assignments with the World Bank, IFC and IMF. He has a broad background and expertise in credit and risk management, having served in numerous roles in the private and public sectors.
“As a banking executive and former federal regulator overseeing small business loan programs, Brent brings substantial expertise and value that will benefit Patriot Bank, its customers and its shareholders,” Patriot Chairman and CEO Michael Carrazza said in a statement. “As we build our small business lending portfolio and look ahead to the goals we have set, Brent’s active involvement will bring a heightened dimension of operational, regulatory and risk management oversight. We are thrilled to have him aboard.”
Ciurlino served as director of the Office of Credit Risk Management for the SBA, where he implemented the PARRiS/SMART risk protocols and supervised the $105 billion SBA 7(a) and 504 loan debenture and portfolio programs. He also supervised and regulated more than 4,000 SBA financial institutions across the United States.
“It is very exciting to become a part of Patriot’s dynamic and talented team, particularly in the areas of SBA lending and enterprise risk management,” Ciurlino said in a statement. “I’m delighted to actively contribute to Patriot’s successful growth, diversification and expansion of its small business lending capabilities. I look forward to working with my colleagues on the board and with the senior management team.”
Patriot became an approved SBA lender at the end of 2017 and was designated a “preferred lender” by the SBA earlier this year, enabling it to approve loans to small businesses and entrepreneurs more quickly and efficiently. Patriot opened SBA Business Development offices in Stamford and Atlanta, Georgia this year, and plans to open another in Jacksonville, Florida later this month.
In February, the bank announced that it would acquire Hana Small Business Lending, Inc., a wholly-owned subsidiary of Hana Financial, Inc, in a move that it hopes will make Patriot Bank a nationwide leader in the SBA 7(a) lending arena.
The transaction includes the purchase of approximately $120 million of SBA 7(a) loans and servicing rights relating to a pool of $370 million in loans. The deal also includes the assumption of two loan securitization vehicles, currently rated AA+ and A- by Standard and Poor’s.
