Patriot National Bancorp in Stamford, Conn., has hired Steven Sugarman as its president.
The company, which had recently announced a plan to evaluate its strategic options, disclosed in a regulatory filing that Sugarman had taken on the role, effective immediately.
Sugarman “is well suited to successfully lead the company’s strategic restructuring,” the filing said. “This includes the company’s efforts to raise capital, enhance the strategic plan, ensure regulatory compliance, attract and retain key employees and ensure that the … platform has the appropriate policies, procedures and internal controls.”
Sugarman, a veteran bank investor who once ran Banc of California, will receive a $120,000 base salary until the company successfully recapitalizes.