Strategic Insights into Banking & Fintech

Sugarman gathers former colleagues to reshape Patriot National

Steven Sugarman is moving quickly to reshape the future of Patriot National Bancorp as he works to turn around the Stamford, Conn., company.

Sugarman, who is leading a group that will infuse $50 million into the $974 million-asset company and recently became president and CEO, has begun rebuilding the leadership team with several familiar faces from his time at Banc of California.

Patriot added three new members to its bank board: Richard Smith, Jeffrey Seabold, and Thedora Nickel.

Smith was president of Banc of California’s private banking division under Sugarman’s leadership. Seabold, a former vice chair at Banc of California, later co-founded The Change Company with Sugarman. Nickel, who had been Banc of California’s chief administrative officer, is as executive director at The Change Company.

Patriot also hired four former Banc of California executives to fill key roles. Paul Simmons was named chief credit officer, while Nicole Wells was appointed head of operations. Rebecca Mais will oversee high-net-worth and specialty deposits, and Raquel Gillett will lead digital transformation and risk analytics.

Separately, Patriot disclosed that two investors have converted their senior debt into equity. Nearly $1.9 million in senior notes were exchanged for 2.5 million shares of common stock.

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