ORANGE, STAMFORD: Patriot Bank [ Nasdaq PNBK] headquarted in Stamford is acquiring Prime Bank of Orange.
Patriot has current assets of $775 million, and Prime has $73 million in total assets, $55.8 million in deposits and $27.8 million in total loans.
Prime shareholders will receive aggregate cash consideration equal to 115% of Prime’s tangible book value as of the closing date. The transaction is anticipated to close in the fourth quarter 2017.
The Orange location will be Patriot’s second location in New Haven County, it has an existing branch at 771 Boston Post Road in Milford.
Patriot’s acquisition release said it expects to maintain the branch staff at Prime saying, “branch staff will join Patriot to assist in a seamless transition and continue to help drive growth efforts and customer satisfaction.”
The bank has ten current branches including in Bedford and Scardsdale, NY and a string along the Gold Coast from Greenwich to Trumbull.
Patriot Chairman and CEO Michael Carrazza said, “the acquisition of Prime Bank will support our operating goals of extending Patriot Bank’s footprint, building scale, and improving key operating metrics.”
In the second fiscal quarter of 2017, Patriot reported pre-tax income of $1.4 million and net income of $804 thousand, or $0.21 per diluted share. For the six months ended June 30, 2017, net income was $2.5 million or $0.65 per diluted share. In July 2017, Patriot announced the reinstatement of its dividend policy and declared its first quarterly dividend for shareholders since 2008.