Did Patriot Bank find a last-minute savior?

That’s the rumor I’m hearing – someone has been persuaded to inject $55 million into the operation. That would pretty much turn control of the bank over to him, I’d assume. If the rumor’s true, the bank’s still left with its portfolio of failed spec houses here in Greenwich and Stamford (and Norwalk, Bridgeport and on up the coast). What happens to them? Dumped on the market? Held for future appreciation (there’s a laugh)? I don’t know – stay tuned.

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2 responses to “Did Patriot Bank find a last-minute savior?

  1. HG

    Click to access ex99-1.pdf

    They claim they underwrote the construction loans to 55% of value on average and a maximum of 65%.

  2. Doh!

    Patriot submitted their quarterly call report to the FDIC. Info found here https://cdr.ffiec.gov/public/ManageFacsimiles.aspx

    Some numbers of note –
    Addition to Past Due and Nonaccrual loans and leases for the quarter ended 6/30/09 – $54.7mm. (Curiously, about the same number the above mentioned suitor was going to put in.)

    Charge offs of approx. $6mm
    Add to provisions approx. $4mm
    New item on Balance Sheet – Asset, Other Real Estate owned – $5.4mm
    Quarterly loss of approx. $4.5mm