Patriot Bank Expands SBA Lending
Connecticut-based Patriot Bank announced today the overall expansion of its small business lending operation. At the beginning of the month, it added to it board of directors Brent Ciurlino, a former SBA official who served as Director of the Office of Credit Risk Management for the SBA. There, he supervised the $105 billion SBA 7(a) and 504 loan debenture and portfolio programs.
“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,” said Michael Carrazza, chairman and CEO of the bank. “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.”
Patriot Bank became an approved SBA lender at the end of 2017, obtained “preferred lender” status with the SBA in September, and is currently opening SBA Business Development offices in the southeast, according to a story on the bank’s website. Additionally, according to the story, the bank signed a definitive purchase agreement in February of this year with Hana Small Business Lending Inc. for its $490 million SBA portfolio. Carrazza said at the time that this would help the bank become one of the country’s leading SBA 7(a) lenders.
Patriot Bank’s Director of SBA Lending Kevin Ferryman, himself a new hire this year, said that the bank’s goal is to enhance its traditional lending programs.
“We’re in a position now where we can approve loans for a lot more customers than we could do with our own internal policies,” he said.
Ferryman also acknowledged that having “preferred lender” status with the SBA allows the bank to process, close and service most SBA-guaranteed loans without prior SBA review.
“As a result, entrepreneurs and small community businesses can obtain their loans more quickly and efficiently,” Ferryman said.
Founded in 1994, Patriot Bank is a consumer and commercial bank with branches in affluent communities in Connecticut and one in Scarsdale, NY.Last modified: November 28, 2018