Daniel P. Stipano quoted in American Banker article, “Patriot National won't let reg order stifle its small-business plans”
American BankerDaniel P. Stipano
Daniel P. Stipano was quoted on March 13, 2019 in an American Banker article, “Patriot National won't let reg order stifle its small-business plans,” which stated that even with regulatory problems, Patriot National Bancorp still plans to build a nationwide Small Business Administration platform. The article stated, “Though a formal agreement with the Office of the Comptroller of the Currency appears to have sidelined Patriot's plans to buy Hana Financial’s SBA lending unit, the Stamford, Conn., company recently opened loan production offices in Atlanta, Indianapolis and Jacksonville, Fla. Patriot's moves also show how a bank can keep growing despite the complications of operating under a regulatory order. Signed on Nov. 7, the 21-page formal agreement with the OCC requires Patriot to improve board oversight and strengthen the auditing and administration of its loan-loss allowance.”
Stipano noted, “With such a wide-ranging action in place, a bank can expect to face added challenges pursuing expansion plans, though there’s no complete prohibition. You have to look at the basis of the action and the bank’s progress in complying with it. A formal agreement is a serious action, but it's not as serious as a cease-and-desist order. Communication with regulators is critical for any bank looking to grow while operating under an enforcement action.”
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